How to Improve your Small Business Cybersecurity

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Small businesses usually prioritize something other than cybersecurity, thinking hackers only go for big and established companies. It's for this wrong notion that most small to medium-sized enterprises (SMEs) are generally under-protected. Reluctance to invest startup funds in cyber protection and data privacy also leads to lax security protocols. Hackers know this and exploit this vulnerability to inject malware and steal data in unprotected systems used by small businesses. It has to stop. If you love your business, the first thing you need to do is safeguard it on all fronts, including digitally.

Small businesses usually use a moderate amount of data with minimal security. Hackers can use the stolen information to steal money, employee details, customer data, vendor information, and even customer's sensitive details. There is nothing that can damage your reputation as fast as the latter. Data breaches have cost millions lost in companies worldwide, big and small alike.

A recent report by Ponemon showed that only 30% of small businesses are prepared for cyberattacks and data breaches. The rest are vulnerable due to a lack of personnel (77%), budget (55%), and know-how (45%).

By 2020, a significant business's average cost of a data security breach would be over $150 million. The higher the level of digitalization or connectivity, the higher the cost to insure and protect it.

To ensure proper protection, you must prioritize your small business's cybersecurity to avoid loss. It is imperative when you build up your small business cybersecurity. Here are tips on how to improve your small business's cybersecurity:

Improving your small business cybersecurity is essential to protect your sensitive data, financial information, and customer trust. Here are some practical steps:

1. Conduct a Risk Assessment

• Identify the most critical assets (e.g., customer data, financial records).
• Evaluate the potential risks (e.g., data breaches, ransomware attacks).
• Prioritize resources to protect the most vulnerable areas.

2. Implement Strong Password Policies

• Use complex passwords with a combination of letters, numbers, and special characters.
• Require regular password updates.
• Encourage the use of multi-factor authentication (MFA) to add an extra layer of security.

3. Install and Update Security Software

• Use reputable antivirus and anti-malware software.
• Keep software and operating systems up to date to patch vulnerabilities.
• Install a firewall to monitor and control incoming and outgoing traffic.

4. Train Employees on Cybersecurity Best Practices

• Educate staff on recognizing phishing attacks and suspicious emails.
• Establish policies for safe internet use and handling sensitive data.
• Conduct regular cybersecurity training sessions and simulations.

5. Use Encryption for Sensitive Data

• Encrypt data both at rest and in transit to ensure unauthorized users cannot access it.
• Ensure secure communication channels (e.g., using HTTPS for your website).

6. Backup Data Regularly

• Schedule automatic backups for critical data to minimize damage from cyberattacks.
• Store backups offsite or on secure cloud services to protect against physical disasters.

7. Control Access to Sensitive Information

• Implement role-based access controls, ensuring only authorized personnel access specific data.
• Monitor access logs to detect unauthorized attempts.

8. Secure Wi-Fi Networks

• Use strong encryption (WPA3) for your business Wi-Fi networks.
• Separate business and guest networks to prevent unauthorized access to critical systems.

9. Develop an Incident Response Plan

• Prepare a response plan for potential cyber incidents (e.g., data breaches, ransomware attacks).
• Define roles and responsibilities for managing the incident.
• Regularly review and update the plan as the business evolves.

10. Consider Cybersecurity Insurance

• Invest in cybersecurity insurance to mitigate the financial impact of a cyberattack.
• Review policy terms to ensure they cover your business's specific needs.

By implementing these strategies, your small business can strengthen its cybersecurity posture and minimize the risk of cyber threats.

Secure Your Wi-Fi Networks

Connecting to an unsecured network allows hackers to steal your info. Only using secure and encrypted Wi-Fi networks will prevent the Service Set Identifier (SSID) from being broadcast. You can set up the Wi-Fi to deter employees from knowing the password. You can also set up a separate network for guests if you want to open Wi-Fi for customers. Guests should have Wi-Fi access different from that of employees to prevent unwanted people from joining your private business Wi-Fi network.

Strengthen your Wi-Fi encryption to keep intruders out of your system. The types of Wi-Fi protection systems often used are the following: WEP or Wired Equivalent Privacy is a security protocol in the IEEE Wireless Fidelity or Wi-Fi standard, 802.11b. It provides a WLAN (Wireless Local Area Network) with the same security and privacy as a wired LAN.

WPA or Wi-Fi Protected Access is a security protocol like WEP but better at handling security keys and user-authorization procedures for systems or networks. WPA uses the TKIP (Temporal Key Integrity Protocol), which routinely modifies critical systems and prevents attackers from creating duplicate encryption keys to hack your system.

