Small Business Cybersecurity - Four Major Considerations
Small Business
As of 2022, there were 33.2 million small businesses in the United States. These businesses, though small in size, have quite a large impact on the world of American commerce as 99.9% of businesses today are considered small businesses. A business is deemed small if it employs 500 people or less; of the businesses under this category, 98% are made up of 20 employees or less. Unfortunately, small-to-medium sized businesses also make up a majority of the entities targeted by cybercriminals in their attacks. In 2021, for example, 82% of ransomware attacks were directed at businesses with 1,000 employees or less. Due to the fact that businesses of these sizes are so highly targeted, it is important that they prioritize cybersecurity when considering their business plans. As a small business owner, you likely have a wealth of knowledge about your field, that’s why you opened a business after all; however, unless you’ve opened a cybersecurity company, you may likely not be as well-versed in this arena as you ought to be. Below, we’ll take a look at some of the key fundamentals of having strong small business cybersecurity.
Password Hygiene
- Use unique, complex passwords – Though it may seem foolish to even begin here, passwords are the foundation of security. Your data and the data of your customers is valuable, not only to you, but to malicious actors online who try to take this information through cyberattacks. The easiest way to protect this data is by using good passwords. What makes a password “good”? Two major factors: uniqueness and complexity. Be sure to use different passwords for every account and ensure that each of these logins are hard to guess.
- Utilize multi-factor authentication – In addition to strong, unique passwords, many account logins will offer you the option to utilize multi-factor (often referred to as two-step) verification. A common example of this is getting a one-time use code sent to a linked account such as your phone or email. Though this takes an extra 30 seconds when logging into an account, it adds a significant extra layer of protection. If a malicious actor did manage to obtain your username and password for a website, they would still be prevented from accessing your personal account data if you enabled multi-factor authentication, as the code would get sent to you and not them. Small businesses often work with stricter budgets than other entities – this is a free, easy step that can be taken to help strengthen your business’ essential assets.
Employee Training
In 2021, employees of small businesses were 350% more likely to be targeted in social engineering campaigns than individuals who worked for large corporations. This makes it clear that the people who work for your small business need to be knowledgeable when it comes to cybersecurity. Be sure to outline your expectations for employees when it comes to being cyber-safe and provide them with the tools necessary to succeed in this endeavor. Teach your employees about common cybersecurity issues such as how to spot a phishing email or about your policies on password hygiene. Ensure you provide every employee the proper team or person to contact in the event they have a cybersecurity concern. Additionally, lead by example and show your employees that you take cybersecurity seriously yourself by practicing what you preach. Employees can be an entity’s biggest cybersecurity weakness or their strongest asset in protecting the business’ systems – train your employees and help them, help you.
System Protection
- Keep software up-to-date – When it comes to protecting your data, it is important to ensure that the software used to complete your daily operations is updated regularly. The creators of said software are constantly figuring out new features to provide you and they are monitoring past versions for any bugs or issues that could cause cybersecurity vulnerabilities. Keep your software updated to help protect data with manufacturer fixes to existing problems.
- Enable strong firewalls – A firewall acts as a sort of barrier between your business and the outside world; a good firewall allows in good traffic and blocks malicious traffic from accessing your business. The utilization of a strong firewall enables the user the ability to protect themselves and their important data at all times.
Access Control
- Protect physical devices – When you leave a device unattended, be sure to lock it so that not just anyone with physical access to it can use it. Ensure that all employees within your small business understand the importance of keeping their work devices secure by physically keeping them inaccessible to others.
- Limit access to sensitive data – While every employee within your business may likely be a trustworthy, hard-working person, not every employee needs to know every element of your business’ operations. Though most threats to a business are external, there is always the unknown element of internal threats. By limiting access to essential, sensitive data to only those with a need-to-know, you are ensuring that your data is even further protected, as the risk of internal threat or human error causing a vulnerability is much less vast than if every employee had access to every element of the business.
Small businesses are essential to providing communities across the nation with a wide variety of products and services. Protect yours by following these key basics and by working with local cybersecurity professionals to ensure your precious data is secured.
