“Sixty percent of companies that fall victim to a cyberattack go out of business within six months,” according to Hiscox Cyber Insurance. While many entrepreneurs attribute bankruptcy to factors like a lack of customers, poor service, and limited capital, cyberattacks are an increasingly common cause. This article highlights essential cybersecurity practices to protect your business.
1. Enhance Security Awareness
Cybercriminals don’t just target large corporations; small businesses are often in their crosshairs as well. Limited resources typically mean smaller organizations invest less in IT security, making them attractive targets.
A study by Accenture reveals that 43% of cyberattacks target small businesses, yet only 14% are adequately prepared to defend themselves. Training your employees on security protocols is crucial in reducing the risk of a cyberattack. Unfortunately, a McAfee study found that only 30% of employees receive annual cybersecurity training.
Business leaders should emphasize key protocols, such as regularly backing up data, updating software, avoiding suspicious websites, and restricting network access to authorized personnel only.
“Employee training should be at the top of the list. Knowledgeable workers make it difficult for con artists to gain unauthorized access to networks, files, and bank information,” says Imran Tariq in a report by Entrepreneur.com
2. Invest in the Right Cybersecurity Tools
Utilizing the right tools is one of the most effective cybersecurity practices to protect your business against attacks.
“Theft of digital funds will continue to increase as scammers employ sophisticated methods to access devices, emails, social profiles, keyboard strokes, and even two-factor authentication codes,” says Ruben Merre, CEO of blockchain security firm GRAVE.
To safeguard your business, invest in robust cybersecurity tools such as firewalls and antivirus software. Additionally, adopting multi-factor authentication (MFA) can provide an extra layer of security, ensuring unauthorized users cannot access sensitive data. Currently, hackers are targeting hospitals by attacking data related to COVID-19 patients, knowing they will be paid if the data becomes inaccessible.
Using security features provided by Microsoft and Google can further reduce the likelihood of being hacked.
3. Implement Strong Password Policies
Weak or reused passwords are a common vulnerability in many businesses. Ensuring that your organization adopts strong password policies is a critical cybersecurity practice. Encourage the use of complex passwords that combine letters, numbers, and symbols. Regularly update passwords and avoid using the same password across multiple accounts.
Consider implementing a password management tool to help employees generate and store secure passwords. Additionally, requiring periodic password changes and enabling two-factor authentication (2FA) wherever possible can significantly reduce the risk of unauthorized access.
4. Conduct Regular Security Audits
Regular security audits are essential to identify vulnerabilities and gaps in your cybersecurity infrastructure. By conducting comprehensive assessments, you can address potential weaknesses before they are exploited by attackers.
Security audits should include reviewing access controls, analyzing network traffic, testing incident response plans, and ensuring compliance with industry standards. Consider bringing in third-party cybersecurity experts to perform penetration testing and provide an unbiased evaluation of your security measures.
5. Maintain an Updated Operating System
Keeping your operating system up to date is another vital practice. Regularly conduct system scans, remove unnecessary apps, clear your cache, and stay vigilant to prevent hackers from tracking your activities.
These techniques are among the key cybersecurity practices that can protect your business. Staying informed about the latest cybersecurity protocols is crucial as cyber threats continue to evolve.
