The essential SMB Guide to Navigating the Cybersecurity Terrain in 2024
JP Van Steerteghem
Accelerating Business Growth with Strategic Planning, Leadership Development, and Technological Innovation.
In the digital age, cybersecurity has emerged as a strategic linchpin for businesses of all sizes, but it is the small to medium-sized enterprises (SMBs) that find themselves at a particularly high risk. Recent studies, such as Accenture’s Cost of Cybercrime Study, indicate that while 43% of cyber attacks are targeted at small businesses, a mere 14% are equipped to mount an adequate defense.
The ramification of such attacks extends beyond operational disruption to potentially irreversible damage to critical IT assets, a scenario many small businesses cannot rebound from given their limited budgets and resources. IBM reports that the average cost of a data breach for companies with less than 500 employees soared to approximately $3.31 million per incident in 2023, up 13.4% from the previous year. This underscores the financial and operational precipice upon which SMBs precariously balance.
The Ponemon Institute's State of Cybersecurity Report highlights an alarming trend: 66% of SMBs have faced a cyber attack in the previous year, with 69% reporting that these attacks are becoming increasingly targeted. The most prevalent forms of these incursions are:
These figures lay bare the vulnerabilities, with 39% of SMBs suffering customer data loss and 40% losing other critical data, which in turn erodes customer trust—a commodity once lost, challenging to regain.
Yet, the preparedness of SMBs to address cybersecurity risks remains insufficient. Crowdstrike’s findings reveal that approximately 42% of small business owners do not have a cyber attack response plan in place, and only 17% of SMBs take the preventative measure of encrypting their data. Most telling is that 83% of SMBs lack a contingency plan for the financial aftermath of a cyber attack.
The Federal Communications Commission (FCC) has been forthright in its stance: every business that uses the internet bears the onus of fostering a culture of security, thus bolstering business and consumer confidence. In response, it has proffered a cybersecurity tip sheet covering the following ten essential strategies for SMBs.
1. Train employees in security principles
Establish basic security practices and policies for employees, such as requiring strong passwords, and establish appropriate Internet use guidelines that detail penalties for violating company cybersecurity policies. Establish rules of behavior describing how to handle and protect customer information and other vital data.
2. Protect information, computers, and networks from cyber attacks
Keep clean machines: having the latest security software, web browser, and operating system are the best defenses against viruses, malware, and other online threats. Set antivirus software to run a scan after each update. Install other key software updates as soon as they are available.
3. Provide firewall security for your Internet connection
Leverage firewalls to prevent outsiders from accessing data on a private network. If employees work from home, ensure that their home system(s) are protected by a firewall.
4. Create a mobile device action plan
Mobile devices can create significant security and management challenges, especially if they hold confidential information or can access the corporate network. Require users to password-protect their devices, encrypt their data, and install security apps to prevent criminals from stealing information while the phone is on public networks. Be sure to set reporting procedures for lost or stolen equipment.
5. Make backup copies of important business data and information
Backup data on all computers automatically if possible, or at least weekly and store the copies either offsite or in the cloud.
6. Control physical access to your computers and create user accounts for each employee
Prevent access or use of business computers by unauthorized individuals.
7. Secure your Wi-Fi networks
If you have a Wi-Fi network for your workplace, make sure it is secure, encrypted, and hidden.
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8. Employ best practices on payment cards
Work with banks or processors to ensure the most trusted and validated tools and anti-fraud services are being used.
9. Limit employee access to data and information, limit authority to install software
Do not provide any one employee with access to all data systems. Employees should only be given access to the specific data systems that they need for their jobs, and should not be able to install any software without permission.
10. Passwords and authentication
Require employees to use unique passwords and change passwords every three months. Consider implementing multi-factor authentication that requires additional information beyond a password to gain entry.
Moreover, SMBs are encouraged to seek the expertise of cybersecurity specialists. The complexity and sophistication of cyber threats necessitate a level of acumen that is often outside the scope of small businesses’ in-house capabilities. Engaging specialists to strengthen systems, networks, and wireless access points is a prudent investment when measured against the potential cost and operational paralysis that could stem from a cyber attack.
As we look to the future, it is incumbent upon SMBs to view cybersecurity not as a discretionary expenditure but as an essential investment in their operational integrity, brand reputation, and long-term viability. The imperative is clear: the implementation of comprehensive cybersecurity strategies is no longer optional but a critical element of modern business practice.
JP Van Steerteghem?
Call me at?+1-617-548-3863?
or mail me at?[email protected]?
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