Since the global pandemic has sped up most businesses’ digitization roadmaps, your self-storage facility is likely experiencing digital changes that impact your business. With more customers performing functions on mobile devices instead of in your office, your company undoubtedly faces more cyber risks. Here’s what self-storage facility owners should consider when it comes to cybersecurity.
Cybersecurity Risks for Self-Storage Facilities
Small companies face significant cybersecurity threats, with half of all cyberattacks targeting small businesses. Unfortunately, many small business owners don’t consider themselves at risk of a cyberattack — and don’t adequately protect themselves.
All too often, self-storage facilities are a prime target for cybercriminals, mainly because these online thieves steal and use customer information to access bank accounts. If you’ve updated your customer relationship management (CRM) systems to be more tech-enabled, your business could face more risks than you know.
Common Cyber Attacks
Understanding the cyber risks your business faces is vital; however, it’s also crucial to educate yourself on trending scams. The following are some of the most common cyberattacks on self-storage facilities:
- Malware: Short for “malicious software,” malware is any software purposefully designed to damage computers, servers, or computer networks (i.e., viruses).
- Phishing: Impersonators, or “bad actors,” pretend to be a trusted party via email and then fraudulently obtain sensitive information, such as passwords, usernames, or credit card numbers.
- Passwords: Whether by brute force or an automated system, cybercriminals attempt several password combinations to gain access to confidential information.
- Ransomware: This type of malware threatens to make your sensitive information public or block access to it unless you pay the ransom.
Cyberattack Costs
In the United States, the average cyberattack costs small businesses $955,429 to restore operations after a successful attack. Merely determining how the attack occurred could cost an astounding $15,000. Human error counts for over half of all cyberattacks, including compromised employee passwords.
After a breach, self-storage facilities must notify their tenants, manage recovery efforts, pay fines and penalties, upgrade software systems, monitor credit reporting, and more. Sadly, 60% of small businesses that experience a cyberattack go out of business within six months.
How to Mitigate Cybersecurity Risks
With so much at stake, self-storage facility owners must double and triple-check their security measures to safeguard their software. Here are a few ideas to get you started.
- Protect your network: Change your router’s default name and disable remote management. Also, ban personal devices from connecting to your network and limit connectivity. Require multi-factor authentication, such as a rotating PIN when employees access their email or the company’s network.
- Password training: Implement a password-security policy to help employees create strong passwords to outsmart cybercriminals.
- Use encrypted data: Only 22% of small businesses encrypt their databases, making the others easy targets for cybercriminals. Store system data safely in the cloud and backup your information regularly.
- Make a recovery plan: Consider mapping out restoration efforts or investing in cyber insurance to help mitigate the damage of a cyber attack.