WPA2 or Wi-Fi Protected Access 2 is a security method added to the WPA that boosts data protection and network access. Based on the IEEE 802.11i standard, WPA2 provides government-standard security. Only authorized users can access wireless networks. It comes either as WPA2-Personal or WPA2-Enterprise.

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Some businesses use Wi-Fi routers with WPS (Wireless protection setups) and link devices via WPA (Wi-Fi Protected Access). A RADIUS server is needed to use WPA in enterprise or corporate mode because physical storage is required for all login information.

Create a Password Policy and Change it Often.

A secure password should contain lower-case letters, capitals, a unique character, a number, and a minimum of 20 digits to be considered vital. You can use password generator apps to produce uniquely solid passwords and change them routinely, even if an employee leaks the password to unauthorized individuals. It will minimize the risks because you regularly change passwords.

Limit password access to your company's IT personnel or team. Instead of releasing passwords to staff, let them input them directly into devices authorized for your business. Avoid giving Wi-Fi access to employees' personal devices. It may seem selfish to those who want free Wi-Fi access, but there are many good reasons to do so.

Firstly, suppose employees use their personal devices to work and log into the business network. In that case, they will be accountable to the IT department for submitting their devices for checking and other security protocols. If it's against company policy to download unoriginal software, it applies to their devices, too. If access to malicious and unsecured sites is not allowed, it follows when they use their own device during company hours. If the use of Facebook and other social media platforms is not allowed on your company's network, it is not permitted on their devices, too, even if they own it.

In short, they need to relinquish some authority over their device to follow company security and data privacy protocols, which may get complicated at times. It is better not to allow personal devices on the company's network or to limit this privilege to trusted employees.

Secondly, a BYOD (Bring Your Own Device) system is also a vulnerability because it opens more gateways than necessary for hackers to access. Hackers are becoming increasingly ingenious, and it only takes one careless instance with an unsuspecting employee to open the doors wide for cyberattacks.

These added steps may be cumbersome but make your security protection more robust. Teach your staff members also to employ best practices in their own devices. Build a culture of cyber safety in your company that can influence others as well. Cybersecurity is a top priority, and keeping your data safe matters.

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Limit Data Access

Unauthorized people, even trusted ones, should not have access to company computers and accounts. You must include this in your security protocols and have it in black-and-white so your IT team will not have difficulty implementing such "strict" measures. Monitoring each employee's cyber interactions can be tiresome and time-consuming. You need to establish policies on how employees should protect identifiable information and other sensitive data to avoid the trouble of continually checking cyber interactions done through the company's network.

Data access needs to be classified and quantified, depending on the employee and the scope of their responsibility. Add layers of security, like requiring new passwords, encryption, security questions, and the like. It is best to give each employee their login so the IT team can monitor the use of the network and access points of hackers in case of an attack. Limiting your employees' privileges is in their best interest because it protects your business better, which also protects them.

Create Backups

Creating backups of your files and information should not even be a question. Require routine back-ups from everyone in the team, facilitated by your IT personnel, as a precaution if attacks or data breaches do happen. It is also best to use cloud storage instead. This way, your data remains secure in the cloud no matter what happens to your physical devices. Invest in getting ample cloud storage for your business. In case of any disaster or ransomware attack, you should be able to recover all the critical data.

You may not see this as necessary now, but it is. If information is stolen or goes missing and you only store everything on physical devices such as a server, retrieval of everything you lose is never guaranteed. Prevention is better than cure, and going all out to the best of what you can afford regarding security software and data privacy is a worthy investment. Take action before an attack happens before ensuring rigid protection for your business, something that, sadly, some companies do.

You can also use the strategy of the 3-2-1 approach, which translates to three copies of the backup on two different media and one copy securely stored offsite or in the cloud. Another effective technique is air-gapped backups, which securely place a copy of your data in an inaccessible location disconnected from the internet.

Antivirus and Antimalware Protection

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You must have professional-grade and current security software in all systems and networks. All apps and software must be regularly updated. Install your devices' latest operating systems (OS) and software. Updated software and OS will have the latest bug fixes or patches installed.

Hackers continue to produce ways of attack, and security software continues to provide patches and bug fixes. Avoiding updates puts your devices and systems at high risk. You can be hacked in many ways, but there are ways to prevent these attacks and fight against cyberattacks at the onset. A Kaspersky antivirus would be beneficial because it protects users from malware and is primarily designed for computers running Microsoft Windows and macOS.

