With the rapid increase of business digitalization and cyberattacks since the pandemic, it is more important than ever for small and medium-sized businesses to understand better how to protect themselves and their customers in the digital sphere, as even a small data breach in a business world can have major consequences.
According to a Verizon report, 45% of all data breaches globally involve SMEs. This article highlights five tips to help SMEs protect themselves from cyber-attacks in this context.
1 – Understand The Main Sources Of Vulnerabilities.
No technology indeed exists without its vulnerabilities. Many customer-facing platforms use content management solutions (CMS), e-commerce systems, and forum software because they are easy to configure and deploy quickly.
However, these solutions use open-source software that hackers can exploit if not updated effectively.
Therefore, business owners of any kind, from a college paper service to small online shop owners, must understand what they can do to protect themselves and their business assets.
Due to the open-source nature of this software, the source code is available to all users, making it a prime target.
By locating weaknesses within these systems, cybercriminals can set up phishing schemes to trick users into handing over sensitive customer data or use Trojans and viruses to get users to download malware unknowingly.
This is why knowing what vulnerabilities currently exist is extremely important, as, once implemented, these attacks can cause significant damage to both the company and the customer.
However, there are ways in which companies can better protect themselves and their customers to ensure they do not damage customer confidence, affect their reputation or suffer financial loss.
2 – Keep Your Software Up To Date.
Development teams and hosting providers constantly update open-source software to ensure they are closing the doors to cybercriminals.
Keeping up to date with the latest vendor software will help prevent vulnerabilities from being exploited and ensure that security holes are found and eliminated quickly.
Hosting providers offer “managed” solutions that act as a complete, worry-free package.
Here, the provider takes over total management and keeps the software always up to date so that the company does not have to take care of anything, providing peace of mind and helping to save time.
3 – The More Additional Levels Of Security, The Better.
While keeping software up to date is vital, companies can add additional layers of security to strengthen their cyber defenses further.
The goal is to constantly close as many doors and add as many locks to companies’ cyber security as possible to prevent malicious attacks.
In this respect, two- and multifactor authentication is a fantastic example because it is a simple way to strengthen cyber security and, nowadays, a “must-have” for any business.
Also known as multi-factor authentication, it helps protect the security of employees and consumers by requiring additional verification beyond initial login credentials. First, a user enters their username and password.
Then, instead of gaining access immediately, they will be asked to provide other information, such as a pin from a different associated physical device.
This ensures that attackers cannot access the accounts as they do not have the physical device associated with them.
In addition, these authentication tools are often free to use and implement, providing additional layers of security at no extra cost to enterprises.
By adding additional layers of protection, such as multi-factor authentication, SMEs can make it more difficult for any cybercriminal to exploit their consumer or business data.
4 – Stay Informed And Vigilant.
Cybersecurity is constantly evolving, so business leaders need to keep up to date to stay protected.
Understanding the vulnerabilities of the systems in use and the changing trends in cybersecurity will ensure that businesses stay on top of them.
One simple way is to stay informed through news, internet forums, and social media. By being alert to the state of cybersecurity developments, companies can better address their cyber resilience, ensuring they protect the business and comply with specific regulations.
While the pressures of running a business can make that extra reading the last of the day’s priorities, resources such as the leading cybersecurity websites can help have key information at hand that businesses need to know as well as training and advice.
Companies can also rely on tools that constantly monitor their own website and send alerts if they detect irregularities. With such tools, malware can also be removed directly.
5 – Make Regular Data Backups In Case Of Security Breach.
Despite all the precautions companies can take, they can still be affected by an attack. What happens if an attacker finally gains access?
The main issue here is both recoveries, to ensure that the business can get back up and running as quickly as possible, and damage limitation.
Hackers often cover their tracks by destroying the data they have come into contact with, so it is vitally important that a business is prepared for any eventuality.
By backing up data regularly, businesses will be better positioned to save time and money, as they can continue to operate much more quickly after an attack has occurred.
Data backup can involve many different methods; one involves using external hard drives and is the most secure way to protect business and customer data.
The external device can be kept physically under lock and key and, if necessary, can be used to restore all potentially lost data.
Another option is to set up a cloud backup which can be a cost-effective and convenient solution.
Businesses can control both the volume and frequency of data stored in the cloud while gaining the ability to pull from their stored files at a moment’s notice.
While this is a fantastic option, businesses must understand that the data backed up in the cloud is in the hands of a third-party provider.
Therefore, if their provider suffers a data breach, they too can be affected.
Cybersecurity Is Your Primary Concern, So Pay More Attention To It.
The pandemic has changed the rise of cyber-attacks like never before, and it is essential now that those companies that have digitally transformed themselves become cyber-resilient.
Understanding the vulnerabilities of the software you are using, keeping it constantly updated, and finding ways to add those extra layers of protection will help prevent any breaches.
And, of course, backing up data regularly and having fail-safe mechanisms in place will ultimately give any business the peace of mind it needs.
