Cybersecurity can be intimidating, especially for a small business without the resources of a larger company. Consider the following eight points, and you'll be better positioned to defend your business from threats.
1. Small Businesses Are Common Targets
According to Nevada State Bank’s 2024 Small Business Survey Report, cybersecurity has become a top concern for small businesses. Common threats include phishing, malware, and ransomware, which is becoming an alarming issue to beware of. Ransomware is an attack that encrypts your data and makes it inaccessible. The attacker then demands a ransom in exchange for supposedly restoring the data. This can be a nightmare for small businesses. Help protect yourself by making regular backups, keeping software up to date, training employees, and using strong passwords with multi-factor authentication.
2. You Should Have an Incident Response Plan
Having an incident response plan means having a plan in place to deal with cyberattacks. It should include information about who needs to be contacted, how to isolate affected systems, and how to communicate (both internally and externally) in the event that systems are compromised. This can help your business respond quickly while minimizing the damage that comes from an attack.
3. You Need a Mobile Device Plan
You should also have a policy in place for mobile devices.
"Mobile devices can create significant security and management challenges, especially if they hold confidential information or can access the corporate network," explains the FCC.* “Require users to password protect their devices, encrypt their data, and install security apps to prevent criminals from stealing information while the phone is on public networks. Be sure to set reporting procedures for lost or stolen equipment."
4. Cybersecurity is an Ongoing Process
Cybersecurity is an ongoing process rather than a "set it and forget it" notion. Threats evolve, and vigilance is key. Perform regular risk assessments to identify vulnerabilities. Keep all software and systems updated. Use tools to monitor network activity. Regularly audit your security policies. Keep up to date on the latest threats and trends, and make sure your messaging to your team reflects these.
5. You Shouldn't Overlook the Possibility of Insider Threats
Nobody wants to think that someone within their own company wants to do them harm, but the reality is that insider threats do occur. A disgruntled employee or just one with ill intent can cause your business financial harm if you let your guard down. Consider limiting access to sensitive information based on job roles and tracking and logging employee activity on sensitive systems. You might be able to prevent insider threats by conducting background checks before hiring.
6. You Should Be Using Secured Payment Processing
Talk with your banker about payment processing options.
"Work with your banks or card processors to ensure you are using the most trusted tools and anti-fraud services," says the Small Business Administration.* "You may also have security obligations related to agreements with your bank or payment processor. It’s best to isolate payment systems from less secure programs. For example, do not use the same computer to process payments and casually browse the internet."
7. Cyber Insurance Can Be a Big Help
If you don't have cyber insurance, you're leaving your business vulnerable to major losses in the event of an attack. Depending on your plan, your coverage can help you with the costs associated with the attack, including data recovery, legal fees, and customer notification. Shop around for a plan that works for you.
8. Physical Security Plays a Role
Your cybersecurity plan should include physical security elements. Physical access to servers, computers, and sensitive data can also be a threat. Make sure these are monitored. Utilize locking offices, secured devices, use cameras, and dispose of documents and hardware responsibly.
Cybersecurity is a serious matter. An attack can damage your operations, your finances, and even your reputation. Educate yourself and your team and stay on top of threats.
* https://www.fcc.gov/communications-business-opportunities/cybersecurity-small-businesses
** https://www.sba.gov/business-guide/manage-your-business/strengthen-your-cybersecurity
