Data Security Tips for Small Businesses

There’s a lot of exciting new challenges that make running a small enterprise interesting. But among these challenges are threats to data security, which affect both governments and large corporations. There is no bigger threat to the growth of your small enterprise than cyberattacks. Cyberattacks represent the largest percentage of data security breaches on the Verizon 2019 Data Breach Investigations Report (DBIR). According to the report, 43% of data security breaches are targeted towards small businesses – this is a very alarming statistic.

Identifying Data Security Risks

Cyberattacks put your small business at considerable risk. When a hacker breaches your data security, they can take plenty of information that can ruin your business. They can do a lot of damage when they gain access to data such as:

• • the company’s banking details;
  • client lists;
  • customers’ credit card information;
  • the business’s pricing structure;
  • the company’s expansion plans;
  • confidential product designs; or
  • internal and/or patented manufacturing processes.

There’s actually more to this list. Your network is connected with all other networks, and any capable hacker can make its way to other businesses through these interconnected networks. When you are at risk of cyberattacks, so does the other companies that work with you. If your company does not have proper protection against data breaches, it puts your company’s name at risk.

Cyberattacks can significantly impact a business’s growth with over half of the victims shutting down half a year later. But that’s not all – a data breach comes with consequences, including financial losses from disruption or business and the high expense of getting rid of the cyberthreats.

Worse, your company’s reputation is at stake. Once your customers and the other businesses you have worked with learn about this, they may never do business with you again. Don’t let cyber threats compromise your business, especially when your small business has already gained traction.

Small businesses often feel helpless in the face of a data breach, but they don’t have to be. You can take specific steps to protect your small business against these cyberattacks. Here are six ways on how to guard your business from threats.

Train Your Employees

Perhaps the most crucial protective measure you can do is to train your employees. One of the main reasons for data loss is due to internal employees leaving the business vulnerable. It happens when they access the internet carelessly, or when they give network access to cybercriminals.

Ignorance of how cyberattacks happen must be avoided. You can do this by ensuring your employees are aware of the threat. Otherwise, your employees’ careless actions – such as losing their work devices such as laptops and smartphones – can result in an attack. Their ignorance may also lead to them giving away login credentials.

Fraudulent emails such as phishing or spam emails also cause employee-initiated cyberattacks. Any of your employees has the ability to let computer viruses and malware be deployed on your network simply by opening a fraudulent email. By training your employees on how to avoid and deal with data security breaches, you can prevent any significant problems caused by it. 

Training your employees about cybersecurity is your main line of defense to threats from within the company. By investing in cybersecurity training, you can educate your employees on knowing what to do against these attacks. By training your workers, you can have reliable protection from data breaches.

Encrypt and Back Up Your Files Regularly

Two things make an effective data security strategy. The first thing you need to do is to prevent physical access to sensitive data. The other thing is to ensure that the data will be useless in the event that the data falls into the wrong hands. It’s a no-brainer to do the first step, but you can only achieve the latter once you encrypt your data. Data encryption still stands as the most effective protective measure against a data breach.

The type of data you encrypt is also important. It should include employee information, customer information, bank details, and all other important and sensitive data. Take advantage of the full-disk encryption software that often comes with modern computer systems.

Always put password or biometric protection on all data stored on your laptop or desktop, tablet, or smartphone. Keep the software updated to ensure it can protect you from all recent malware. Make sure to keep all your devices locked or on sleep when not in use to prevent unauthorized physical access.

It’s hard to keep your small business running in the event that you lose access to your data. That’s why it’s crucial to back up your files, preferably to an offline storage. There are many options to backup your files, including purchasing a third-party application or by getting help from a data expert. If you’re faced with a data threat in the future, you can easily restore all your files and continue your business as if nothing happened. 

Use Antivirus Software

One of the most prevalent cyberattacks is due to a malware infection. It’s important to protect your business data from cyberattacks with the use of antivirus software. Make sure that all the devices you use for work have this software properly installed and activated.

Antivirus programs need to be updated to maximize its efficiency in warding off malware. Your existing software might not be that effective to ransomware given that it changes just as quickly as new tools are made.

A computer firewall can also serve as a first line of defense against viruses and malware. You must install updates as soon as they become available to have the best protection against the latest threats.

Perform Risk Assessment

Besides preventative measures, your computer systems must undergo a regular risk assessment. This way, you can evaluate any potential risks that can become a threat to the security of your computer systems and compromise your information. Performing risk assessment is crucial to your business as it helps to formulate the right plan to deal with the gaps in your security.

In performing risk assessment, do these important steps:

• • assess the process of storing your data, where it goes, who handles it, and who are those with access to it
  • identify threats by finding out who may want access to your business data, as well as the possible ways they may obtain it
  • create a list of possible events with risk levels and their potential impact on the company

After completing the analysis, you gain vital information to use for data security. You can use it for reviewing and revising your strategy in dealing with cyber threats, making sure you can deal with any attack. A risk assessment lets you create an extensive plan of protection that prevents your data from unauthorized access. 

Secure Your Hardware

Make sure to secure your hardware besides getting the latest cybersecurity software. The truth is, devices are usually overlooked but it is a real threat. Securing your hardware is a basic data security technique, but many small businesses forget to employ it. To keep your company data safe, don’t forget to do everything you can to make it hard for criminals to access it.

All the devices you use for work must be protected by a password, which only the device user must know. Also, you shouldn’t write it down and instead memorize it. Try creating a pattern for the password, so it will be easier to remember. Besides this, utilize the ”find my device’ features that phones, tablets, and laptops have today to prevent theft. 

Get Help From Cybersecurity Experts 

Besides placing basic cybersecurity protection, you may need help from a specialist for more complicated matters. As they are experts and know more about the security threats online, you can learn more tips from them to protect your small business. You don’t need to hire them for everything, but it would greatly help if they can maintain it from time to time.

With the significant growth of small businesses in today’s economy, you want to protect your business as much as you can. In that case, don’t forget to put in place the correct protective measures that will prevent and handle cyber threats before they become problematic. Follow these tips, and always stay safe!

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