Train your Employees to Recognize Common Cybersecurity Threats

Provide regular security awareness training to your employees to ensure the security of your business. To stay ahead of sophisticated cyber threats, small businesses can significantly benefit from solutions like Cyware Cyber Threat Intelligence, which offers advanced insights and real-time monitoring to help identify and mitigate potential cyber risks efficiently. In addition to this proactive monitoring, penetration testing services can also help to identify vulnerabilities in your systems before hackers exploit them. Create a cybersecurity policy that is understandable to all and easy to implement. It should contain cybersecurity best practices that you expect employees to follow.

Even if you have the best technical support staff, who can handle more technical cybersecurity measures like cyber threat hunting, employees can sometimes mistakably cause breaches if not trained appropriately. You should also train your employees to know common cyberattacks and how to prevent them, like identifying phishing and spear-phishing attacks. Phishing and spear-phishing are the most effective ways for hackers to attack a target. Unguarded and unaware employees of a company are the usual targets.

Always Use Multifactor Authentication on Business Accounts

Multifactor authentication on business accounts should be set up even in personal and corporate accounts. It adds an extra layer of security, making it harder for cyber attackers to get into your bills, not your business or employees. Multifactor authentication may include a phone number, email address, or a security question.

Security apps, even your browsers, will send notifications of logins from unknown sources. Pay attention to these messages, and if you recognize something needs to be corrected, inform your IT team immediately. The first step is to change all passwords directly, and in case of suspected malicious attacks, the IT team must get to work right away in scanning and securing the system.

Develop an Incident Response Plan for Cybersecurity

Developing an Incident Response Plan (IRP) for cybersecurity is essential to minimize the impact of cyber incidents and ensure a quick, coordinated, and effective response. An effective IRP outlines the steps your organization will take to detect, respond to, recover from, and learn from cybersecurity incidents. Here's a guide for creating one:

1. Establish an Incident Response Team (IRT)

• Team Members: Identify and assign roles, such as:
  • Incident Manager: Oversees the response and coordinates communication.
  • IT Specialists: Handle technical investigations, containment, and remediation.
  • Legal and Compliance: Ensures compliance with laws and regulations.
  • PR/Communication: Manages external and internal communication.
• Responsibilities: Define the roles and responsibilities for each team member.

2. Define the Types and Severity of Incidents

• Types of Incidents: Identify the types of incidents the plan will cover, such as:
  • Phishing attacks
  • Malware infections
  • Data breaches
  • Ransomware attacks
  • DDoS (Distributed Denial of Service) attacks
• Severity Levels: Develop a classification system to determine the severity of an incident (e.g., low, medium, high, critical) based on its impact and urgency.

3. Incident Detection and Analysis

• Monitoring Systems: Implement monitoring tools and systems (e.g., SIEM - Security Information and Event Management) to detect suspicious activity.
• Indicators of Compromise (IOCs): Establish and document common indicators, such as unusual login patterns, malware alerts, or unauthorized data access.
• Initial Assessment: Develop procedures for assessing the scope and impact of an incident to determine its severity and prioritize response efforts.

4. Containment, Eradication, and Recovery

• Containment:
  • Short-Term: Isolate affected systems to prevent further damage (e.g., disconnect devices from the network).
  • Long-Term: Implement more permanent measures (e.g., patching vulnerabilities, updating firewall rules).
• Eradication: Remove malicious software or attackers from the system. This may involve:
  • Restoring systems to a known good state.
  • Applying software patches and updates.
• Recovery: Restore operations, such as:
  • Reconnecting systems to the network.
  • Monitoring restored systems for abnormal activity.
  • Validating system integrity and ensuring that backups are clean before restoring data.

5. Communication Plan

• Internal Communication:
  • Establish clear communication protocols for informing management, IT teams, and other relevant stakeholders during an incident.
• External Communication:
  • Determine when and how to notify customers, partners, and regulatory bodies.
  • Develop press release templates and FAQs for potential public disclosure, especially for significant incidents like data breaches.
• Legal and Compliance:
  • Ensure all communications comply with legal and regulatory requirements (e.g., GDPR notification rules).

6. Documentation and Reporting

• Incident Log: Maintain detailed records of every action taken during the response, including time, personnel involved, and specific actions.
• Post-Incident Report: Prepare a comprehensive report summarizing:
  • The cause and scope of the incident.
  • The steps taken to contain and eradicate the threat.
  • The impact on the business (e.g., financial loss, data exposure).
  • Recommendations for preventing similar incidents in the future.

