Cyberattacks on businesses are on the rise, bringing heavy financial and reputational damage. Common attacks include data breaches, phishing, ransomware, malware infections, and denial-of-service (DoS). And they don't just affect big enterprises. Small businesses are a prime target, too.
Reports indicate that 43% of cyberattacks are aimed at small businesses, and yet only 14% have the capacity to defend themselves. As such, every entrepreneur must take the necessary measures to combat cyberattacks.
Inadequate preparedness can lead to costly disruption and damaged reputation --- reason why it's important to be strategic when dealing with these attacks. That said, this article discusses some essential steps to take to strengthen your business's cybersecurity defenses. Read on!
1. Assess Your Current Security Posture
Your first port of call is a thorough security assessment. Knowing where you stand security-wise can help identify weaknesses that cybercriminals can capitalize on. Doing this regularly will ensure you're always up against evolving threats.
There are helpful tools you can use to conduct security assessments. First, consider a vulnerability scan. This helps pinpoint potential weak points in your system. It could be outlet software, open ports, or other security flaws. Another strategy is ethical hacking or penetration testing. This is a simulation of cyberattacks. It helps unearth weak points that regular scans miss.
You'd want to try both approaches for a comprehensive view of your security posture. Do this regularly for round-the-clock protection.
Another critical component of assessing your security posture is checking uptime. This is the amount of time your systems are operational and available. Consistent uptime ensures business continuity and that your security systems are always active. As per computeroptions.net in OC, you can achieve an uptime as high as 99% if you partner with managed IT experts.
2. Update and Patch Systems Regularly
Outdated software and hardware are a common weak point that cybercriminals often exploit. Failure to regularly update your computing systems makes them an easy target for attackers. Thus, you'd want to keep your IT infrastructure current.
To this end, you'd want to schedule regular updates for all software and hardware. Set up automatic updates to simplify the process and ensure you never miss critical patches. Also, regularly be on the lookout for updates from software vendors to stay ahead of potential threats.
You'd also want to use patch management tools. These will help you manage, test, and deploy patches across your network. This way, all systems receive the necessary updates in good time. And the overall effect is that you're able to close security gaps before attackers exploit them.
Another critical thing to do is replacing outdated hardware. According to CEO of ABS, older devices may not support the latest security features. So, purchase new hardware to guard your business from attacks.
3. Educate and train your employees
Human error is one of the major causes of security breaches, accounting for more than 80% of incidents. Hackers can use staff members to gain access to sensitive business data without their knowledge. Take the example of a team member clicking on a phishing email, or employees using weak passwords that can easily be uncovered. Educating and training are, thus, crucial for enhanced cybersecurity defense.
Institute effective training programs. These should cover basic cybersecurity best practices. For instance, how to recognize phishing emails, use strong passwords, and avoid suspicious links. But beyond these, stay updated with emerging threats and techniques used by cybercriminals and have your team members coached on the same.
Furthermore, encourage a culture of cybersecurity awareness. Hold seminars time after time to keep your team well versed with the latest developments in cybersecurity. Also, provide the requisite resources and support to ensure employees feel confident in their ability to protect the company's data.
4. Use strong access controls
You must limit access to sensitive information in your quest to curb cyberattacks. Not every team member in your company has to get a hold of every single piece of information. This is a surefire way of reducing the risk of unauthorized use and potential breaches.
Firstly, implement role-based access control (RBAC). This is where employees only access the information they need for their specific roles. It's an effective way to minimize exposure.
Next, use multi-factor authentication (MFA) as an extra security layer. With this, users will have to verify their identity using two or more methods. This could be through using a password, entering a security code sent to their phone or email, or using their fingerprint. This makes it hard for attackers to gain access even if they correctly guess the password. Reports show that MFA blocks a whopping 99.9% of automated cyberattacks, thus a must-have strategy in your business.
It also helps to review and update access controls regularly. When your team members change roles, you may change the login credentials related to their previous job description because they no longer need them. The result is a secure environment with no unnecessary exposure.
Conclusion
Being proactive is essential in strengthening your business's cybersecurity defense. The four steps outlined above are an essential starting point to safeguarding your sensitive data from unauthorized access.
You may want to form partnerships with cybersecurity firms for guaranteed protection. These experts will carry out regular audits on your computing systems and use their updated insights to keep your business safe.
References
- Cyber Safety Tips for Small Business Owners. Source: https://www.sba.gov/blog/2023/2023-09/cyber-safety-tips-small-business-owners
- Human Error Drives Most Cyber Incidents. Could AI Help? Source: https://hbr.org/2023/05/human-error-drives-most-cyber-incidents-could-ai-help
- 17 Essential Multi-factor Authentication (MFA) Statistics [2023]. Source: https://www.zippia.com/advice/mfa-statistics/