Small businesses are increasingly becoming prime targets for cybercriminals; nearly 40% of small businesses have faced at least one cyber-attack. Such incidents can cost tens of thousands or even millions of dollars, potentially forcing small companies out of business.
Small businesses attract cybercriminals because they often have weaker defenses, heavily depend on digital technology, and can become gateways to larger organizations leading to them to be attacked also – a two for one and many times the bigger prize.
Immediate Actions to Enhance Your Cybersecurity
However, there are some security measures you can take right away to protect your small business that are either free or cost very little:
1. Recognize and Prevent Phishing Attacks
- Train yourself and your team to detect phishing attempts.
- Closely inspect email addresses, links, and QR codes for suspicious details.
- Beware of unusual domains, typos, unsolicited offers (like unexpected gift cards), or messages that create urgency.
2. Use Multi-Factor Authentication (MFA)
- Password breaches frequently provide attackers easy access.
- MFA significantly improves security by requiring an additional verification step, often via a code sent to your phone or through an authenticator app. While they are an extra step in the sign-in process, they do offer an additional layer or protection.
3. Regularly Update Software
- Updates many times are released to address newly discovered critical security vulnerabilities.
- Installing software updates promptly keeps your systems protected against evolving cyber threats.
Plan for Cybersecurity Preparedness
Cyberattacks are inevitable, so it’s vital to plan proactively:
Identify Your Critical Data
- First, determine your most important data and systems, as cybercriminals like to target information that is valuable or essential for business operations as it has more value both to you and them.
- Next, prioritize securing that information and regularly backing up this critical information off site.
Establish a Clear Crisis Response Plan
- Develop procedures for responding to cybersecurity incidents.
- Know exactly who to contact first, whether it’s your legal team, insurance provider, or a specialized cybersecurity response company.
Effective Crisis Management Strategy
If faced with a cyberattack, remember these key steps – C–A-N:
- Contain: Immediately isolate affected systems and reset passwords.
- Assess: Rapidly determine the breach’s scope and severity.
- Notify: Quickly inform stakeholders, including customers, authorities, insurance companies, and regulatory bodies if required.
Additional Protection for Personal Information
While data breaches can expose your business information, personal information leaks are common too. While concerning, the positive in all this is that due to the increasing prevalence of data leaks, it means that each piece of individual data becomes less valuable (and less visible), but even with that said, the risk of identity theft remains high.
If you have been a victim of a breach, further safeguard your personal information by doing these two things:
1. Regularly Update Your Passwords
- Immediately change passwords on breached platforms and any other accounts with similar credentials.
- Use strong, unique passwords of at least 14 characters. Consider using a password manager to securely track these passwords.
2. Freeze Your Credit
- Identity thieves can use minimal personal information to open fraudulent credit accounts.
- Freezing your credit with the major bureaus (Experian, TransUnion, Equifax) prevents unauthorized credit activities.
Remove Your Data from Data Brokers
Data brokers buy and sell personal details collected from various sources, increasing your exposure to identity theft. Using data removal services can significantly reduce your digital footprint by removing your personal information from hundreds of broker databases. There are several such services available by doing a search.
Monitor for Signs of Identity Theft
Identity theft impacts nearly one-third of Americans. To detect suspicious activities early:
- Regularly review bank statements for unusual transactions.
- Check your credit reports for unauthorized activities.
- Monitor your Social Security account for unfamiliar actions.
- Watch for suspicious mail or emails, particularly relating to unexpected account changes.
Staying Cyber-Resilient
Cybersecurity is not a one-time effort; it requires continuous commitment. By staying proactive, informed, and vigilant, you can protect your business and personal information from evolving threats. Investing in cybersecurity today ensures a safer and more secure future for your small business and personal identity.
