ISLAMABAD: While World Password Day is being observed today (Thursday), 76pc small businesses globally experienced at least one cyber incident in the past two years, a study conducted by Kaspersky, which deals in cybersecurity, revealed. The day is observed every year on first Thursday of May.

The study stated that in today’s interconnected world, small businesses were increasingly becoming targets for cyberattacks.

“With limited resources and expertise, these businesses often struggle to defend themselves against sophisticated threats. However, by implementing robust password protection measures, small businesses can significantly enhance their security posture and safeguard their sensitive data,” it stated.

The study, conducted in the end of 2023, found that 76pc of small businesses around the world experienced at least one cyber incident in the past two years.

“The consequences of those attacks were severe, and resulted in leaks of confidential data, reputational damage, loss of customer trust and more. Around 9pc of small companies worldwide had to suspend certain areas of business operations. Examining the reasons for these cyber incidents, it’s clear that one of the main causes was the use of weak passwords or failure to perform regular password updates. This reason accounts for almost a quarter, second only to downloading Malware.

It is worth mentioning that Malware is a software that is installed on a computer without the user’s consent and that performs malicious actions, such as stealing passwords or money.

To address this global issue, Kaspersky suggests strengthening small businesses’ password policies by creating strong passwords and ensuring that passwords were both robust and unique for each corporate service.

“Weak and reused passwords are easy targets for cyber criminals, who leverage automated tools to crack them and gain unauthorised access to sensitive information. Multi-factor authentication (MFA) adds an extra layer of security by requiring users to provide additional verification beyond just a password,” it stated.

“Even the smallest businesses face significant cybersecurity risks. Therefore, it is important for them to prioritise security measures and employ specialised cybersecurity products to safeguard their operations and customer data,” comments Hafeez Rehman an expert on cybersecurity.

“Small business owners should encourage employees to change their passwords periodically and enforce password expiration policies to prevent the reuse of old passwords. Employee awareness is also crucial for effective password protection and overall online safety within small businesses,” he said.

Published in Dawn, May 2nd, 2024