Cyber threats are not exclusive to large corporations and governments; small businesses are also at risk. In fact, small businesses can be even more vulnerable to cyberattacks because they often don’t have the resources to defend themselves effectively.
Protecting your business from cyberattacks is crucial, but the ever-changing cyber landscape can make it challenging to know where to begin. This guide is designed to help small businesses understand and tackle cyber threats.
Why is Cyber Security So Important for Small Businesses?
Cyberattacks can threaten your money, data, and IT equipment. If a hacker gets into your network, they can cause serious damage by accessing:
- Customer lists
- Customer credit card information
- Your company’s banking details
- Your pricing structure
- Product designs
- Business growth plans
- Manufacturing processes
- Other types of intellectual property
These attacks don’t just put your company at risk. Hackers may also use your network to attack other companies you work with.
With more people working from home, cyber security for small businesses has become even more important. Many small businesses use cloud-based tools for daily tasks like online meetings, advertising, buying and selling, talking to customers and suppliers, and banking. Protecting your data and cloud-based systems from unauthorised access is vital for both financial safety and your reputation.
What is the Impact of Cyber Attacks on Small Businesses?
A cyberattack can have a huge impact on your business. In fact, 60% of small businesses that are attacked shut down within six months. While this is the most extreme result, there are other serious effects, including:
- Money loss from stolen banking information
- Money loss due to business disruptions
- High costs to remove threats from your network
- Damage to your reputation after telling customers their information was compromised
Essential Cybersecurity Tips for Small Businesses
Cybersecurity might seem challenging, but having a solid strategy is the best way to keep your data safe. Here are 6 practical tips you can start using today:
1. Educate Your Team
People are often the weakest link in security, especially if they’re not aware of the threats. Regularly train your team about the latest phishing scams, how to handle suspicious emails, the importance of not sharing sensitive information, and what to do if they suspect a threat. Simulated cyberattacks can also be a hands-on way to prepare your team for real-world situations.
2. Use Strong Passwords
Strong, unique passwords are the first line of defence against unauthorised access. Train employees to create complex passwords that include a mix of letters, numbers, and symbols, and are at least 12 characters long. Avoid using easily guessable information like birthdays or common words. Implement a policy for regular password changes, every 60 to 90 days. A password manager can help staff store and generate complex passwords, reducing the temptation to reuse passwords across multiple sites.
3. Keep Software and Systems Up to Date
Hackers exploit weaknesses in outdated software. Make sure all your business software and apps are updated with the latest security patches. Regularly check for updates you might have missed and set up automatic notifications.
4. Implement Multi-Factor Authentication (MFA)
MFA adds an extra layer of security by requiring users to provide two or more verification factors to access a resource. This could be something the user knows (password), something they have (a security token or mobile phone), or something they are (biometric verification like a fingerprint or facial recognition). Even if a password is compromised, unauthorised users won’t be able to access the system without additional verification.
5. Regularly Back Up Data
Having your data held hostage is much less painful if you have a safe copy elsewhere. Backups are a lifesaver in the event of a ransomware attack, where attackers encrypt your data and demand a ransom for its release. Save your data to a secure, separate location — whether it’s the cloud or an external hard drive. Ensure backups are encrypted and tested regularly.
6. Develop a Response Plan
Breaches can happen, even with the best defences in place. Your response plan should include how to locate and contain a breach, who to contact internally and externally, and how to inform stakeholders. Regularly review and practise the plan to ensure everyone knows their role during an incident. A quick response and good communication can make all the difference during an attack.
What to Look for in a Cybersecurity Company
For many small businesses, cybersecurity isn’t a top priority. It’s understandable if you need help – after all, running a business is demanding. But how do you choose the right cybersecurity company? Here are some key things to look for:
- Check Independent Tests and Reviews Don’t be swayed by technical jargon and flashy ads. Look for independent tests and reviews. The best companies are transparent and eager to share their test results.
- Avoid the Cheapest Options Be cautious of companies that install software and then vanish. Also, avoid those that only focus on one area without offering comprehensive support. You need a company that provides thorough and ongoing protection.
- Look for Strong Support Whether you’re dealing with a detected threat or having trouble backing up your files, you need a company that offers strong support. Choose one that helps you handle threats, find solutions, and takes the stress out of cybersecurity.
- Consider Future Growth As your business expands, you’ll need a cybersecurity company that can grow with you. Look for companies that offer a wide range of security systems, including those you might need down the road.
Running a small business is challenging enough without worrying about cyber threats. By taking the right steps and choosing a reliable cybersecurity company, you can protect your business and focus on what you do best.
In Conclusion
Small businesses must prioritise cybersecurity to protect their assets and reputation. By educating your team, using strong passwords, keeping software updated, implementing multi-factor authentication, regularly backing up data, and developing a response plan, you can significantly reduce your risks.
For expert assistance in implementing these essential cybersecurity practices, consider partnering with Radium. Their comprehensive support and tailored solutions will help keep your business safe from cyber threats. Visit Radium or call +353 1 901 2080 to learn more about how they can help secure your business today.
