Cyber attacks are no longer just a big business problem. Today, 43% of cyber attacks target small and mid-sized businesses (SMBs), according to the Verizon 2023 Data Breach Investigations Report. With limited internal resources, SMBs often face higher stakes when responding to and recovering from incidents like ransomware or phishing.
This guide outlines the critical steps your organization can take to prepare for and recover from a cyber attack, reduce downtime, and safeguard long-term operations.
Common Cyber Threats that SMBs Face
Common Cyber Threats that SMBs FaceSMBs are especially vulnerable to cybercriminals who assume they have fewer defenses. And they’re right—many SMBs lack the budget or personnel to implement enterprise-level protections.
Common attack types include:
- Ransomware, which encrypts systems and demands payment.
- Phishing, which uses deceptive emails to trick employees into handing over credentials or installing malware.
- Business Email Compromise (BEC), a targeted form of phishing that caused an estimated $2.9 billion in reported losses in 2023, across 21,489 complaints– making it the second costliest cybercrime category.
These threats often exploit overlooked security vulnerabilities like unpatched software, weak passwords, or open ports.
Building a Cybersecurity Strategy for SMBs
The first step toward cyber attack recovery is to build a strategic foundation that helps you prevent incidents in the first place.
Start by documenting a cybersecurity implementation plan and regularly conduct risk assessments to uncover gaps. Pay special attention to access controls, system configurations, and third-party exposure.
A strategic cybersecurity framework doesn’t need to be complex—but it should be intentional.
Best Practices for an Incident Response Plan
When a cyber attack hits, you need more than good intentions. You need a tested incident response plan that helps your team take fast, decisive action.
Your plan should include:
- Clearly assigned roles and responsibilities
- A structured incident response checklist with step-by-step procedures
- Escalation paths for legal, compliance, and executive teams
- Tabletop exercises conducted quarterly to identify process gaps
The faster you respond, the better your chance of achieving a faster recovery.
Government Resources for Cyber Attack Recovery
Your SMB doesn’t have to go it alone. Agencies like CISA (Cybersecurity & Infrastructure Security Agency) provide alerts, free tools, and incident
reporting guidelines. They can also help you coordinate with law enforcement.
Meanwhile, the SBA (Small Business Administration) offers recovery loans and operational guidance after a breach.
Use these alongside your cybersecurity disaster recovery plan to minimize disruption and speed up your return to normal operations.
How Cyber Insurance Supports SMB Recovery
Cyber insurance is no longer optional for SMBs. It’s a vital part of your overall recovery strategy.
A comprehensive policy can cover:
- Data recovery and forensics
- Legal counsel and breach notification
- Regulatory fines and PR costs
- Extended downtime or loss of income
One small manufacturer, for example, used cyber insurance to recover after a ransomware attack froze their ERP system. Their policy helped pay for forensic analysis, data restoration, and customer notifications.
Explore cyber insurance trends and compare options that are built specifically as cyber insurance for small business.
Creating a Post-Incident Recovery Plan
Creating a Post-Incident Recovery PlanOnce an incident is contained, recovery truly begins. Your post-attack recovery plan should focus on:
- Data recovery: Restore and verify backups
- Communication: Inform internal and external stakeholders
- Monitoring: Detect lingering threats with endpoint monitoring tools
- Reputation management: Rebuild trust with your clients and partners
If you already partner with a managed service provider, this is where they can accelerate your full recovery timeline.
Preventing Future Cyber Attacks
Cyber attacks can feel overwhelming, but a clear plan makes all the difference. From prevention and preparation to response and recovery, every SMB should treat cybersecurity as a business priority.
If your internal team is already stretched, partnering with a trusted provider can help. NetGain offers managed cybersecurity services tailored to SMBs, with 24×7 monitoring, incident response, and proactive support.
Contact NetGain today to explore how we can strengthen your defenses and help you recover with confidence.
