With 6 in 10 small businesses having experienced some form of cyberattack, it has become imperative for companies to secure data and information by tapping on online applications such as Office 365.

If you think cyberattacks threaten only big businesses, you are not only wrong, but are possibly making a costly mistake, too.

According to the US-based National Cyber Security Alliance, 6 in 10 small businesses have reported having experienced a form of cyberattack. And, it takes companies an average of 146 days to detect an attack.

Types of cyberattacks

The most common forms of cybersecurity threats include computer viruses, phishing, Trojan horses, hacking, data breaches, and unauthorised access to company and customer information. The most common information targets, on the other hand, are passwords and authentication data as well as payment data.

These security breaches can cause irreparable harm to companies. At least 60% of small businesses close down within six months of a cyberattack.

All business at risk

Symantec, which tracks cybersecurity threats worldwide, has discovered 375 million new unique malware variants and recorded 1.1 billion online identities compromised through breaches in 2016. The anti-virus maker notes that cybercrime has become so ubiquitous that most businesses have become numb to the sheer volume and acceleration of the threats. Despite news of wide-scale data breaches, most small businesses are lulled with a false sense of security—they believe they are too small to be at risk.

The first step to protecting one's business is to acknowledge that the threat is real, and to take preventive measures to guard the company's data.

Cyber-protection tools

One way to limit vulnerability is by tapping on online applications such as Office 365. This allows small businesses to deal with information quickly and securely. Office 365 offers SMEs a wide array of solutions, which includes the following:

• Secure mailboxes against viruses from unsafe email attachments and malicious links sent from outside your organisation. Office 365 Advanced Threat Protection secures your emails, files and online storage against malware campaigns. Suspicious content goes through real-time malware analysis, resulting in a malware-free inbox. URLs, on the other hand, are examined in real time, with a warning to alert users if a link is unsafe or if the site has been blocked.
• Implement preventive measures on data leaks through emails and documents. Cloud-based solution Office 365 Azure Information Protection helps companies classify, label, and protect documents and emails. Rules may be configured to detect and classify sensitive data. This allows an administrator to track the protected data and prevent leakage or misuse.
• Use a single log-in to applications. Office 365 Azure Active Directory Premium combines core directory services and identity protection into one solution. Companies enjoy stronger identity management and single sign-on access to on-premise applications as well as cloud-based Singtel myBusiness applications. This seamless access helps increase security compliance.
• Protect devices. Office 365 Intune lets companies do two things: they can enable a productive workforce while keeping corporate data protected. The cloud-based service manages the mobile devices and mobile applications that can be used by your employees to access company data.

Summary

• Small businesses are just as easy targets of cybersecurity threats as big companies. However, being smaller makes it more difficult for the company to bounce back after being hit by a cyberattack.
• The volume of cyberattacks worldwide continues to increase, with millions of new forms of malware and other threats detected annually.
• Companies need to take advantage of the preventive security and protection offered by online applications such as Office 365.
• Office 365's wide array of solutions helps small businesses secure inboxes from unsafe links and attachments; prevent data leaks; protect devices; and increase security compliance through a single log-in to applications.

Find out more about Office 365 Security and Compliance packages offered by Singtel today.