7. Post-Incident Review and Continuous Improvement

• Debriefing Session: Conduct a post-incident review with the response team to discuss what went well, what didn’t, and lessons learned.
• Update Policies and Procedures: Revise the IRP based on lessons learned and emerging threats.
• Training and Drills: Regularly train staff and conduct incident response simulations (tabletop exercises) to improve readiness and identify areas for improvement.

8. Ensure Compliance with Legal and Regulatory Requirements

• Review legal obligations (e.g., data protection laws) to ensure your IRP complies with industry standards and regulations.
• Document compliance measures and maintain records for audit purposes.

9. Maintain and Test the IRP Regularly

• Schedule regular reviews of the IRP to ensure it remains up to date with new threats, technology changes, and business processes.
• Test the IRP through simulations and tabletop exercises to validate its effectiveness and improve response times.

By following this structured approach, your business can create a comprehensive Incident Response Plan that minimizes the impact of cyber incidents, enhances your response capabilities, and ensures regulatory compliance.

Conduct a Risk Assessment for Cybersecurity

Conducting a risk assessment for cybersecurity involves systematically identifying, analyzing, and prioritizing potential risks to your business's information assets. The process typically includes several key steps:

Step 1: Identify Assets

• Data Assets: Customer data, financial information, intellectual property, employee records, and other critical business data.
• Hardware and Infrastructure: Servers, computers, networking equipment, mobile devices, and IoT devices.
• Software: Operating systems, applications, databases, and security software.
• Network Components: Wi-Fi networks, routers, and firewalls.

Step 2: Identify Threats and Vulnerabilities

• Internal Threats:
  • Employee negligence or lack of training.
  • Disgruntled employees or insider threats.
• External Threats:
  • Phishing attacks, malware, and ransomware.
  • Hacking attempts or Distributed Denial of Service (DDoS) attacks.
  • Physical threats like theft or damage to hardware.
• Vulnerabilities:
  • Unpatched software or outdated systems.
  • Weak passwords or lack of multi-factor authentication (MFA).
  • Inadequate firewall or anti-virus configurations.
  • Poor physical security measures.

Step 3: Assess Potential Impact and Likelihood

• For each identified threat, estimate:
  • Likelihood: The probability of the threat occurring (e.g., low, medium, high).
  • Impact: The potential damage if the threat materializes (e.g., data loss, financial loss, reputational damage).
• Use a risk matrix to categorize each risk based on its likelihood and impact:
  • Low Impact / Low Likelihood: Monitor periodically.
  • High Impact / Low Likelihood: Implement preventive measures.
  • Low Impact / High Likelihood: Prepare response plans.
  • High Impact / High Likelihood: Prioritize these risks for immediate action.

Step 4: Identify Existing Controls and Gaps

• Review current security measures:
  • Firewalls, anti-virus software, encryption, and backup protocols.
  • Employee training programs and policies.
  • Access control systems (role-based access, password policies, MFA).
• Identify gaps where existing controls may be insufficient or missing.

Step 5: Develop a Risk Mitigation Plan

• For each high-priority risk, define mitigation strategies:
  • Technical Measures: Update software, patch vulnerabilities, implement MFA, or set up a firewall.
  • Organizational Measures: Employee training, revising policies, and developing an incident response plan.
  • Physical Security: Securing devices physically, using surveillance systems, and ensuring restricted access to sensitive areas.
• Assign responsibilities for each risk and set timelines for implementing measures.

Step 6: Monitor and Review Regularly

• Continuously monitor for emerging threats and vulnerabilities.
• Review and update the risk assessment periodically or when significant changes occur (e.g., new systems, software updates, changes in personnel).

By following these steps, you can create a comprehensive cybersecurity risk assessment that identifies potential risks, assesses their impact, and provides actionable strategies to mitigate them.

Cybersecurity insurance for cybersecurity

Cybersecurity insurance, also known as cyber liability insurance, helps businesses and individuals protect themselves from financial losses caused by cyberattacks and data breaches. It can cover a range of costs, including:

• Legal fees and settlements
• Data restoration and repair
• Business interruption
• Ransom payments
• Public relations efforts
• Breach notification services
• Employee training
• Forensics services 

Conclusion

Cybersecurity is vital to any small business, even when the budget isn't necessarily there to support a significant IT initiative.

Introducing and implementing a complete cybersecurity program takes more than an hour. You won't be completely safe from attacks by making a few quick changes, but you can take drastic strides forward in 60 minutes or less.

No matter how big or small, the nature of your business may attract more than what you bargained for; you don't work as hard as you do for your business to fall victim to cyber-attacks! Cybersecurity is more than having a firewall or antivirus program. With the proper precautions, adequate computer security is within reach.