Cybersecurity is one of the trending topics worldwide today. New data shows that approximately 2,328 cyberattacks happen daily, and over $26 billion has been lost to hackers in the last two decades.
Contrary to popular belief, cyberattacks do not only target governments and big companies. Small businesses are the most vulnerable to these attacks, usually due to the high cost of installing modern security infrastructure and the lack of skilled personnel to secure their systems.
Here are six affordable strategies that small businesses can use to protect their data.
- Invest in Employee Training
Most cyber-attacks are employee-initiated. The hackers use employee credentials that they collect from their computers and other internet-enabled devices to access the company’s database by installing spyware on smartphones and tablets.
Enrolling your employees in cybersecurity training courses will reduce the risk. The classes will teach them how to detect potential malware on their computers, secure their company accounts with strong passwords, and detect phishing emails.
Establish clear protocols for collecting and handling essential data, such as customer data. Only authorized personnel should have access to sensitive data.
- Keep Your Software Updated
Software companies regularly release updates to seal loopholes that hackers may use to infiltrate businesses. Usually, hackers are more interested in personal data like credit card information, individual customer details, and intellectual property like private manufacturing processes. Ensure the software is updated to cushion yourself from data security breaches.
You would think that only mainstream businesses are prone to attacks if they don’t keep their software updated. Wrong. Other sectors, like the gaming industry, have lost millions of dollars to hackers after failing to update their software. One of the most recent cyberattacks that trended globally was the casino hack against Stake.com in 2023 which led to a loss of $41 million. Nowadays, casino sites always make sure their platform and software are updated to offer players a seamless gaming experience as they enjoy popular slot games online.
- Conduct Regular Risk Assessments
Regular risk assessments will help you pinpoint vulnerabilities in your system or network. Curtailing these threats before hackers exploit them will protect you from losses and safeguard your reputation. No customer wants to do business with a company that has not invested in modern data security systems.
One of the critical stages of risk assessment is determining where and how data is stored and who can access it. Most companies store their data in a cloud. If you do, request the cloud company to help you carry out the assessment and recommend what actions to take to secure your data.
Use the identified threats or loopholes to improve your security strategy. Review and update the strategy regularly to ensure your systems are secured against the latest cyberattack methods.
- Files Should Be Backed Up Regularly
A secure data backup stored in the cloud will help you recover quickly if your company systems are hacked and data is deleted. Invest in a modern backup program that automatically copies data files.
If your system is hacked, you can easily access and restore the files, ensuring your company operations are not hindered. It is recommended that you use a data backup program that allows your team to schedule and initiate backup processes automatically.
More importantly, the backup should be offline. Otherwise, the hackers may decide to encrypt it, making it unavailable to your team in the event of a ransomware attack if it’s online.
- Vital Company Data Should Be Encrypted
If you run an online business, chances are you regularly handle customer bank accounts, credit cards, and other personal sensitive information. Hackers are most interested in this kind of data and will punish you if you don’t have a robust security system.
Don’t leave anything to chance. Get an advanced encryption program to secure this vital data. The beauty of data encryption is that even if the hackers get the information, they won’t be able to use it without the decryption code.
- Ensure Your Wi-Fi Network is Secure
Hackers can use unsecured Wi-Fi to access your database remotely. To prevent this, secure your Wi-Fi by switching from a WEP (Wired Equivalent Privacy) network to WPA2 or any other advanced network. You can also prevent breaches by changing your router’s name and adding another layer of security with a pre-shared key (PSK) passphrase.
Protect Your Business From Hackers Without Breaking the Bank
Prioritizing cybersecurity is an investment in protection and maintaining trust and credibility with customers. Implementing these affordable cybersecurity strategies can significantly reduce small businesses’ risk of cyberattacks.
