5 Essential Small Business Cyber Security Tips
Cybersecurity is not just a concern for large corporations. If you run a small business that uses digital tools or works online, then making sure this activity is secure is vital for you, too. Small business cybersecurity is often overlooked due to limited resources or budget, yet this inaction makes your business even more vulnerable.
At Keith Graham Chartered Accountants, we understand the importance of protecting sensitive information and maintaining trust. In this blog, we share five essential small business cyber security tips to help safeguard your business.
Why small business cybersecurity is important
A recent survey by Beaming & Censuswide revealed a stark reality for SMEs. In 2023, 83% of small businesses with 11-50 employees fell victim to cybercrime. The financial repercussions are severe, too, with the average cost of a typical small business cyber breach at £45k.
Despite these figures, a worrying number of small enterprises continue to underestimate their risk, assuming they won't be targeted. However, with cyber-attacks on the rise, it is not likely to be a matter of 'if' but 'when' your business may face a threat.
Taking a proactive approach to small business cybersecurity will help mitigate these risks. Below are five essential steps your business should consider.
1. Educate Your Team
Awareness is your first line of defence. Cyber threats often enter through small, seemingly harmless actions, such as clicking on a phishing email or using an easy-to-guess password.
Conduct regular training sessions with your employees about the importance of cyber security. Ensure they understand how to recognise phishing attempts, the significance of using strong passwords, and the safe handling of sensitive data.
2. Implement Strong Password Policies
Weak passwords can be a gateway for cyber attackers. Encourage your employees to use strong, unique passwords for each service they use.
Consider implementing multi-factor authentication (MFA) to add an extra layer of security. MFA requires not only a password and username but also something that only the user has on them, e.g. a code sent to their email or phone, a fingerprint or an answer to a secret question.
3. Keep Your Systems Updated
Software developers regularly update their programs to patch security vulnerabilities. One of the simplest yet most effective ways to enhance your small business cybersecurity is by ensuring that all software, especially operating systems and applications, is up to date.
Set up automatic updates, if possible, or make it a regular routine to check systems for updates if not.
4. Secure Your Networks
Unsecured networks are an open invitation for cybercriminals. Secure your internet connections by using a firewall and encrypting information.
If you have a Wi-Fi network, make sure it is secure, encrypted, and hidden. To hide your Wi-Fi network, set up your router so it does not broadcast the network name, known as the SSID.
Use a virtual private network (VPN) if you or your employees access your network remotely.
5. Back Up Your Data Regularly
Regular backups of important data are crucial. In the event of a cyber-attack, a natural disaster, or even hardware failure, you'll still have access to your data and can ensure business continuity. Automate your backups to ensure they happen regularly, and test them often to ensure their integrity.
Implementing effective cyber security measures does not need to be overwhelming, even for smaller enterprises. By taking proactive steps, you can significantly reduce your vulnerability to cyber-attacks, protect your business and the trust of your clients and partners.
At Keith Graham, we understand how crucial data integrity and security are to small businesses, especially when dealing with sensitive financial information. We implement secure practices across all our activities to ensure your information with us is kept safe.