Cybercriminals may be more dangerous to small businesses than to large corporations. Small businesses are ideal targets for hackers because these businesses often lack a strong cybersecurity policy.
Here are a few ways a small business may keep themselves and their customers cyber secure and help to ensure they are safely selling.
Understanding the Risks
Small businesses face a variety of cyber threats, including:
- Phishing Attacks: Fraudulent emails and messages that trick employees into revealing sensitive information.
- Ransomware: Malware that locks down your data until a ransom is paid.
- Data Breaches: Unauthorized access to sensitive customer and business information.
- Insider Threats: Employees or contractors who misuse their access to your systems.
- Business Email Compromise: Fraud attempts on companies by accessing company email accounts and trying to make false transactions.
- Essential Cybersecurity Tactics
Here are some recommendations to help secure your small business from these and other cyber threats.
Employee Training and Awareness
- Educate your staff about common cyber threats and safe online practices.
- To help keep staff aware of the latest threats and how to avert them, carry out regular training.
Multi-Factor Authentication (MFA)
- Turn on multi-factor authentication (sometimes called two-factor authentication) for all critical systems and accounts.
- Ensure MFA is used for both employee and customer-facing systems.
Data Encryption
- Encrypt sensitive data to prevent unauthorized access.
- Use secure communication channels such as HTTPS and encrypted emails to transmit sensitive information.
Regular Software Updates and Patching
- Update all software — from the operating system to your applications and security tools — with each patch and update mechanism as it is released.
- Turn on automatic updating wherever possible so that you’re always receiving updates to block known vulnerabilities.
Secure Payment Processing
- Use reputable and secure payment processing services to guard customer payment information.
- Conduct an audit to ensure your payment systems comply with the Payment Card Industry Data Security Standard (PCI DSS).
Network Security
- Implement firewalls and intrusion detection systems to monitor and guard your network.
- Use a virtual private network (VPN) to secure remote access to your business network.
Regular Backups
- Regularly back up your business data to secure, off-site locations.
- Ensure backups are encrypted and periodically check that they are restorable in case of a data loss.
Access Controls
- Implement strict access controls to limit who has access to sensitive information and systems.
- Enforce role-based access control, so only information relevant to the person’s function as an employee is granted.
Incident Response Plan
- Develop and maintain an incident response plan to quickly and effectively address cybersecurity breaches.
- Question personnel to ensure that all staff know their responsibilities if there’s a security incident.
Additional Tips for Safe Selling
Customer data security is paramount, because liability for a data breach may be significant. It is wise to carry cybersecurity insurance.
Customer Data Security
Let customers know your policy regarding personal data (disclosure/nondisclosure) and that you comply with relevant laws and guidelines. Implement measures to guard customer data, such as secure forms and encrypted databases.
Cybersecurity Insurance
Consider purchasing cybersecurity insurance as a way to cover your business against financial losses as a result of cyber incidents.
Conclusion
As a small business, utilize these cybersecurity tactics to safeguard your business, customers, and financial assets from a cyberattack. The fight against the onslaught of cyber threats is never-ending. Stay informed and diligent to keep your business safe for you and your customers.
Important Disclosures:
Content in this material is for educational and general information only and not intended to provide specific advice or recommendations for any individual.
This article was prepared by WriterAccess.
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