Giving your company an online presence is a critical networking tool and helps you compete in today’s competitive marketplace. Though taking your business to the web provides a closer relationship to your consumers, it also exposes your organization to online security risks.
Confident your company is safe from ransomware attacks simply because you are a small to medium-sized business (SMBs)? Don’t be. Complacency in security measures can prove to be costly and could result in the demise of your company.
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How costly can cyberattacks be? According to an insurance journal report, the average cost for a cyberattack recovery is $400,000. The magnitude of damage also results in 60% of companies going out of business within six months of an attack.
With the ever-increasing potential for cyber threats, companies need to understand these security risks, how to take effective action against them and recovery steps if business data and information is compromised.
How worried should SMBs be?
In addition to complacency, many SMB owners and employees deny their company is a target of online criminals merely because they do not maintain a large amount of data compared to enterprises or corporations.
This belief can be dangerous. The smaller the company, the fewer networks it has, which makes it an easy target for hackers. Need a bit more convincing that cybercrime is an SMB problem? More than 40% of all cyberattacks are directed at small businesses.
10 tips to reduce cybersecurity risks
Let’s face it; once your SMB has fallen prey to a cyberattack, it is a little too late to protect your company’s data and information. Whether it be malware, phishing, advanced persistent threats (APT) or a distributed denial of service (DDoS) there are proactive measures you can implement that will safeguard your networks.
1. Train employees
Human error or system failure accounts for 52% of data security breaches, so it is imperative that create a cyber strategy and train employees on network security procedures.
Training should include proper methods for securing devices, recognition of cyber threats, an understanding of confidential data and the importance of SSL certificates.
2. Protect passwords
Cybercriminals require only a bit of software and malicious intent to obtain passwords from unsuspecting victims. Ensure your business has a password policy in place, limiting employees access to specific passwords.
Company passwords must also be diverse, with no repetition or a variance of a single password. In addition, it is necessary that passwords are updated regularly, and the policy includes accountability if any passwords are lost.
3. Install anti-malware software for SMBs
Just about every system has been a victim of malware. There is a wide variety of malicious software including Trojans, worms and spyware. These insidious attacks can potentially destroy your work station.
Anti-malware software will run in the background of your computer, targeting and destroying malware.
4. Monitor admin privileges
Establishing the bounds of user activity via permission and privilege settings on your network will help reduce security risk. This process allows administrators to restrict and protect sensitive data as much as possible.
5. Limit personal mobile device usage
SMB guidelines for personal device use during working hours should prevent employees from accessing business data using their mobile devices. If an employee works mostly on a personal device, it is essential the worker secures the equipment properly.
Additional security steps include backing up devices on a consistent schedule, and using encryption and a remote wipe feature.
6. Assess third-party security capabilities
Your SMB system is not the only one potentially vulnerable to cyberattacks. If you do business with vendors or third parties, you should inquire about their security capabilities before working with them.
Ask about the company’s security policies, procedures, employee-training and how often they back up data and perform system checks.
7. Keep security software updated
Not having the most current version of security software leaves your system defenseless. One of the simplest ways to protect your business for cyber risks is turning on automatic updates on a PC or Mac.
This option will allow your system to receive updates when they become available. Install updates immediately.
8. Back up your data
There is nothing worse than falling victim to a cyberattack and lose all of your information. To avoid this situation, backing up your company’s data is imperative. Make it a routine to back up any crucial files, databases, correspondence and other vital material to additional hard drives.
9. Use an assortment of data-security controls
One of the most effective methods of deterring hackers is to use several controls such as encryption, authentication and authorization. From your login credentials to the content on a webpage these three controls provide multi-layer protection for your system.
10. Employ third-party SaaS security provider
If your company relies on cloud computing, consider employing a third-party SaaS (Software as a Service) security provider. Although there is a monthly subscription fee, sourcing your security needs through the cloud provides protection for your data.
An additional perk is operations run on the cloud, thereby, eliminating the need for software installation and maintenance.
Recovering from a cyberattack
Maybe you didn’t implement preventative measures and now you find your system is compromised. What are the recovery steps?
It is recommended a company take responsibility and report the incident as soon as possible, which may result in damage to your company’s reputation, albeit, usually for a short duration; however, if you choose not to make the situation known, you run the risk of destroying your company’s reputation regardless.
Once a breach has been identified, you also need to reset all passwords, clean and reformat any infected hard drives, reinstall any necessary software and recover your backup data from your supplemental drive.
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