Small business guide 101: Reviewing cybersecurity practices and other aspects!

Startup founders and small business owners often wonder – ‘Ours is a relatively new and small company. Why would hackers want to attack us?’. The truth is small businesses have more digital assets than customers, but they don’t spend or think of cybersecurity as large organization. This gap is just enough for cybercriminals to find ways to hack into a system, device, or network. In this post, we are discussing all the relevant aspects that are worth knowing about cybersecurity.

The consequences of a security breach

Security breaches can be damaging to any organization, but the consequences are severe for smaller companies and startups, which don’t have as much expertise in damage control. Small businesses, for obvious reasons, cannot allocate all their resources to fix a breach. Beyond the financial losses, decline in revenue & profit, security breaches can also mean permanent damage to reputation and brand image, which may take years in recovery.

The best approach, therefore, is a proactive stance towards cybersecurity. It is necessary to secure the perimeters of an organization, so that security breach & data theft can be prevented in the first place. Corrective action, if at all required after an incident wouldn’t be as complex when preventive measures are taken in advance.

What can small businesses do about cybersecurity?

  1. First things first, identify the common threats. The list includes malware, ransomware, phishing, data theft, network infiltration, and password hacking. Once you know what you could face, you can figure out the next steps.
  2. Train your employees. Employees, managers and executives are the on front-line of work, and these people, according to many reports, have been found to be responsible for many security breaches. If required, hire a team of cybersecurity experts and ensure that people within the organization are aware of their rights, roles, and responsibilities related to cybersecurity.
  3. Watch out for software & firmware. Make sure that all software programs and firmware are updated to the latest version. Also, the programs and apps that you don’t need anymore can be done away with and uninstalled. Unpatched software & firmware have vulnerabilities that cybercriminals can potentially exploit.

Finally, rely on the traditional means of network protection. For instance, secure passwords, recommend a password management tool, and use network segmentation. Ensure that Wi-Fi networks and intranet are secure within the business and ask employees to use strong passwords for various accounts, devices and resources.

For startup tips: You could register a corporation quickly via TRUiC.

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