Today, cybersecurity is not just a concern for big corporations; it’s a critical issue for small and medium-sized businesses (SMBs) as well. The key drivers behind this are that cybercrime tools are becoming more accessible and scalable, technology is becoming more accessible and scalable for businesses today.
We don’t need to remind you of the effects of cybercrime in much detail, but in a nutshell, it does present a threat to customer trust, your business continuity, and your plans to grow and delight current and prospective customers in your market. In this piece, we’re going to introduce you to seven essential cybersecurity practices that you can implement to greatly increase your cybersecurity posture.
First, let’s start with understanding the nature of cybersecurity threats for SMBs, what these threats are, and the evidence across the globe.
Why Cybersecurity Matters Today for SMBs
Cybersecurity is crucial for SMBs due to the increasing number of cyberattacks targeting these businesses. Statistics reveal a concerning landscape: · 46% of all cyber breaches impact businesses with fewer than 1,000 employees. · 43% of all cyberattacks target SMBs. · Employees of small businesses experience 350% more social engineering attacks (such as phishing emails) than those at larger enterprises. · Around 87% of ransomware attacks target SMBs. Ransomware is one of the flagship threats facing these businesses. · These attacks are not just prevalent but can be highly costly, with nearly 95% of cybersecurity incidents costing SMBs between $826 and $653,587 in 2023.
It’s far from a doom-and-gloom scenario, however. Boosting your business’s security can be done through a handful of practices. Some of those can be implemented today! Let’s dive into them:
The 7 Essential Cybersecurity Practices for SMBs
Educate Your Employees
The human element is often the weakest link in cybersecurity. Training employees on recognizing phishing emails, understanding the importance of strong passwords, and identifying suspicious online behavior is crucial. This education can significantly reduce the risk of breaches, as 95% of cybersecurity incidents are attributed to human error. Establishing a culture of security awareness throughout the organization can protect against a wide range of threats.
Implement Multi-Factor Authentication (MFA)
MFA adds an extra layer of security by requiring two or more verification factors to gain access to a system, significantly reducing the risk of unauthorized access. For example, alongside an email address and password, a text can be sent to a phone to verify the authenticity of the login. This additional simple layer can stop cyber threats in their tracks. Despite its effectiveness, only 20% of small businesses have implemented MFA. This measure should also be applied across your software accounts, including platforms such as Microsoft 365, your CRM, and accounting tools, for example.
Regularly Update and Patch Your Software and Hardware
Cybercriminals will often exploit vulnerabilities in outdated software and hardware to gain access to your data and systems. A key practice is to keep these assets up-to-date with the latest patches and security fixes issued by vendors. A simple but effective practice, this will help to stop the most common cyberattacks from breaching your data, devices and network.
Use Antivirus Software and Firewalls
Antivirus software and firewalls are fundamental components of cybersecurity, offering a first line of defense against malware and unauthorized access attempts. Despite their importance, a significant number of SMBs actually neglect this core source of protection!
· Antivirus software scans your devices to prevent threats like malware and ransomware from accessing your data and systems.
· A firewall regulates the traffic going into and out of your network; it can catch and ‘burn’ malicious software and unauthorized requests from devices outside of your network trying to get in.
Deploying reputable antivirus solutions and maintaining robust firewalls will play a key role in protecting your business from today’s cyber threats.
Backup Your Data Regularly
Data backups are copies of data that you can rely on in the event of the loss or destruction of your data, whether it’s being held on devices or on your hosting servers, for example. They are key to ensuring the business continuity of your SMB and are essentially a cyber lifeline.
By regularly backing up data off-site or in the cloud, you can ensure that you’re able to restore your information and get back on the road without paying out big in terms of lost time, money, and reputational damages. This practice not only protects against data loss but also provides a recovery path in the event of a cyber incident.
Secure Your Network Connections
Your devices and the data they hold are in an interconnected web with each other that also connects to the wider world-wide web. There are vulnerabilities that can arise from a range of sources, such as:
· Connecting to your network using public Wi-Fi, and even using home routers
· Using home routers to access your network
· Using personal devices to access your network
These risks particularly increase for companies that offer remote work. The vulnerabilities to your network that they present are addressable; however, you can use VPNs and deploy device management tools that can update devices and only allow approved devices to access your network, for example.
Develop a Cybersecurity Plan
Most SMBs do not have a cybersecurity plan in place. However, we’d advise creating one, but what should a plan here include? And how can an SMB take a step-by-step approach? A simple cybersecurity plan can simply cover:
· Defining who has duties relevant to empowering your company’s cybersecurity.
· Creating regular steps (e.g updating devices, updating user accounts, conducting password refreshes) that these people should take to maintain security.
· Documenting an action plan in the event of a cyberattack or data breach; this plan should give a clear process for responding to an attack and ensuring business continuity.
· Looking more to the future, assessments will determine how to develop cyber security for your SMB in alignment with its growth and evolving operations.
With a cybersecurity plan for your SMB, you can maintain, consolidate, and gain observability over your cybersecurity posture and mature it over time, protecting your growth journey and customers alike.
The Benefits of Deploying Cybersecurity Best Practices In Your SMB
Adopting these practices can protect your business from the financial and operational impacts of attacks. It is your safeguard for maintaining customer trust and loyalty by protecting sensitive information and the delivery of your services.
Moreover, a proactive cybersecurity stance can prevent legal and compliance issues, saving businesses from the potential fines and legal costs associated with data breaches.
Because cybersecurity is also an increasingly hot topic, it can help you to gain a competitive advantage! By demonstrating a robust commitment to cybersecurity, your clients, and customers, you can better earn and secure their trust, as well as tap into benefits like lower cyber insurance premiums.
What’s Next for my SMB’s Cybersecurity?
We advise taking the steps outlined here as soon as you can to secure your digital premises. Our next blog piece will outline the steps you can take for each of these measures to help you in the process, so stay tuned!
These seven practices will add up to a greatly lowered cyber risk profile for your business. An IT support provider like Accqua can help you implement these measures too, making sure the implementation is holistic, thorough, and seamless for you. If you’d like to find out more and get insights and guidance on your cybersecurity, get in touch with us today, and we’ll be glad to help you.
Accqua IT Solutions – Managed IT, Support and Solutions for Central Coast Businesses
We’re a full-service IT support and managed service provider located at the heart of California’s Central Coast region in San Luis Obispo. We’re committed to helping businesses like yours reach new heights of productivity with IT that’s secure, optimized, and fully aligned with your business processes. To find out more or to start using IT as a lever for growth in your business, reach out to Accqua today. We’d love to hear from you!
