You Need A Small Business Cybersecurity Checklist Now!

Summary: This short article explores why cyber security is crucial for small businesses. Learn how to improve your SMB’s cyber security before you fall victim to a cyberattack. To discuss all your business IT solutions, contact GEEK-AID Computer and Network Support https://www.geekaid.com/.

Every business has become a target for cyberattacks. However, cyber threats are not limited to big corporations, banks and government agencies. Ironically, small businesses have become an easy target for hackers and are considered the “low-hanging fruit” in the attack landscape. Because most SMB owners think they are too small to get the attention of cybercriminals, many don’t focus on having sufficient cyber security to protect their companies. Since the pandemic, cybercrime has been up over 400%. Furthermore, 60% of small businesses that experience cyberattacks go out of business within six months after the attack.

The Importance of Cybersecurity For Small Business

Without sufficient SMB cybersecurity in place, many of a company’s most valuable assets can be compromised if your network has been breached, such as:

• Banking Information – What could be more damaging to a business than for cyber thieves to access its bank accounts? Unauthorized access to this information alone can be enough to bankrupt a business.
• Customer Lists – You’ve worked hard to build a loyal customer base. In the hands of hackers, your customer list becomes a marketable asset that can be sold to your competitors.
• Customer Credit Card information – Every time a customer makes a payment, they trust your company to protect their payment information. A breach of that data can significantly damage your company’s reputation and the confidence you’ve built among customers.
• Internal Pricing Information – If your business is in a highly competitive marketplace, your internal pricing is the type of private information that hackers might try to sell to your competitors. Also, if internal pricing is leaked to the public, customers can weigh how they feel about your business’s profit margin.
• Business Plans – Business plans map out the desired growth path of a company. A detailed business plan in the wrong hands could thwart such growth, and competitors can use the plans to adjust their business plans to gain a market edge.
• Proprietary Designs, Formulas, Processes and Other Intellectual Property – Many small businesses do not consider their unique creations' intrinsic value. Designs, formulas and manufacturing processes are a big part of a company's core value.

The vulnerability goes beyond the confines of your company’s computer system. Once a hacker can access your network and launch an attack, their next step is to compromise your vendors and customers. Without appropriate network cyber security, a cybercriminal can sell your business’s private data in some form for a considerable profit.

Over time, many SMBs have become reliant upon cloud-based systems to conduct their activities. The daily operations of the businesses, sales and purchases, online meetings, advertising, banking and other vital functions performed online must be locked down with a robust level of cyber security.

Cyber Security Basics For SMBs

Before you call a cyber security services company, there are several steps you may take to increase the security of your business computer system:

• Train Employees – Your employees are often the weak links in your small business’s cyber security. Untrained staff can impulsively click on links and attachments to emails without thinking about the risks. Hackers count on impulsive behavior. Unfortunately, all it takes is one wrong click for a thief to launch a malware attack, breach your network and steal your data.
• Use Strong Passwords – Passwords are the first line of defense against hackers. Complicated and unique usernames and passwords are crucial to cyber security.
• Password Management – Creating and keeping track of passwords has become more complicated than ever. Old-school passwords using birthdays, anniversaries and pet names are no longer sufficient as hackers have devised automated programs to guess passwords, and simple ones can be quickly discovered. Installing reputable password managers allows random, multi-character passwords to be generated and stored automatically and safely.
• Multi-Factor Authentication (MFA) – In addition to strong usernames and passwords, multi-factor authentication adds another layer of protection against data breaches. MFA confirms the identity of the person attempting to log on through a different device via texts or emails. Biometric options are now available in various forms, including Facial Recognition, Optical Recognition and Fingerprint Recognition.
• Install Anti-Virus Software – If you don’t already have powerful and up-to-date anti-virus software installed on your computer system, you must up your game. Even basic anti-virus apps will defend against many common cyber threats. Anti-virus software identifies threats, alerts users, stops infections and cleans your system to be virus free.
• Conduct a Cyber Risk Assessment – A cyber risk assessment starts with delving into how data moves through your network and who has access permissions for different data. You can determine what security holes need to be tightened up by evaluating the data flow and how data is used. If you don’t have the IT bandwidth to ensure you can make a thorough assessment, it is worth your time and money to employ a network cyber security services company to work with you in the assessment process.
• Update All Software – Software developers often release security fixes and patches with software updates. These security tweaks are freely available, and you and your business will benefit significantly by keeping all software up to date.
• Schedule Regular Backups – Even with strong security, hackers sometimes get through. By regularly backing up your data, if a catastrophic cyber event occurs and your data is corrupted, stolen or encrypted by ransomware, a clean backup can jumpstart getting your SMB up and running again.
• Limit File Access With Need-To-Know Criteria – The most sensitive company data should only be accessed by top C-level executives and any employee whose job it is to work with that data. For example, an employee in Accounting does not need to access proprietary design files used by the Graphics department, and vice versa. Limiting access is an excellent way of limiting the chances of a data breach by cyber thieves or insider attacks.
• Use Virtual Private Networks (VPNs) on All Devices – VPNs should be installed and used for all online work. VPNs cloak your online connections by encrypting them and routing them through IP addresses in different locations worldwide. Using “tunneling” technology, VPNs create a private network within your network, making it very difficult for hackers to steal your data or discover your location.
• Use VPNS on All Network Devices – VPNs should be used on all your devices, whether your employees work at your office, out of their homes or on the road. Public WiFi is a dream come true for hackers who wait for unsuspecting users to log on and then breach their data. Therefore, consistent use of VPNs should be part of your standard cyber security policy.

SMB owners must become knowledgeable about potential cyber security threats to their businesses. Small businesses are prominent in the target landscape of cybercriminals and are always at serious risk. Creation and execution of a robust cyber security plan is a vital part of operating your business, and your plan must be revisited and updated regularly to keep your business secure and out of the reach of hackers.