The threat of cyber dangers is not limited to governments and large enterprises; small businesses can also be targets. There is proof that small enterprises are more susceptible to cyberattacks.
Small businesses are frequently the target of cybercriminals because they may not have robust security measures in place and, at the very least, because they may lack the money necessary to adequately defend themselves. Criminals exploit this to steal critical information, such as financial data, from the company or its larger partners.
These attacks can lead to major issues and are typically motivated by financial gain. Companies may have to pay for data that has been stolen, cope with interruptions during investigations, purchase new security equipment, and deal with reputational harm.
You may feel powerless against cyberattacks as a small business, but companies just like you are starting to take precautions by keeping up with the most recent security concepts.
Protecting your company from cyberattacks is crucial, but it can be difficult to know where to begin because the cyber world is constantly changing. Here is a guide to assist small businesses in navigating the world of cyber risks.
Cybersecurity tips for small businesses
You may feel powerless to stop cyberattacks as a small firm. In an attempt to stay up to date with the most recent corporate security ideas, you may take the following actions to safeguard your organisation.
1. Train your employees
Employees may leave your company open to attack. Although exact figures differ by nation and business, it is undeniable that insiders who intentionally or inadvertently allow thieves access to your networks are responsible for a significant percentage of data breaches.
Employee-initiated attacks could occur in a variety of situations. For example, an employee may divulge login credentials or misplace a work tablet. Workers could also unintentionally click on phoney emails, which can spread malware throughout your company’s network.
Invest in cybersecurity training for your staff to guard against internal dangers. For instance, instruct employees on how to recognise phishing emails and the value of using secure passwords. Provide explicit guidelines outlining how to manage and safeguard client data and other important company data.
2. Carry out a risk assessment
Analyse any threats that could jeopardise the networks, systems, and data security of your business. You can create a strategy to close security vulnerabilities by recognising and evaluating potential threats.
Determine who has access to your data, how it is stored, and where it is kept as part of your risk assessment. Determine who would be interested in accessing the data and how they could attempt to do so. You could contact your cloud storage provider for assistance with your risk assessment if your company’s data is kept on the cloud. Determine the risk levels of prospective occurrences and the potential effects that breaches may have on your business.
Use the data you have gathered to create or improve your security plan after this research is finished and dangers have been identified. Every time you make modifications to the way you store and use information, you should review and update this plan. This guarantees that your data is always protected to the highest standard possible.
3. Update your software
All of the software you use to run your business, including antivirus software, should be maintained up to date. Software is strengthened by frequent updates from vendors, who also apply patches to fix security flaws.
Keep in mind that some software, like the firmware on a Wi-Fi router, can require manual updating. A router and the devices connected to it are still at risk if new security fixes are not installed.
4. Back up your files
Does your business have file backups? In the event of a cyberattack, data may be lost or compromised. Could your firm continue to operate if that occurred? Many organisations would not be able to operate without the amount of data that may be kept on laptops and mobile devices.
Use a backup application that copies your files to storage automatically to assist. You can use your backups to restore all of your files in the case of an attack. To avoid having to remember to perform the backup, use an application that allows you to plan or automate the operation.
Backup copies should be kept offline to prevent encryption or loss of access in the event of a ransomware attack on your system.
5. Deploy antivirus software
Select antivirus software that can defend against ransomware, spyware, viruses, and phishing scams on all of your devices. Make sure the software has features that assist you in cleaning devices as needed and returning them to their pre-infected form in addition to protection.
To protect yourself from the most recent online dangers and to fix any flaws, it’s critical to keep your antivirus software updated.
6. Keep your Wi-Fi network secure
Your Wi-Fi network is another factor to be mindful of. Make sure you upgrade to WPA2 or above as soon as possible if your company is currently using WEP (Wired Equivalent Privacy) since these versions are more secure. You probably already use WPA2, but it’s a good idea to double-verify because some companies don’t change their infrastructure.
By altering the name of your wireless access point or router, generally referred to as the Service Set Identifier (SSID), you can prevent hackers from breaking into your Wi-Fi network. For extra security, you can use a complicated Pre-shared Key (PSK) passphrase.
7. Encrypt key information
Having an encryption mechanism in place is a smart idea if your company often handles data pertaining to bank accounts, credit cards, and other sensitive information. Encryption protects data by converting data on the device into unintelligible codes.
The worst-case scenario is taken into consideration when encryption is developed, meaning that even if your data is stolen, the hacker would be unable to utilise it since they would not have the necessary keys to decrypt and decipher it. In a world where billions of records are exposed annually, that is a reasonable security measure.
8. Limit access to sensitive data
Limit the number of individuals in your company that have access to vital information. By doing this, the effects of a data breach will be lessened, and there will be less chance that dishonest individuals working for the organisation will obtain permission to access data.
