Ben Madilynn
Cybercrime is big businesses, and it’s only getting worse. In fact, 68% of global organizations have experienced at least one cyber attack, and the cost of cybercrimes is forecasted to reach $9.5 trillion this year, with small businesses being a popular target.
One study revealed that although 64% of small businesses felt confident that they could resolve a cyberattack should it occur, 37% of small business owners felt their businesses were vulnerable to a cyberattack in the next year.
The good news? You can take measures to protect your small business, and you should do so promptly.
“Cybersecurity isn’t just a technology issue, it’s a serious business risk and it’s fairly common,” said Mechele Agbayani Mills, President and CEO of BBB Central East Texas. “Protecting your data means protecting your business, and taking a proactive approach today can prevent costly problems tomorrow.”
Uncertainty drives cybersecurity risks
According to recent research from Accenture, “An uncertain geopolitical landscape is accelerating threats and attacks,” so much so that 51% of organizations have updated their risk plans to prepare for cyberattacks. As technology advances and becomes more interconnected, cyberattacks are becoming more difficult to defend against, resulting in increasing number of small businesses becoming the victims of cybercrime.
Some of the trending cybersecurity threats that experts say to be aware of in 2024 include:
- Business email attacks
- Malware and ransomware threats
- Cybercrime cash-out processes with cryptocurrencies
- Crime as-a-service
The best way to protect your small business from cybercrime is to prevent it. Cybersecurity is no longer an option, it’s a necessity. Here are some best practices to help your team develop a comprehensive cybersecurity strategy for your business.
5 cybersecurity practices every small business needs to follow
Cyberattacks are a constant threat to businesses of all sizes. Small businesses are particularly susceptible to data breaches and cyberattacks because they are not always equipped with the proper tools and resources to combat these threats. However, there are still some valuable steps you can take to protect your business. Here are five cybersecurity practices every small business should implement right away:
1. Train all employees in cybersecurity best practices
One of the most critical security measures for small businesses is training all employees on the best cybersecurity practices. This ensures that your employees understand the risks associated with accessing company data and systems, and it provides them with the knowledge and tools necessary to protect themselves from cybercrime.
Provide your team with clear cybersecurity policies which outline the risks, the defenses in place, and the steps they can take to protect themselves. Offer formal cybersecurity training programs to ensure they are up to date on the latest threats and solutions.
2. Implement role-based access control (RBAC)
One of the most effective ways to protect your data and systems from cyberattacks is implementing role-based access control (RBAC). RBAC allows you to assign specific permissions to different employees based on their role in the company, controlling who has access to what data.
For instance, grant certain employees access to the company’s email system, and grant others access to the company’s digital sales platform. This ensures that employees only have access to the systems and data required to do their job and prevents employees from accessing sensitive data that they don’t need, which reduces their risk of becoming a victim of data theft.
3. Initiate automated remote backup and data recovery
Protecting data is one of the most crucial cybersecurity practices for small businesses. One of the best ways to protect your data from cyberattacks is by initiating automated remote backup and data recovery, which allows you to store an extra copy of your data offsite in a secure location. This not only safeguards your data from cyberattacks, but it also provides you with the ability to restore your data in the event of a data breach.
4. Multi-factor authentication (MFA)
MFA requires users to provide additional information to prove their identity when accessing company data and systems beyond just their username and password. This additional information may include a code texted to your mobile device, a thumbprint, etc.
MFA makes it significantly more difficult for cybercriminals to access your data and systems, providing an added layer of security if a cybercriminal circumvents your password. While MFA used to stop at two-factor authentication, it now typically involves several steps to ensure the person trying to gain access is who they claim to be.
5. Secure your Wi-Fi networks
Finally, one of the most crucial cybersecurity practices for small businesses is properly securing your Wi-Fi networks to ensure your employees are connecting to a safe network when they access the internet through your business.
You can secure your Wi-Fi networks by using a VPN to encrypt internet traffic that passes through, using a firewall to block cybercriminals and using a host intrusion prevention system (HIPS) to detect and block cyberattacks.
