The number of cyber attacks on businesses has increased by 30% in Q2 2024, according to the research by CheckPoint. Statista adds that these attacks have also become more targeted and complex, negatively impacting not only the financial state of the companies but their reputation as well. Unfortunately, small businesses tend to be more prone to cyber attacks due to several reasons: lack of resources, lack of in-house expertise, or poor security culture. All these factors lead to an increase in the number of attacks on small businesses, causing significant financial and reputational damage.

In this article, we discuss the most effective ways for small businesses to enhance their security and create a more safeguarded digital environment.

Cybersecurity solutions for small businesses: top strategies

Being an ISO 27001 certified company, SoftTeco understands the importance of cybersecurity and is committed to maintaining a high level of security across all levels of the company. If you feel like your organization needs cybersecurity training or extra support in establishing robust defense, do not hesitate to request cybersecurity services by SoftTeco. We use our extensive experience to provide cyber security services for small business and to help companies set up a reliable cybersecurity strategy in accordance with their available resources. And meanwhile, we invite you to have a look at the cybersecurity tips that any small business can adopt, including the ones with limited expertise and resources. Also note that the mentioned strategies can be adjusted according to the size and complexity of your business. For a small business, cyber security consulting can also be a valid option to start with.

Train your employees

Employee negligence remains among the top reasons behind the security breaches within an organization. Such common cyber threats like phishing or password hacking result in massive financial losses while an employee may not even be aware of the threat. Thus, the first step towards better security is employee training on the basics of cybersecurity. Some of the things to discuss may include:

• Explain the most common threats and provide recommendations on how to act in case an employee encounters such a threat. The most basic example is phishing. Every employee within your organization should understand what phishing is and what to do in case they see a suspicious email in their mail box.
• Highlight the importance of using strong passwords and make sure that you have well-organized password management processes in place. The simplest yet highly effective way to enforce the security is to use strong passwords and to avoid storing them.
• Educate employees on how to manage sensitive data properly and in a secure manner. This is especially important for organizations that process large amounts of sensitive data from customers on a daily basis.
• Use licensed software only and do not allow the installation of any software without the approval of your IT department.

Know your environment

Another important yet simple thing in the list of cybersecurity solutions for small businesses is an inventory of the assets and understanding of your digital environment. This is needed so you have a clear understanding of what exactly needs protection and what assets might be the targets for cyber attacks. Hence, take a full inventory of the following things:

• All devices and software that are connected to your environment;
• All apps that run in your system;
• Levels of access;
• Data that you collect and process.

By analyzing the current hardware and software in work, you will identify weak areas and bottlenecks easier and will  be able to design a solid security strategy that would cover all needed aspects.

Backup the data

Data backups are an effective way to secure the data and ensure it remains accessible in case of a system corruption or attacks like ransomware. It is recommended to implement automated data backups (preferably once a week) and use various backup storagies, including the cloud and physical backups.

Review access rights

Different user groups should have different levels of access to the system in order to minimize security risks and ensure that the sensitive data can be accessed by a limited number of people. Also check whether you have a principle of limited privilege in place. The PoLP means that users should have access only to those resources or data that they need to complete their work. In this way, the system becomes more secured since the possibility of a human error or a malicious attack from the inside is minimized.

Implement multi-factor authentication

Multi-factor authentication (MFA for short) is a highly effective way to combat cyber threats and prevent unauthorized access. It usually includes three critical components: a password, a security token, and a biometric verification. That means, upon entering a password, the user will also have to enter a one-time security token and even provide biometric verification. Needless to say, this approach makes the whole authentication process more complex and difficult to hack, thus greatly minimizing the possibility of an account theft.

Use firewalls

A firewall is a system that restrict the traffic within a private network and serves as a solid level of defense against cyber attacks. Businesses use firewalls to protect inbound and outbound traffic so this is a must-have for any organization. Note that you can configure your firewall to perform various functions (in addition to default ones): for example, a firewall can restrict sending out sensitive data from your organization. One more important thing: do not forget to update your firewall regularly since updates serve as additional security patches.

Update your software regularly

One more actionable tip in terms of cybersecurity for small business is the implementation of regular software updates. Software updates serve as security patches and help prevent the majority of most common cyber threats. Vendors constantly release new (and improved!) software versions and corresponding updates so make sure to monitor these updates and adopt them immediately. This will improve not only the security of your software but also its performance and user experience.

Final word

Cyber security remains a critical issue for any organization that operates in the digital environment and processes sensitive data. To ensure that your assets are safeguarded, make sure to have robust security practices in place and communicate their importance to all employees. Cybersecurity should take place on all levels of an organization and all employees should be able to ask questions and receive corresponding training, if necessary. Also, do not hesitate to reach out to an experienced provider for cybersecurity services if you feel like you need extra assistance with understanding the cybersecurity basics.