When the economy is unsteady, small businesses might find it tempting to cut costs that may seem unnecessary, such as cybersecurity funding. This is a poor course of action that can expose customers, clients, and employees to massive risk.
According to the United States’ Small Business Administration, the United States has 33.2 million small businesses which employ 46.4% of all US employees. As of October 2022, the majority of small businesses have under 19 employees, which means that many organizations do not have a designated data security team. This reality makes small businesses attractive targets for cybercriminals.
Small Business and Cybersecurity Concerns
How can a small business with a limited budget, facing a volatile economic situation, respect data privacy and manage their data security concerns? While every industry is different, there are common steps you can take to create a defensive posture that do not cost a fortune. Here are a few tips to strengthen your data security.
Policies and Procedures
Procedures and policies create an organization’s security culture and define how you are going to protect your employees, clients, and customers.
Implement a Least Privilege Model
Structuring your organization to function within the Least Privilege Principle ensures that each employee can access only the minimum amount of information needed for the task at hand. This limits the amount of data that can be leaked on accident or on purpose.
Create an Incident Response Plan
In data security, the adage “if you fail to plan, you plan to fail” holds true. Having an incident response plan in place can mitigate damage and protect the core aspects of your business operations. The Federal Trade Commission of the United States has an in-depth outline of steps that should be taken in a data breach with contact information to get personalized help.
Train Staff
Training staff is the cornerstone of any business’s defensive plan, and it does not need to cost an arm and a leg. Review your policies with employees (don’t neglect remote, vendor, and contract workers!), and provide tips and refreshers at regular intervals. Utilize free or cost-effective resources to create a training plan that fits your business and industry.
Related – Your Vendors and Data Security
Software Solutions
Software can be expensive, cumbersome, and difficult to integrate, so some small businesses ignore investing in it altogether. This is dangerous, especially when a few affordable or free options make such a world of difference for your data security.
Secure Endpoints
Protect your digital assets by controlling access to them when they might be at risk. One endpoint security solution is DriveStrike, a software that can remotely locate, lock, and wipe devices. These tools help you protect your devices and prevent data breaches for cents a day, adding a robust set of capabilities to your Mobile Device Management program.
Invest in Encryption
Many devices have some an encryption option already built into them, such as BitLocker on Windows. Take some time to configure encryption for your devices, if you haven’t already. DriveStrike integrates encryption management into the software’s online administrative portal, allowing you to manage encryption on your devices from anywhere in the world.
Additionally, while it may cost a little bit of money, a secure email service will also ensure the information you are sending is encrypted while in transit.
Institute Multi-Factor Authentication
Many services and accounts already have this option built-in, so simply enabling Multi-Factor Authentication can be a game changer. By requiring a time sensitive second code to access company emails, bank accounts, or work machines, you increase the difficulty for cybercriminals to access private digital data . It may add a few seconds to your log-in process, but it can potentially save you thousands of dollars and many headaches.
Update your Current Software
Security updates don’t cost any money, and they fix issues and address dangerous gaps that could be exploited. Keeping your devices patched and updated means that your machines are protected from new threats, utilizing insights from the latest cybersecurity news and trends. These updates are crucial in maintaining your defensive posture.
Related – Endpoint Protection You Can Afford
Physical Safety
Secure Your Router
If you are a small business using a consumer-grade router, take steps to protect it. Provide guidance to remote workers, including how to secure their home routers, and stress why it is important that they care about their digital network security at home.
Mobile Device Management (MDM) Plan
Update your MDM policy, outlining what data can be accessed remotely, how to handle public Wi-Fi (hint: don’t use public Wi-Fi), how to travel with company data, and other security concerns that fall under the purview of Mobile Device Management.
Create a Backup
It is important to have backups, at least of all the data that is essential to keeping your business operational. Backups should be encrypted, and stored somewhere separate from the original data and networks. Schedule regular backups to ensure your information is up to date, so that any downtime is limited in the wake of a ransomware attack or other cybersecurity incident.
It’s never too late to start protecting private and proprietary data.
Small businesses can take a multitude of steps to bolster their defensive posture that are free or cost-effective. The right combination of hardware, software, and policies can be the difference between a thriving business and a cybersecurity disaster. Investing in data security does not need to cost a fortune — smart choices can make a world of difference for your small business!