Importance of cybersecurity for small businesses
While cyber attacks on large corporations often make headlines, small businesses are especially vulnerable to their impact. That’s because they may not have the budget or resources to develop a comprehensive cybersecurity strategy, may have outdated technology in place that doesn’t provide protection from the latest threats, and may not be in a financial position to weather the storm should a cybersecurity breach occur.
Data breaches—and related costs—are on the rise, too, compounding the risk to small businesses. According to a report by IBM, the average cost of a data breach is $4.88 million, which reflects a 10% increase over the prior year. While large companies may be able to absorb these expenses, smaller businesses are likely to struggle—or worse.
Investing in a holistic and proactive cybersecurity strategy can help small businesses safeguard their data and enjoy peace of mind.
Cybersecurity checklist
- Employee training
- Incident reporting process review
- Incident response plan review
- Software and systems updates
- Account permissions review
- Security logs review
Employee training
A cybersecurity program is only as strong as its weakest link, which is often employees, themselves. According to Proofpoint’s 2024 Voice of the CISO Report , 74% of cybersecurity executives identify human error as the greatest vulnerability in their information systems.
Cybersecurity training plays an essential part in reducing this major risk. Regular training ensures employees can spot phishing attempts before they in advertently click on harmful malware links. It can also ensure employees understand their role in protecting customer and prioprietary data, as well as remain in compliance with any related regulations.
Keeping employees trained on the latest cybersecurity threates is an effective and fiscally responsible way for small businesses to mitigate their cybersecurity risks.
Review incident reporting process and template
It’s essential that small businesses regularly review their incident reporting process and related templates so they can be ready if and when a cyber attack happens.
When they’re familiar with the process, small business are able to respond more quickly to cybersecurity incidents, understand any regulatory obligations they have as they react, and effectively communicate with with leadership, customers and other stakeholders. Up-to-date templates also aid in collecting necessary reporting information about the cyber event.
By taking a proactive approach to incident reporting processes and templates, small businesses can also identify any gaps in their response as cyber threats evolve, thus ensuring they have the best protection possible.
Review incident response plans
When cyber incidents occur, it’s critical for small businesses to have an incident response plan in place so they are prepared to act quickly. This plan typically includes the steps a business will need to take to identify the breach and respond to it, along with related roles and responsibilities.
Incident response plans play an essential role in containing a cyber attack, mitigating harm to the business and its customers, communicating to key stakeholders, and documenting the incident for regulatory compliance purposes and any of potential litigation.
Cyber threats are constantly evolving, so it’s important to review incidence response plans regularly to ensure they will be effective against to the latest methods of attack. These plans should also be reviewed when a small business adds new technology platforms, onboards new employees or has any other development that may impact its risk profile.
Update software and systems
One of the easiest ways for small businesses to strengthen their cybersecurity efforts is to keep their software and systems updated with the latest security patches. This includes operating systems, email platforms, cloud services, business applications, web browsers, and even routers and firewalls. In fact, anything that connects to the internet should be regularly updated.
Regular updates help protect networks and data by fixing vulnerabilities that bad actors could exploit to breach their systems and data. They also improve performance and help businesses comply with regulations that require them to use supported and updated software.
Being proactive with updates is a simple and cost-effective way for small businesses to protect themselves from cyber threats.
Review user account permissions
When employees come and go , it’s important for small businesses to update their user account permissions right away. Having unauthorized users on sensitive systems creates unnecessary risk and increases the possibility of misuse, whether it’s accidental or otherwise.
Small businesses should also regularly review their account permissions to ensure the right employees have the right level permission to use the right software. It is a best practice to provide them with the lowest level of access they need to perform their jobs effectively.
Monitoring and updating user account permissions helps small businesses protect sensitive data, reduce their exposure to cyber threats and adhere with industry standards.
Review security logs
Software platforms maintain digital logs of all the activity on the software, including who is trying to log on, which records they access, where the user is located and other details. These security logs can be a valuable tool for small businesses that are trying to reduce their exposure to cyber risk.
Regularly reviewing security logs from firewalls, antivirus protection and other business systems can help small businesses identify and investigate potential cyber threats before they become full-blown cyber incidents.
Other benefits include ensuring the software is operating as intended, data is being retained in accordance with regulations and auditing the user experience.
FAQs
What is an incident report?
An incident report is a document designed to collect important and relevant information after an event occurs, such as a cyber attack. It captures information about the incident, such as what happened and when, who was involved, what the impact was, and any steps the business took to mitigate the damage.
What is an incident response plan?
An incident response plan is a document that captures the steps a business will need to take to identify a cyber attack and respond to it. It carefully outlines the appropriate actions businesses need to take for different kinds of breaches, related roles and responsibilities and timing to help the organization recover as quickly as possible.
Do small businesses need cybersecurity?
It’s especially important for small businesses to have a cybersecurity plan because they make attractive targets due to their more limited resources. Having a cybersecurity strategy can help them lower their vulnerability, protect their data, mitigate potential financial losses, ensure business continuity and remain in compliance with any related industry regulations.
What are the most common cybersecurity threats?
The most common cybersecurity threats are data breaches caused by malware and ransomware attacks, phishing schemes, outdated software, weak security and a lack of awareness of cybersecurity best practices by employees that can put data and systems at risk.