Establish a plan that specifies who has access to what information so that everyone engaged is aware of their responsibilities.
9. Work with a strong password policy
Make certain that every employee uses a secure password on any device that has private data. A strong password consists of a combination of capital and lowercase letters, digits, and symbols and is at least 15 characters long, preferably longer. A brute-force attack is less likely to succeed the harder the password is to crack.
A policy of changing passwords on a regular basis (at least quarterly) should also be established. Small firms should also make sure that employees’ devices and apps have multi-factor authentication (MFA) enabled.
10. Guard against physical theft
Although you should be aware of hackers attempting to access your network, keep in mind that hardware theft is also a possibility. Business equipment like laptops, PCs, scanners, and so forth should not be accessible to unauthorised people.
To reclaim the gadget in the event of loss or theft can entail physically locking it or installing a hardware tracker. Make sure every employee is aware of the significance of any information they may have on their laptops or cell phones when they are out and about.
For extra security, think about setting up distinct user profiles and accounts for devices used by several employees. Setting up remote wiping is also a smart idea because it enables you to remotely remove the data on a lost or stolen device.
11. Utilise password management software
It soon becomes challenging to remember strong passwords that are specific to each device or account. Employees may become slower if they have to memorise and type long passwords each time. For this reason, a lot of companies utilise password management software.
In addition to automatically creating the exact login, password, and even security question answers you need to access websites or apps, a password manager also saves your passwords for you.
This implies that individuals can access their vault of login credentials by simply remembering a single PIN or master password. Additionally, a lot of password managers advise users to avoid using weak or frequently used passwords and to update them on a regular basis.
12. Use a firewall
Any business that has its own physical servers can benefit from a firewall’s ability to safeguard both software and hardware. Additionally, a firewall prevents or discourages viruses from infiltrating your network. An antivirus program, on the other hand, targets software that has already been compromised by a virus.
Having a firewall in place safeguards both inbound and outbound network traffic for your company. By banning specific websites, it can prevent hackers from attacking your network. It can also be configured to limit the transmission of private emails and sensitive data from the network of your business.
After installing your firewall, don’t forget to keep it updated. Make sure it has the most recent firmware or software updates on a regular basis.
13. Use a Virtual Private Network (VPN)
An additional layer of protection for your company is offered by a virtual private network. When working remotely or on the go, employees may safely access your company’s network thanks to VPNs.
They accomplish this by directing your IP address and data through a second secure connection between the website or online service you need to visit and your own internet connection.
They are particularly helpful when utilising public internet connections, which can be susceptible to hackers, such as those found in coffee shops, airports, or Airbnb. By providing customers with a secure connection, a VPN keeps hackers away from the data they want to steal.
14. Don’t overlook mobile devices
Mobile devices pose security risks, particularly if they have access to the company network or contain sensitive data. Unfortunately, they are occasionally disregarded when companies are organising their cybersecurity.
To prevent hackers from stealing data while mobile devices are on public networks, ask your staff to encrypt their data, install security software, and password-protect their devices. Make sure you have policies in place for reporting stolen or missing tablets and phones.
15. Verify the security of any third parties you interact with
Other companies that might be given access to your systems, including suppliers or partners, should be properly accessed and avoided if not proven to be safe enough.
Verify that they are adhering to the same procedures as you. Before allowing someone access, don’t be scared to double-check.
Why small businesses should prioritise cyber security
Your money, data, and IT equipment are all at risk from cyberattacks. If a hacker manages to access your network, they can use what they discover to cause serious harm, including:
- Having access to client lists
- Credit card details of the customer
- Plans for business expansion
- Production procedures
- Additional forms of intellectual property
- The banking information for your business
- Your pricing system
- Designs of products and more
These attacks endanger more than just your business. Hackers might exploit your network access as a springboard to other firms’ networks, including the supply chains in which your company operates.
The importance of cyber security for businesses has increased as more people work remotely worldwide. Cloud-based tools and technologies are used by many small businesses for everyday tasks like online meetings, advertising, purchasing and selling, interacting with suppliers and consumers, and banking.
Protecting your data and cloud-based systems against illegal breaches or hackers is crucial for both financial and reputational reasons.
The impact of cyberattacks on small businesses
Your company could be severely impacted by a cyberattack. 60% of small firms that experience an attack actually close their doors within six months of the breach. Although that might be the most severe outcome of an attack, your company could also suffer from the following undesirable effects:
- Monetary losses as a result of banking information theft
- Financial losses as a result of business disruption
- Expensive to remove threats from your network
- Reputational harm after informing clients that their data was hacked
It is critical for small enterprises to have cybersecurity. You can drastically lower your risk of being a victim of cyberattacks by putting the above cybersecurity tips into practice.
Reputation and long-term success are the main reasons to invest in cybersecurity. Instead of waiting until it’s too late, take proactive measures to safeguard your company from online dangers.
