Cybersecurity for Small Businesses
As a small business owner, you know how important it is to protect your business's data and systems from cyber threats. While large corporations often have dedicated IT security teams, small businesses usually lack in-house resources or expertise. However, cyber attacks on small businesses are rapidly increasing, with over 40% targeted in 2021 alone. Implementing cybersecurity measures tailored for small businesses is crucial. Here are some tips on how small companies can improve their cybersecurity.
- Assess Your Risks
Before determining what cyber defenses you need, you should conduct a risk assessment. This involves taking an in-depth look at your business to identify where you're vulnerable. Some key areas to evaluate include:
- What type of data do you store? Customer information, financial records, trade secrets? Identify your critical data.
- What systems and devices does your business run on? Computers, servers, mobile devices, cloud services? Catalog hardware and software assets.
- Who has access to systems and data? Employees, contractors, vendors? Manage user permissions.
- What are your security processes? Passwords, remote access, employee cybersecurity training? Review policies and procedures.
- What regulations apply to your business? FTC, HIPAA, PCI? Know your compliance requirements.
Consider enlisting a technology expert to help audit your risks if you lack the skills in-house. This assessment will allow you to focus your security efforts where they're most needed.
- Use Strong Passwords
One of the simplest ways to improve cybersecurity is by having strong passwords. According to Verizon's 2020 Data Breach Investigations Report, over 80% of hacking-related breaches involved compromised or weak passwords. To create secure passwords:
- Use 12+ characters combining upper/lowercase letters, numbers, and symbols
- Avoid personal information or common words and phrases
- Use a unique password for each account
- Consider using a password manager to store passwords securely
- Enable two-factor authentication (2FA) when available
Encourage employees to follow password best practices across business devices and accounts.
- Secure Company Email
Email is vital for small business communication, but it's also a common vector for cyber attacks like phishing scams seeking to steal data and credentials. Follow these email security tips:
- Use a trusted email provider like G Suite or Office 365 with built-in protections
- Install a secure email gateway to filter malicious emails before they reach inboxes
- Be wary of email attachments and links, verifying legitimacy before opening
- Never send sensitive data like financials over email
- Encrypt email when transmitting confidential communications
- Institute a company-wide email security training program for employees
Take measures to secure both inbound and outbound email to reduce this cyber risk.
- Manage Employee Access
Your employees have access to business data systems, making their accounts a prime target for attackers. Limit employee access with role-based permissions and least-privilege principles to reduce exposure. Steps you can take include:
- Only provide access to data employees need for their specific job duties
- Implement access management policies prohibiting employees from sharing accounts
- Enforce strong password policies on all employee accounts
- Upgrade to multi-factor authentication for employee logins where possible
- Establish user lifecycle processes for access removal when employees depart
Auditing employee access periodically is also wise to address permission creep over time.
- Install Endpoint Security
Endpoint security protects each device connecting to your network, including desktops, laptops, and mobile devices. Essential endpoint protections for small businesses include:
- Antivirus software to block malware, ransomware, and viruses
- Host-based firewalls to monitor inbound and outbound connections
- Endpoint detection and response (EDR) solutions to detect threats
- Full-disk encryption to secure device data if lost/stolen
- Mobile device management (MDM) software for securing smartphones
Keeping all endpoints patched and updated is important too. Restrict employee access via personal devices if feasible.
- Secure Company Wi-Fi
Your business Wi-Fi network enables critical access for your workforce. Don't neglect protecting it. Steps for securing company Wi-Fi include:
- Hiding the SSID so the network isn't visible to anyone scanning
- Setting network access passwords and encrypting data in transit
- Enforcing Wi-Fi password policies e.g. regular changing
- Limiting employee access to business apps and resources alone
- Disabling Wi-Fi connectivity when the office is closed
- Creating a guest Wi-Fi network separate from company devices
This helps create secure wireless access for legitimate company users while keeping threats at bay.
- Back-Up Critical Data
No cybersecurity plan is complete without regular data backups. Ransomware and other attacks can corrupt or lock company data, bringing business operations to a halt. Backing up systems and data enables recovery.
- Schedule daily incremental backups plus weekly full backups
- Keep some backups offline and disconnected from the network
- Store backups in a secondary secure location
- Test restoring from backups regularly to verify their usability
- Encrypt backup data for added security
With strong backups, small businesses can get back up and running faster from cyber incidents.
- Provide Cybersecurity Training
Your employees are your first line of defense when it comes to cybersecurity. Providing cybersecurity awareness training can help fill knowledge gaps. Include training on:
- Common threats like phishing, ransomware, and social engineering
- Secure password creation and management
- Safe web browsing and email use
- Preventing malware infections
- Company cybersecurity policies and procedures
- Reporting potential incidents and risks
Refresh training annually and incorporate cybersecurity into initial employee onboarding. Knowing how to recognize and resist cyber-attacks will make your biggest threat vector – your employees – an important asset.
- Leverage Cloud Services
Migrating business systems and infrastructure to trusted cloud providers can provide advanced security for small businesses they might not be able to achieve alone. Benefits of cloud services include:
- Economies of scale for world-class cybersecurity
- Built-in security features like encryption and regular patching
- Limited on-site infrastructure for attackers to target
- Access to security experts
- Rapid recovery from cyber incidents
Take inventory of what systems can move to the cloud for enhanced security. Focus your efforts on in-house protections for what stays on the premises.
- Consider Cyber Insurance
Cyber insurance is another emerging option that small businesses should consider, even with the best IT security precautions. This special insurance can offset costs from data breaches, ransomware attacks, financial fraud losses, and other cyber incidents. Payouts often cover:
- IT forensic investigations
- Legal liabilities and judgments
- PR crisis management
- Credit monitoring for affected customers
- Business interruption losses
- Ransomware payments in some cases
Discuss options with an insurance provider that offers cyber insurance tailored for small businesses.
Implementing even some of these high-impact security best practices can help shore up cyber defenses. Though no single measure can provide complete protection, taking a layered security approach creates a more secure environment. With vigilance and proactive security, small businesses can effectively manage cyber risks. Consult with a managed security services provider if you need help securing systems. With determination and proper precautions, small businesses can thrive securely in today's cyber landscape.
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