The reliance of business organisations on new Internet technologies to remain competitive within the local and global marketplace for growth has invariably made Small and Medium Scale Enterprises more susceptible to cyber attacks. As such, cyber attacks have become commonplace among SMEs as well as larger corporations in recent times.Global Information Technology and Internet security firm, Symantec, in a recent report, says 40 per cent of all attacks are directed at SMEs globally.The average cost of a cyber attack for a small business in 2009 and 2010, according to the report, was more than $188,000, adding that about three-quarters of SMEs reported being affected by cyber attacks during the period.Analysts say Nigeria is not shielded from the increasing SME-targeted cyber attacks in the world. According to them, an estimated 40 million computers in the country are exposed to computer abuse and cyber threats. Many of these computers are currently being used by SMEs.They lament that many SMEs, and a sizeable number of big corporations in Nigeria, do not have cyber security plans. They also lack the in-house technical expertise and resources to quickly and fully recover from cyber attacks. Lending credence to the argument, the Chief Operating Officer, Digital Encode Limited, a corporate member of the Information Security Society of Africa Nigeria, Mr. Obadare Adewale, says the increasing spate of criminal cyber activities is threatening the Nigerian economy.He notes that the web portals and web-based applications of many public and private sector organisations, may be vulnerable to cyber attacks due to inadequate security measures.He says, "There are advanced countries with high Internet security measures whose systems have been hacked. So, based on our findings in Nigeria, many businesses may be vulnerable to cyber attack and we need to create the awareness as we go into a cashless economy by adhering to international security standards." In the same vein, the Chief Technical Officer of the company, Mr. Oluseyi Akinsehinde, warns that if urgent measures are not taken by businesses and government organisations deploying web-based platforms for their operations, with the increasing rate of cyber security in the country, companies may soon be faced with high incidence of hacking, leading to loss of revenue and data critical to business life. Protecting SMEs from cyber attack, according to the duo, is very critical to business continuity.Experts advise that SMEs should create an Internet use policy/ plan to protect their information. This, according to them, could include policy that allows employees to know what their responsibilities are when it comes to surfing the web during working hours.The plan could also address what files or software can be downloaded from the Internet and what sites can and cannot be visited at work. Mr. David Wasik and Mr.Ron Teixeira, writing on www.startupnation.com, outline five ways SMEs can combat cyber attacks and enhance their business security.First, they want SMEs to assess their risk and identify their weaknesses. "As small business owners, you should analyse online operating systems to determine the areas most at risk. For example, is your customer data, internal accounting information and other sensitive data linked to the Internet'" They ask.They say, "As part of this risk assessment, you should also ensure that updated anti-virus programmes, anti-spyware programmes and firewalls are installed on all computers and that employees are required to change their passwords every 60 to 70 days."They further enjoin all SMEs to establish a schedule to perform critical data backups and system upgrades on a regular basis throughout the year. Creating back-ups on a regular basis, according to them, ensures that critical data are not lost in the event of a cyber attack or natural disaster.Their advice, "Store all backup copies in remote locations away from the office, such as on an external hard drive, and encrypt any sensitive data about company or customers." Wasik and Teixeira further counsel SMEs on the need to draft a contingency plan to follow, if the business suffers a cyber attack. According to them, educating employees is an important step in combating cyber attacks in SME development."In order to create a culture of security, you must demonstrate to employees and customers that cyber fraud is a concern you take seriously. This involves educating employees and training them on proper Internet practices and technology solutions, as well as encouraging customers to protect themselves, as consumers, against cyber fraud, they warn.They also advise SMEs to sign a security agreement with their employees.Cyber attacks can have a devastating impact on a small business. But experts say businesses benefit when they are security conscious and protect themselves from cyber attacks.As such, surveys have shown that consumers are starting to take notice of how businesses secure their data and are more willing to trust and reward businesses for good security practices. According to a market research firm, Javelin Strategy & Research, nearly 85 per cent of consumers in a recent survey say they will increase their shopping at a store known for good cyber security practices, while only 20 per cent say they will continue shopping at a store that has a recent data breach.
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