The Whys and Hows for Small Businesses Data Protection
Cybercrime continues to rise, and threats continue to grow. You need to take action.
Each year, hackers have grown bolder, and cyberattacks continue to rise. According to the 2019 Official Annual Cybercrime Report is sponsored by Herjavec Group, 68% of businesses feel their risks for cyber attacks are on the risk. Their concerns are well-founded as in just the first half of 2019, data breaches exposed over 41 billion records.
Those are serious stats.
Cyber attacks are among the most significant concerns small business owners have in maintaining their business’s strength and integrity.
How bad is it out there, and what can you do about it?
It could happen to almost anyone
Let’s look at the numbers.
According to Symantec’s Internet Security Threat Report, around 50% of all small businesses will experience a cyber attack or, at least, an attempted breach. Yet, only 1 in 5 small businesses believe they currently have the tools to mitigate those attacks. While large enterprises tend to be higher targets for attack due to the amount of breached data available, they are also in a much better position to defend themselves with large IT budgets and ready access to full-time professional cyberattack response teams/
Of the attacks that go after small to medium-sized businesses, cybercriminals tend to seek out customer records more than other types of information. After this, credit card numbers and other financial details are targeted, as well as intellectual property and employee information.
How does cybercrime affect small businesses?
Well, the news goes from bad to worse. Successful cyberattacks can cost a business a lot of money.
A study by the Ponemon Institute reports that 60% of businesses that fall victim to successful cyberattacks will likely be out of business within six months. Averaged out, small to medium-sized businesses suffer about $2 million in damages due to theft of sensitive data. Also, disruption of business operations can add further costs, and businesses subject to regulatory compliance such as the healthcare and finance industries experience fines that can triple those expenses.
It’s crucial to stay ahead of the problem. Reacting to a data breach after it has occurred is too little, too late. Your business’s reputation and assets have already taken a considerable hit.
Taking steps to protect your data
Take heart. The situation is far from hopeless.
There are several ways you can protect your data from hackers and avoid the hassle of an expensive and embarrassing cybersecurity breach.
Best password practices
A level of security all employees can take action and responsibility for in regards to protecting your data relies on reliable, sensible password practices. This means in addition to having a secure password creation process, but also using two-step authorization.
Management should have in place policies that require passwords to change regularly and that employees clearly understand that password information is not to be shared with anyone. Ideally, two-factor authentication should be part of this as well in which password entry is backed up by an additional requirement such as a security question.
Put up a firewall
A firewall is a network security system that watches over and controls network traffic — both incoming and outgoing — based on predetermined rules. Typically, a firewall acts as a barrier between external networks such as the Internet and your business’s internal network.
A robust firewall can block unauthorized access, viruses, and malware, Only that traffic which you’ve already approve of can get through. It can also prevent users within your own business from accessing blocked sites (such as many porn sites) known for being high risk.
Create and follow an effective encryption protocol
In addition to password protection and firewalls, encryption is another tool that can go a long way toward keeping your data safe. Even if a hacker manages to break into your networks, without the correct encryption software and protocols, any data stolen would be worthless. Encryption placement can be flexible in that it can be positioned at either end (or both) of information exchanges — from desktops and mobile devices to onsite network servers or offsite cloud storage.
Employee education
When it comes to protecting your company’s data, your greatest assets are your employees. Make sure they not only understand how important it is to main good password habits and encryption protocols but also prudent e-mail and internet use. Train employees on recognizing phishing scams, suspicious links, attachments that are not what they pretend to be, and social engineering.
Educating your staff on these simple precautions will help your business avoid a lot of trouble.
Don’t be afraid to ask the experts
Understanding the dangers and knowing how to minimize those dangers is the best way to help your business withstand the ever-growing wave of cybercrime continually probing ways into your data to hurt your business.
The threat of cyberattacks is alarmingly real, and the consequences of a data breach can be devastating. By taking preemptive measures, strengthening network security, and training staff, you can keep your business safer, allowing you to concentrate more on growth than disaster.
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