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.
LPL Tracking #609862