NextGen Day

Small business owners today face an overwhelming list of obstacles, including supply chain issues, rising inflation, recession fears, workforce shortages, and the lingering impact of COVID. As a result, it should come as no surprise that cyberattacks are near the bottom of their list of concerns. But here’s the thing: while business owners can’t do much about the cargo ships waiting to be loaded with products off the coast of China in the short term, they can take steps to avoid a cyberattack that could shut down their operation.

CNBC recently conducted a survey of 2,000 small business owners as part of a quarterly initiative to gauge the sector’s health. Only 5% of small business owners said cybersecurity is the largest risk to their company right now in the newest study, which is the first since the Russian invasion. Despite government warnings of an increased risk of attack from Russian hackers, the number of people who think cybersecurity is their top risk has remained stable quarter over quarter and is the lowest priority of the five surveyed.

The percentage of respondents who indicated inflation is the largest risk to their organization climbed from 31% to 38%, cementing its position as the top concern. Both supply chain disruptions and COVID-19 as the most serious threat have dropped marginally.

While cybersecurity has been relegated to the background, four out of ten small business owners are very or somewhat afraid that their company may be the target of a cyberattack in the next 12 months. The level of concern is proportional to the company’s size. Only 33% of business owners with fewer than five employees are concerned about a cyberattack in the near future, while 61% of those with 50 or more employees are concerned. This is understandable, given that the most typical way for hackers to gain access is through a phishing scam, which entices employees to open a bad attachment or click on a malware-laden link. The greater the number of employees, the greater the danger.

The study also revealed a significant gap between business owners’ confidence in their ability to respond to a cyberattack and the precautions they had put in place to secure their systems. About six out of ten small business owners stated they were very or somewhat confident in their ability to quickly resolve a cyberattack if necessary.

In contrast, just around half of those polled claimed they had installed antivirus or antimalware software, tightened their passwords or backed up their files to an external hard drive, all of which are basic security steps. Furthermore, just one-third of respondents claimed they had enabled automatic software updates or enabled multifactor authentication, and only one-fourth indicated they had set up a virtual private network (VPN). As a small business owner, you can take these steps right now to protect your company and your consumers. Individuals can also protect their own online accounts by following these easy procedures.

But what about the more pressing issues, such as supply chain delays, labor shortages, inflation, or, worst of all, a recession? Markets are unpredictable, as all business owners are aware. Who could have expected the pandemic or the swiftly shifting energy markets as a result of Ukraine’s conflict? At the gas pumps and in most retail locations, we are seeing increased costs.

As companies like Pelaton, GoPuff, and Netflix adjust to post-pandemic conditions, there has been a flurry of layoffs in the first few months of the year. Carvana, an online car dealer, has declared that it will lay off 12% of its workers, while Facebook has implemented a hiring freeze. There is no business that is unaffected.

Now is the time to search for methods to improve efficiency and make required cuts, which has been a strategy in place since the global economic slump of 2008.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

📩 Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---