Talking Data Protection For SMBs
Small-to-medium businesses deserve as much protection as big businesses.
Hackers have become more daring in recent years, and cyber attacks have increased. According to the HISCOX Small Business Cyber Risk Report, 47% of small companies have been victims of a cyberattack in the last year. Nearly half of those had up to four more attacks.
Cyberattacks and fraud are among the top concerns for small business owners when it comes to keeping their businesses alive and well.
What is the situation really like, and what can you do about it?
Looking At The Numbers
According to a Symantec Internet Security Threat Report, roughly half of all small firms will face a cyber attack. Only around a quarter of those companies believe they are in a position to protect themselves from such an event. While large businesses are likewise vulnerable to attack, the chances are less, and they are more likely to be able to protect themselves.
Customer records are the most commonly targeted category of information in small-to-medium-sized business (SMB) attacks, followed by intellectual property, credit card numbers, and other financial information.
The News Gets Worse
Sixty percent of organizations hit by a successful hack will likely go out of business within six months. A successful cyber attack has the potential to cost a lot of money. According to the Ponemon Institute, SMBs lose an average of $2 million each year due to the destruction or theft of sensitive IT data. Even more, money is lost when corporate operations experience disruption. Fines in the healthcare and banking industries, which have significant regulatory compliance difficulties, can end up tripling that cost.
It may already be too late by the time a cyberattack has occurred. Your company’s assets and reputation have both been harmed. That’s why SMBs need to prioritize effective cybersecurity procedures.
Protecting Your Data Isn’t Difficult
It’s not all bad news. There are easily actionable steps you can take to protect your data from malicious actors. Doing so means avoiding the embarrassment and damage that a cybersecurity breach could cause.
Secure passwords and authentication
Solid, safe, and sensible authentication techniques provide the foundation for your business’s security protection. This includes having a robust password generating procedure and thinking about using two-step authorization.
Secure password generation should include numbers and letters, upper and lower case requirements, and special characters. Employees (and business owners) should be warned against choosing passwords based on names, dates, or other guessable strings of letters, words, or numbers.
Furthermore, rules should be implemented to ensure that passwords are changed regularly, and that staff understands the importance of not sharing password information with others.
Using encryption
Encryption goes a long way toward protecting your data. Even if a bad actor were to gain access to your networks, the data would be useless to them if they didn’t have the correct encryption tools and protocols. From mobile devices and desktop workstations to network servers or cloud apps and storage, encryption tools can be applied on either or both sides of any information transmission.
Employee training and empowerment
When it comes to protecting your company’s data, employees are a business’s most valuable asset. Make sure your staff is aware of the necessity of using the cybersecurity procedures you set in place, including secure passwords, encryption software, and safe email and Internet habits. They should be aware of how phishing emails work, the danger of suspicious attachments, and how to recognize suspicious URLs.
Simple precautions can save you and your business a lot of trouble. Regular employee seminars on cybersecurity issues can go a long way toward protecting your business.
Don’t go it alone
Depending on your business needs and network size, you may want to hire a managed service provider to establish your security requirements, monitor your network, and provide online or remote support. They may also assist you in developing a disaster recovery plan if your data does end up getting damaged in an attack.
Preparing Today To Protect Tomorrow
Understanding the risks and how to reduce them is your best option for ensuring that your company survives the rising tides of cybercrime. You can be certain that cyber-criminals are continually finding new ways to infiltrate your systems, and it’s up to you to try to stay ahead of the game.
The dangers are real, and the consequences might be catastrophic. If you want to keep your business running efficiently and safely so you can focus on development, you need to enact preventative measures by bolstering your network security and training your staff.
About John Teehan
John lives in Rhode Island with his wife, son, and dog. He specializes in tech, health, business, parenting, pop culture, and gaming. Visit wordsbyjohn.net for more info and rates. Twitter: @WordsByJohn2.
Do you like poetry, short fiction, and general oddities? Check out my new book, Life Among Psychopaths: an unexpected potpourri, now available on Amazon.
