When you think of business risk what do you think of? Is it financial loss, operational inefficiencies, or perhaps even the total loss of your business? Although just as important to the overall success of your company, what most small and mid-tier firms fail to recognize as a risk is cybersecurity. Cyber-attacks are a growing threat, especially to small businesses given the lack of resources that are often allocated to combat them. Most small firms fail to see that even though they may not be as well known as bigger names, they do have data worth stealing. So what makes them a particularly attractive target is firms in this space often lack the security infrastructure to combat cyber criminals leaving them vulnerable to an attack.
In 2020, the FBI’s Internet Crime Report stated that $2.7 billion was lost to cybercrimes in that year alone. So why is it that more firms are not jumping at the opportunity to equip themselves with the necessary resources to protect against a threat? Although 88% of small business owners feel their company is vulnerable to a cyberattack, more than a third have reported that they have spent nothing on resources to combat one. Given that the global average cost of a data breach is just under $4 million, the cost of building out a comprehensive security plan is well worth the price.
The Herjavec Group reported that a business will fall victim to an attack every 11 seconds in 2021, so as a business owner there will never be a better time to start preparing than right now. As it may seem out of reach to afford professional IT solutions or if you just don’t know where to start we have laid out resources below to get you started on the journey to securing your business and livelihood.
It’s important to first examine common threats that may be facing your business. The first being malware, which is software intentionally designed to cause damage to your network. Additionally, viruses are common amongst cyber criminals as they spread from computer to computer while allowing access to your systems. Ransomware, which has become increasingly popular over the last decade, works to gain access and lock down your data or systems until a ‘ransom’ is paid. Lastly, and perhaps the most common form of attack, is Phishing. Phishing scams are often masqueraded as a legitimate email or website that prompts a user to download or open an infected attachment, which is typically used to then access financial and confidential information.
By understanding the cybersecurity risks of today, you can reflect inward on where you can make the most impactful improvements to your current plan, or how to start if you don’t already have a blueprint in place. Although it’s hard to compete with the personalized and dedicated support of an external (or internal) IT group, there is still plenty you can do on your own get started.
The first and perhaps most important step to securing the safety of your business is to first secure your networks and data. Ensuring that you have the latest security software, web browser, and operating systems is the best defense against offensive cyber threats. It should also be noted that these systems need to be monitored and tested for updates frequently to maintain the strongest level of security. Another way to ensure the security of your data is through the implementation of a firewall program. A firewall is a set of related programs that prevent outsiders from accessing data on a private network. It’s also critical, given the current work from home environment, that if employees are working remotely their home systems are equipped with the same protective measures.
In addition to securing your network it’s important to make sure that your data is actively and consistently backed up on an offsite cloud network. Cloud security provides various levels of controls within your networks infrastructure to provide continuity and protection for your web based files and applications. Furthermore, cloud computing works to enhance your firms security plan in more ways than being just a data storage vehicle. For instance, integrating a cloud based security network into your plan provides access to tools such as data masking, threat intelligence, enhanced firewalls, and customizable access controls. Especially given todays technology based world, there is no reason to not begin incorporating cloud based solutions into your business now.
Once you have developed your security plan and procedures, one of the final steps is making sure your employees are trained and prepared to ensure its success. As a firm, work to establish comprehensive security practices for employees such as strong password requirements while also adhering to penalty guidelines in the event of a violation. Training your employees on how to handle and store confidential client information is key to the continued success of your prevention plan. In conjunction with cyber training, limiting what associates have access to what data can stop a attack in its tracks. By limiting access based on job function requirements you can ensure that if an employees computer becomes infected only limited data will be compromised.
By taking these next steps to ensure your businesses stability and security you can provide peace of mind to not only yourself, but to your clients. With the increased occurrence of data breaches consumers have become hyper-sensitive to whom they trust their business with. In todays world, one news story about a data breach can be enough to tarnish your reputation to a point beyond repair. Luckily, there is plenty that can be done to make certain you and your business are protected against the threat of an attack.
