How a Small Business Can Improve Its Cyber Security

Thanks to the reach of the internet, businesses of all sizes from anywhere can do business globally. However, with this, comes the threat of cyber security. A cyber threat isn’t just a problem for the government and big corporations, even small businesses can be greatly affected. It may affect them more as many small enterprises don’t have the resources to implement adequate protection measures and recover if there is an attack.

The cyber landscape is changing all the time and this can be another problem because many small businesses may not be sure where to start.

Why Cyber Security Is Essential for a Small Business

The following damages can happen when a hacker gains access to information –

• Access to the list of customers with their personal information
• Credit card information of the customers
• Information on the pricing structure of your business
• Your bank details
• Your business plans
• Product designs
• Information on manufacturing processes

Hackers may even use the information in your network to access other businesses that are related to you.

Impact of a Cyber Attack on a Small Business

The result can be devastating. Many small businesses even have to close down as they are unable to recover from the attack. Here are some of the serious consequences –

• Financial loss because of business disruption
• Financial loss from banking information theft
• Reputation damage as the customers will know that their information was stolen
• The high cost of removing the threat

Tips to Help Small Businesses Improve Their Cybersecurity

Here are some steps you can take to protect your business against a cyber attack –

1. Analyze the risk – Evaluate the potential risks that may compromise your systems, networks, and information. You can create a plan to plug the holes if you can identify the threats. Determine how and where your data is stored and who will have access to it. Identify those who will need access and how you are going to provide it. If you are storing in the cloud, then ask the storage provider to help you with the risk assessment. Plan your security strategy once you have completed doing this analysis.
2. Protect your network and computers – Always use the latest web browser, operating system, and security software that will give you a defense against malware, viruses, and other threats. Install the updates regularly.
3. Train your people – Often, data breaches are from the inside as employees carelessly or maliciously give away important information to cybercriminals. An employee may lose a laptop or disclose login credentials. They may also open fraudulent emails by mistake and this may deploy a virus on the network. Invest in cyber security training. Teach how to use strong passwords. Use images that you will find in Depositphotos to explain them better. An image often works better in explaining a difficult point. After all, “a picture speaks a thousand words”. Set up policies on how to manage customer data.
4. Install antivirus software – Select good antivirus software that will protect your devices from spyware, viruses, phishing scams, and ransomware. Update the software regularly to make sure that you have the latest version. A good vendor will always update the software so that it can prevent the latest security threats.
5. Encrypt important information – If you have data on bank accounts, credit cards, and other sensitive information, then you should have an encryption program. It will alter information into unreadable codes. This means the data will be useless to a hacker even if the information is stolen as the hacker won’t have the keys to decipher the data.
6. Regularly backup your files – Data can be deleted or compromised if there is an attack. Use a backup program, which will automatically copy your files and store them. Automate or schedule the process in advance so that you do not have to remember and do this manually. Also, it is best to store the backup files offline or in the cloud – anywhere other than the same system.
7. Have strong passwords – Make sure that your employees all have strong passwords on the devices that have sensitive data. The password should have a minimum of 15 characters and it should be a mix of lower and upper case letters, symbols, and numbers. A complicated password is difficult to crack. Also, ensure that everyone changes their password at pre-decided intervals, perhaps once a month. A small business can also enable MFA or Multi-Factor Authentication as an extra precaution.
8. Use a password manager – It will be an additional burden for your employees if they have to remember the changing passwords. Also, typing lengthy passwords will be time-consuming. Use a password management tool that will automatically generate a password and security question. The users will just have to remember a master password or PIN.
9. Use a firewall – A firewall will protect software and hardware. It will help a business that has a physical server. It will also block viruses from going into the network. A firewall will protect both your outbound and inbound network traffic. You may even program it to restrict the sending out of sensitive emails and business data.
10. Limit access to key data – Restrict the number of people who have access to critical information. This will reduce the risk of data breaches. Plan who will have access to what levels of information. The roles and accountability should be clear to everyone involved.
11. Prevent physical theft – Remember, your hardware can also be stolen. Prevent unauthorized people from gaining access to your premises and devices.

Cyber security has become even more important for business as more and more people are working remotely worldwide. Many small enterprises use cloud-based tools for their everyday operations – for online meetings, communicating with suppliers and customers, buying, selling, advertising, and also for banking transactions. Both small and large businesses must take steps to prevent cyber threats for both reputational and financial reasons.

The world saw the first computer virus in the 1970s. Since then, cyber-attacks have increased in volume and hackers have become more sophisticated. Don’t let your guard down. Take every possible precaution to prevent threats.