There’s been a progressive adoption of digital solutions among small business owners, which is a good thing — as it improves the growth curve of these businesses and the sectors in which they operate. However, with increased digitized services and solutions comes an accompanying risk of cybersecurity threats. This is because, if left unprotected, it increases the hacking footprint of these small companies.
Small businesses need to dedicate adequate resources to combating their cybersecurity problems. Some outrightly lack the resources to protect themselves, and others are unaware of the risks they put themselves and their clients by doing so.
Effects of Poor Cybersecurity Framework & Practices on Small Businesses
Data is regarded as the world’s most valuable resource, and hackers employ cunning methods to access companies’ servers remotely. Successful data breaches can be anything from benign to severe, depending on what they find and how long they’ve accessed your server. Possible effects of data breaches include access to:
- Customer personal info
- Unreleased product designs and prototypes
- Business plans and strategies
- Partner list info
- Company’s banking details
Unfortunately, these issues can affect the personal lives of your clients, employees, and other affiliated establishments. The affected business loses in several other aspects. Clients and business partners will no longer trust the brand, and business operations will be paused pending eliminating hack threats.
Upgrading security systems and solutions to withstand future attacks will also cost the company extra resources. Because of the increased strain on businesses post-cyberattacks, half of them shut down within six months.
Common Cybersecurity Threats to Small Businesses
Cyberattacks aimed at businesses often follow a pattern. Some have been refined over the years, while others remained primitive. When small businesses understand what they are up against, they can devise strategies and methods to secure their data better. The seven most common threats facing small businesses are:
- Phishing attacks
- Malware attacks
- Ransomware
- Password hacking
- Insider threats
Seven Cybersecurity tips for your business
Adopting cybersecurity best practices can save you a lot of trouble and future expense. Most of these practices are not sophisticated and inexpensive to set up and maintain. Here are a few tips we can share from our 30+ years of experience as one of the most trusted cybersecurity companies in Washington DC to secure your business better.
1. Regularly Update Software and Security Patches
Software updates are regularly released to the general public to protect against any loopholes and vulnerabilities that can be exploited by malicious actors. This is why the software on all devices that is essential for daily driving your business must be updated frequently.
Gadgets like your office laptops, PCs, and mobile phones, and solutions like antivirus software can be automatically updated. However, others require manual servicing and updating. Treat every of your business’s devices as a potential point of entry and update them accordingly.
2. Use a Strong Password and Multi-Factor Authentication
A weak password places your business at risk because they are easy to figure out and break through. Set a password policy for staff members that enforce the use of passwords that are at least 15 characters, which must include upper and lower case letters, numbers, and symbols. This makes the passwords harder for hackers to crack.
Additionally, every staff must have multi-factor authentication enabled that routinely asks them to answer security questions for ID confirmation.
3. Secure Your Wi-Fi Networks
Hackers have utilized Wi-Fi networks to breach sensitive data being shared on a network. Leaving on the default router username and password is the same thing as granting hackers open access to your network.
Using the name of your small business as the username attracts more bad actors. Instead, use neutral usernames and passwords. Also, switch your Wi-Fi network from WEP to the more secure WPA3 for more compact WiFi security.
4. Utilize Virtual Private Networks (VPNs)
VPNs create an additional layer of network security between your internet connection and your business’s web server. They are essential for companies that have adopted the work-from-home model because sensitive info can be stolen when connected to public Wi-Fi networks.
5. Organize Training for Your Employees
Human error is responsible for most successful data breaches and hacks. Sometimes, this “error” is an intentional act to sabotage the company by sharing critical info that can be used to access the servers. You can only guard against the human error factor and not intentional sabotages.
Organize training and workshops to expose the common methods bad actors can use to gain control of a business’s info. Teach them basic defenses against the dark arts, like using string passwords and identifying hack attempts.
6. Adopt a Routine Risk Assessment Check
Risk assessments involve identifying and analyzing the possible risk factors of a network. Could it be employees’ poor adherence to the password policy? Or not using a VPN, connecting to a public Wi-Fi network, or having backlogs of overdue updates? A careful analysis of the answers to the above questions will help you formulate a security strategy new recruits can adopt as part of their onboarding process. You must update the strategy as often as you carry out a risk assessment check.
7. Use and Configure Your Firewalls
A firewall is the last line of defense before actors get a hold of your servers because they protect your business’ network and delete files capable of crippling your network. Firewalls can be configured to restrict specific IPs and regions from accessing your website and prevent sensitive information sharing through digital means.
Contact Port Cyber to Supplement Your Cybersecurity Efforts
One of the most consistently worrying challenges of small businesses in recent memory has been IT security. And the costs of hiring an internal team of IT professionals can be expensive. Port Cyber understands these issues and can help you focus on increasing your business’ profit margin while we work our magic. Call us today at (301) 941-1444 to learn how we can protect your business data from hackers and reinstate clients’ belief in your brand.