Do you know the potential consequences of a cybersecurity breach by persons wishing to steal sensitive data you hold in your small business? In 2020 alone, 28% of data breaches involved small businesses.
While it is a misconception that small business owners have poor cybersecurity protocols in place, it is a concerning figure, especially when you consider the fines imposed on small business owners in light of a breach and loss of data.
Who Are Cybercriminals?
Cybercriminals are individuals or teams of like-minded people who use technology to commit malicious acts. Their attacks on digital systems or networks are carried out with the sole aim of accessing sensitive data for generating profit.
In many cases, the person or persons behind the attack will ask for a ransom for the safe return of the data, and most likely, this will be a considerable sum. If the ransom isn’t paid, then the data is released to interested parties for criminal acts such as gaining credit, accessing bank accounts, and worse.
Cybercriminals are not confused with hackers who access systems to find new ways to use the system, be it for good or bad. Cybercriminals have only one aim when committing these acts, and that is for monetary gain.
What Are The Fines for Data Breaches?
The largest fine and settlement arising from a data breach was 575 million US dollars fined to consumer credit reporting service Equifax in August 2020 for the company’s 2017 data breach, which resulted in almost 148 million data records being breached.
In 2018, second-placed British Airways experienced a data breach that resulted in fines and settlements totaling 230 million dollars under the then-new General Data Protection Regulation (GDPR). After consumer data was compromised due to inadequate data security systems at British Airways, the UK’s data protection authority fined the airline.
While smaller businesses won’t be fined as much as the bigger corporations, any size fine could be enough to close your business permanently. But aside from fines, the damage done to your company’s reputation and pause in business while you regroup and implement new security features is immeasurable. After all, if you have been found to be negligent in securing all the data your business holds, people will be wary of trusting you in the future.
Implementing Good Security.
Making sure you are as proactive as possible when it comes to your security practices means implementing the best security features and behavior across your business as a whole.
As a starting point, understanding and identifying the type of data protection you need for the technology you have is vital. If you are unsure, you cannot protect your data efficiently and be confident there is no risk of a breach. Go here for cyber security help to identify the data technology you need or use and ensure you are fully protected.
Data Encryption
One of the most fundamental ways to ensure data security is commonly overlooked when it comes to how businesses protect their data. All critical data should be encrypted either via portable devices or the network. Even desktop systems should be encrypted, and only authorized persons allowed access. The fewer, the better too.
Staff Training and Awareness
Staff training on the security protocols you have in place and how their actions can directly affect this should be included for all employees. All data should be accessed by the only those who need it and restricted as much as possible. Control who access to specific data held by your company and how you can impose restrictions that impact a person’s ability to do their job.
Explain the risk associated with clicking links they are unsure of from unknown sources or websites.
Data Usage Policy
Drawing up a data usage policy can identify the data usage allowed by persons in the company and how it can be used, and who by. Any breaches need to have consequences that are carried out in the event of a breach.
Firewalls
As a minimum, you need firewalls for all your network and systems, including equipment employees carry off-premises too, such as company phones or laptops to work from home.
Pop up Blockers
Pop-ups aren’t just annoying; they’re also a security risk. Pop-ups (including pop-unders) are unwanted programs running on the machine, and they can put the system’s health in jeopardy.
Back-Ups
All of your data and anything you need to run your company needs to be backed up—Not only against cyber threats but also malfunction and natural events such as fires or flooding. Back up data regularly to a cloud or an external hard drive kept at a different location. This will help you get back any data you need quickly if your systems are compromised.
Antivirus Software
On all servers and workstations, antivirus software should be installed and modified. In addition to active file protection, scans should be performed regularly to catch any viruses that have fallen through the cracks, such as ransomware.
AntiSpyware
Anti-spyware and anti-adware software were used to detect and uninstall spyware. Spyware is malware that is mounted on a device without the user’s knowledge. Its primary aim is to learn more about the user’s actions and to gather personal information. Anti-spyware programs are similar to antivirus programs in that many of their features overlap.
Some anti spyware applications come bundled with antivirus software, while others are available as stand-alone programs. Whatever form you use, you must check for spyware regularly, which is often detected by the existence of tracking cookies on hosts and deleting any that is installed.
Once you have all the cybersecurity you need, your next job is to assess threats internally and externally constantly. Being conscious that there’s change and evolve on almost a daily basis and as such so does your security protocol will enable you to make sure that you are doing everything you can to prevent a cyber attack from accessing your data and compromising both your company and staff members along with clients and suppliers too.