Self-storage business owners take security seriously. They spend a lot of time and money to ensure their physical property is secure by using perimeter fencing, permitted gate access, 24/7 camera surveillance, perimeter lighting, and on-site security. Self-storage owners know that security is a top concern for tenants, and they strive to exceed tenant expectations. Cybersecurity is a concern for all businesses, but there are some issues that self-storage owners are wise to address.
What is Cybersecurity?
Cybersecurity is a set of systems designed to protect and secure networks and programs from digital attacks. Recently a cyber attack occurred (July 19, 2024) that grounded flights across the country, disrupted normal and emergency procedures in hospitals, and wreaked havoc nationwide. This post was in research just as the cyber attack was unfolding, and the reach of the attack is still unclear. NBC News states, “A major global IT outage; industries across the world today with airlines, banks, shops and broadcasters affected.” You can read the full article here.
Cybersecurity encrypts and protects private information on computer networks to prevent threats from hackers that might include the destruction of information, theft of personal information, and other nefarious practices. Currently, the biggest issue from this cyber attack is that productivity stopped as businesses encountered disruption through all Windows-based computer systems.
The Cost of Recovery from a Cybercrime
Many small and medium businesses fail to take action to protect their data and client data, despite the risk of a cyber attack Cyber attacks occur more frequently than people realize. According to an article on Explodingtopics.com, “Cybersecurity professionals estimate that more than 800,000 people experience ransomware attacks, phishing attacks, or data security breaches each year. A study conducted by Comparitech reflects that approximately 88.5 million people are victims of cybercrimes every year.” You can read the full article here.
Many business owners don’t realize the risk, and others haven’t considered the potential impact of a cyber-attack. The cost to recover is devastating, with many small businesses ultimately closing their doors forever due to damage caused by hackers. Costs associated with a data breach include:
- Loss of revenue
- Management of third-party recovery
- Forensic investigation
- Customer notification
- Penalties and fines
- Identity theft repair
- Hardware and software upgrades
It’s important to note that cyber-attacks and data breaches are costly, even for small businesses. Most small businesses are unprepared for cyber attacks, and many business owners underestimate what it will cost to fix the situation.
→”95% of cybersecurity incidents at SMBs cost between $826 and $653,587”
You can find the full article on the most alarming cybersecurity statistics related to small businesses here: (https://www.strongdm.com/blog/small-business-cyber-security-statistics)
Top 3 Biggest Self-Storage Cyber Threats
Self-storage companies, like any small business, are seen as easy targets because they are small and don’t see the necessity for cybersecurity. Small business owners can make the mistake of complacency when it comes to cybersecurity thinking that hackers will only go for bigger businesses. Generally, hackers will go for low-hanging fruit. Self-storage owners must take action to protect their businesses from cybersecurity issues.
Let’s look at the top 3 cybersecurity threats to self-storage.
Ransomware
Ransomware attacks computers via an unsecured email link or unsecured website. Ransomware freezes computers, encrypts the data files, and demands a ransom to make the data accessible again. The biggest problem is that the data is rarely ever fully returned, regardless of whether or not the ransom is paid.
Spear Phishing
Falsified emails are created to trick recipients into opening them and exposing the computer system to malicious software. This cybercrime is known as spear phishing, and it is a common type of cyber-attack that comes against self-storage facilities. The most common way this occurs lately is an email invoice received by a business that looks almost legitimate. Unsuspecting employees might click the link without knowing it’s a false invoice and the computer is open to attack.
Endpoint Security
Even when steps in cybersecurity are taken, an additional challenge is to ensure that any devices used remotely are also protected against hackers. Remote access is an unavoidable element of business, but it can also create a weak point that further opens up a self-storage company to a cyber-attack. If a laptop is taken home for remote work, the network used to access the internet puts the computer at risk of being hacked. It’s important to know all networks accessed are secure.
Ignorance
The greatest threat that self-storage owners face is ignorance. It’s dangerous to think that no security is needed. We strongly encourage all clients to have a cybersecurity policy for all network users to avoid the most common issues listed above. Ignorance of cyber security issues can be costly and detrimental to business.
Contact Coastal Storage Today
Self-storage owners must prepare for physical threats and cyber threats. At Coastal Storage, we work with our clients to prepare them for the issues that arise in self-storage like cybersecurity issues. As the Argus Self-Storage Network Affiliate in Florida (excluding the Panhandle) and Georgia, we strive to equip our clients with all the tools and knowledge necessary to be successful. Call today at 904-591-0140 to work with our team of experts.