Small businesses like yours are the backbone of our economy, offering unique benefits like working with a small-yet-savvy team to serve your community and marketplace. But small businesses like yours also share one glaring challenge: You are three times more likely to be targeted by cybercriminals compared to larger companies. Why? Small businesses often contend with budget constraints. They have less time and fewer resources to devote to cybersecurity measures or they lack the expertise needed to implement a robust strategy.
National Small Business Week (April 28 to May 4, 2024) is around the corner—it’s a special moment to recognize the critical contributions of small businesses like yours. Why not celebrate your success with an improved cybersecurity strategy? In this post, we share several cost-effective solutions that, when combined, will protect your business and boost your productivity. And you can get it all done ahead of National Small Business Week!
We understand that you’re busy. It’s the nature of a small business. If you lack the time or resources to explore and implement any of these measures, a trusted advisor is just a phone call away at N8 Solutions.
Cybersecurity Fundamentals for Small Businesses
Every small business deals in sensitive data—no matter your size, industry, service, or location. From financial records to customer confidentiality to proprietary services, the data you generate and use for your business is a treasure trove for hackers. In the year ahead, we expect to see several worrisome trends for small businesses, including:
AI-enhanced cyberattacks: As small businesses incorporate artificial intelligence to increase productivity, reduce costs, and grow and scale, cybercriminals are also leveraging AI to refocus their tactics. According to one report, 80% of technology decision-makers expect AI to increase the scale and speed of “stealthy and unpredictable” attacks.
Ransomware evolution: Ransomware is evolving at an alarming pace. We now see instances of double extortion ransomware, in which an attacker doesn’t just hijack and encrypt your data until you pay up. Instead, they threaten to sell your data to the highest bidder, publish it on the dark web, or permanently delete or restrict access to your data, even if you pay the ransom.
Remote work security: Do you allow some of your employees to work remotely, at least some of the time? Take note: Nearly half of all connected devices (like the personal laptops, mobile phones, and tablets employees use when working remotely) are vulnerable to severe attacks.
Cybersecurity skills shortage: As a small business, you know this better than anyone: It’s hard to hire and retain the talent you need to protect your business. Fortinet’s 2023 Cybersecurity Skills Gap Report finds that nearly 70% of organizations indicate they face additional security risks because of staff shortages.
Prioritizing Cybersecurity on a Budget
You understand the worrisome trends you face in the year ahead, and you want to protect your business. Now you’re probably asking yourself: Where do I even start?
The best jumping-off point is to understand what measures you already have in place. What are your critical assets and how are you currently protecting them from intrusion? This exercise is critical to identify potential gaps in security—and the threat level each gap presents. Often, this exercise will unearth not just security vulnerabilities but will also illuminate persistent productivity challenges.
We understand it can be hard to get started, and you’re not alone. At N8 Solutions, we offer a free Network Security Assessment and Audit. We organize a discovery session with your team to review your technology environment, assess your network security, review your software and configurations, and provide a customized audit report with recommendations. It’s all free with no commitment required—the perfect starting place for a small business on a budget.
Employee Training and Awareness
At your small business, every employee has a role to play in maintaining your cybersecurity. Just take it from the Cybersecurity & Infrastructure Security Agency (CISA): “Every owner or leader of an SMB should talk about cybersecurity to direct reports and to the entire organization.” The good news is that there are cost-effective methods to institute an ongoing cybersecurity education and awareness policy for your staff.
With the right training, your staff can actually help you spot and stop potential cyberattacks, like a phishing campaign. Ahead of National Small Business Week, establish a training program at your business. Educate your team on how to spot fraudulent emails, texts, or calls and provide a clear plan for what they should do if they think your business has been targeted. Also provide training on how to set strong passwords as well as best practices for securing personal devices. For more, see this post on Five Cybersecurity Training Tips your Employees Should Know.
Secure Password Practices
Nearly every application you use at your small business requires a password. One study suggests that the average person is responsible for a whopping 100 passwords! Often, this leads to bad password habits like re-using the same password on multiple applications or setting bad passwords (like “123456”). Hackers know we have bad password habits, and they employ password-cracking strategies to find their way into your small business.
The most effective and affordable solution may be a password manager. It’s a tool to easily store, generate, and manage the dozens of passwords your team relies on every day. Your employee only needs to know a single, strong password—to the password management tool itself—which provides quick and easy access to all their credentials. For more, see this post on Four Reasons to Switch to a Password Manager. At N8 Solutions, we can help you select and implement am affordable, customizable, and best-in-class password management tool.
Regular Software Updates and Patch Management
When did you last update your antivirus software? Out-of-date software opens the door for attackers to find holes and exploit vulnerabilities. Despite this, one study finds that more than half of applications installed are out of date.
To protect your small business, install any needed patches or updates and create a regular schedule to prevent security lapses. Be sure to check all of your applications and programs. You can also turn to an expert like N8 Solutions to help you affordably manage and update all your antivirus software and business-critical applications to protect against the latest and emerging cyber threats. In general, trusting the help of an expert partner like N8 Solutions can help you improve your security posture without the need to hire additional technology staff.
People-First: Collaborative Security Measures
As we mentioned above, cybersecurity is everyone’s job, especially at a small business like yours. In our experience, the best approach to cybersecurity is collaborative—it enables everyone to understand the risks you face, it encourages your team to adopt safer practices, and it builds a culture of responsibility and accountability at all levels of your business. Keep in mind: Your staff can be your greatest defense to thwart attacks; but they can also be your weakest link.
At N8 Solutions, this is exactly why we take a people-first approach to security. It ensures that people understand and follow the measures you put in place. A collaborative, people-first approach can also help you control cost. After all, why would you invest in security measures if you can’t be sure that your team will adhere to the new tools and policies?
As we approach National Small Business Week, we hope this post illuminates two things for you. One, you need to protect your small business from the growing risk of a damaging cyberattack. Two, you can achieve a strong cybersecurity posture in a cost-effective manner. While you should prioritize cybersecurity investments in your next budget cycle, you can also follow our guidance to stay safe without breaking the bank. You can also find affordable and customizable help from a trusted partner, like N8 Solutions. Our specialty is your small business.
Start with a free Network Security Assessment and Audit. Together, we can take stock of your current security environment, identify vulnerabilities, and establish a plan to implement the necessary solutions, all while bringing your entire team along on the journey. And we can do all this within your time and budget constraints. Please get in touch with us today!