How Small Businesses Can Prepare for Cyberattacks

According to recent industry data, nearly half of all small businesses fall victim to cyberattacks every year. This means that an event occurs every seven seconds, costing businesses on average more than $250,000. Six months after an attack, 60% of all businesses will close shop.

There are measures that can and must be taken to strengthen your small business’s cybersecurity. Implementing multifactor authentication on all accounts, enforcing strong passwords, automating software updates and regularly backing up sensitive data are a few of the steps necessary to prioritize your company’s protection. The following core practices are actions you can take to protect your business now.

The Key Actions

• With direct access to your digital systems, employees need to be trained in how to use the internet securely. Require that employees employ strong passwords and change them every three months. Establish rules for handling and protecting customer information and other crucial data. Employees should never be allowed to download any software without the explicit consent of the organization. Additionally, employees must be made aware of the consequences of violating any company cybersecurity policy.
• Keep computers armed with the latest security software, web browsers and operating systems to ward off viruses, malware and other online threats. Antivirus software should be set to run scans after each update. As soon as they become available, install other key software updates.
• When laptops are unattended, have a secure space to store them. They are easy to steal and can easily become lost. Each employee needs to have their own separate account, with administrative responsibilities left in the hands of trusted IT personnel.
• Set firewall security for your internet connection to make it difficult for outsiders to breach your data. Free firewall software is available online so that you can install it on your company’s system. For employees working remotely, make sure that their home system is also protected by a firewall.
• Make it a practice to regularly back up copies of essential data on all computers. Such data includes word processing documents, electronic spreadsheets, databases, financial files, human resources files and accounts receivable/payable files. Data should be backed up automatically at least weekly. Copies should be stored either off-site or in the cloud.
• Secure your Wi-Fi system by making sure it is encrypted, secure and concealed. To conceal your system, set up your wireless access point or router so that it does not transmit the network name, known as the service set identifier. Access to the router needs to be password-protected as well.
• Utilizing MFA is another important security measure. MFA verifies a user’s identity by providing more than a password or a username alone. Some familiar MFA methods are fingerprint, facial recognition or PIN.

Even when you are implementing preventive measures against cyberattacks, cybercriminals are also evolving. Malware, phishing, viruses, ransomware and spyware are some of the better-known tools cybercriminals have in their toolbox. Small-business owners need to be vigilant in assessing the threat to their data and systems. If necessary, hire a qualified professional to help assess the risk level and create a plan of action.