When they read headlines about the average cost of a data breach reaching almost $10 million in the U.S., it’s easy for small-business owners to dismiss those numbers as applying only to large corporations. The truth, though, is that small businesses — while they have a lower average cost associated with data breaches, at $3.3 million — are even more vulnerable.
The cybersecurity risks for small businesses spring from multiple factors. Such businesses are often unable to absorb the financial, legal, and reputational costs of a breach, so they’re more likely to go out of business within six months after one. Many small-business owners don’t feel like they have the resources and personnel to invest in robust cybersecurity measures, or they may not understand that they have more affordable options.
However, the most effective cybersecurity plan begins with the right mindset. The vast majority of cyberattacks are successful because of human error. Although cybersecurity is a highly technical field, most applications and devices are well-equipped with strong security protections. You don’t need to understand the code involved in encrypting your data, but you do need to know what types of threats are most common and how you can avoid them.
The reason cybersecurity attacks can be so devastating is that one data breach can have far-reaching effects in all of the following areas:
You’ll be in a better position to protect your business from hackers if you understand the types of attacks they launch and what measures can prevent them. Some of the cybersecurity concepts you should be familiar with include the following.
A vulnerability is a design flaw that can provide unauthorized access to software or hardware. When someone discovers a vulnerability in software, developers will release a patch to mitigate it. One of the biggest security risks is outdated software. The enormous 2017 Equifax breach that exposed the personal data of nearly 150 million people happened because of outdated software.3 The vulnerability was known, and a patch had been released — but no one installed it.
Other common vulnerabilities include not enforcing strong passwords, broken authorization controls, and missing data encryption. Because human error contributes so heavily to breaches, good software design enforces strong security protocols, even when seemingly inconvenient.
Hackers are sophisticated criminals who are constantly upping their game. They’re usually among the first to figure out how to manipulate new technology for malicious intent. Due to this, the threat landscape is constantly evolving, but some of the top cybersecurity threats include:
Modern businesses store and use an enormous amount of digital data. Some of it is highly sensitive, but much of it isn’t. Encrypting all of your data would be needlessly time-consuming and expensive, so you need to identify critical business assets to focus your efforts.
You likely have data scattered across different systems and devices, so your top priority should be determining where your assets are stored. Then you need to classify them based on sensitivity, such as:
Once you’ve located and classified your data, you can adequately protect it based on its sensitivity.
A cybersecurity risk assessment can help you understand the types of threats your business faces so you can take steps to mitigate them. The end result is different for every business, but the general process includes the following steps:
The following terms are commonly used when in discussions about cybersecurity:
Cybersecurity can seem overwhelming because of the many different factors involved. However, you can significantly improve your company’s data security with the following easy-to-implement tips.
Before you take more elaborate measures, make sure you have the basics covered. Implement a strong password policy, keep your software up to date, install a firewall, and use antivirus software on your devices.
You can take a lot of the sting out of a ransomware attack if you have your data backed up. In addition to being a good idea from a security standpoint, keeping current backups of your data will protect you in the event of a natural disaster or some other catastrophe. Include a recovery plan so you can get back to business with minimal interruption.
If your employees are well-trained, they can be your first line of defense against a cyberattack. Many attacks rely on employees accidentally allowing unauthorized access. Provide a comprehensive cybersecurity awareness program that covers subjects such as:
New technology is constantly emerging — particularly with business technology trends such as artificial intelligence, machine learning, and the cloud. Advances in tech can quickly change the nature of the threats you need to deal with and how you can defend your business. You can stay on top of emerging threats by following cybersecurity news and professional communities to keep up with best practices.
For small businesses with limited resources, handling cybersecurity in-house can be prohibitively expensive. Working with a cybersecurity professional is a cost-effective solution that can keep your business secure and compliant with legal requirements.
A cybersecurity partner can use advanced tools and methodologies, such as security assessments, threat modeling, and penetration testing, to proactively identify and address vulnerabilities in your system.
You’ll have advanced security and continuous protection without the need to hire your own department. Managed security services provide 24/7 monitoring and immediate responses to security incidents. They also help you comply with applicable regulations, keep detailed records, and generate compliance reports.
Standley Systems provides comprehensive cybersecurity services so you can protect your company while keeping your focus on your core business operations. Reach out today for a consultation and to learn how we can identify, detect, and respond to security threats before they interrupt your business.