The internet is full of opportunities that allow your business to operate more smoothly through computer-based resources. Whether you own a website, use email or a cloud-computing system, consider cybersecurity as part of your business plan.
Keeping your business optimally secure provides safety measures for your business and its consumers. Without it, new business owners run the risk of common daily threats. For many enterprises, cybersecurity is a growing concern. Projections show that businesses will spend an estimated $170.4 billion in cybersecurity by 2022.
Invest in a safe culture for your business. Building a security plan will help you remain confident in your business and your consumers.
Why Cybersecurity Matters to New Businesses
Cybercriminals will likely target new businesses through a data breach. This concern makes your company more vulnerable to several types of cyberattacks that can break your business.
Data can include sensitive information on financial documents, credit cards, intellectual property and more. Likewise, cybercriminals can also access employee and customer information such as names and addresses to steal their identities.
Therefore, cybersecurity practices are essential for protecting all categories of data from fraudulent activities.
Most Common Cyber Threats
It’s important to know that criminals are becoming more creative when launching new cyberattacks. Although, here are some of the most common types of cyber threats that attack new organizations each day.
Phishing is a cyberattack targeting a recipient by email, phone or text. Cybercriminals will pose as a legitimate company to lure businesses into providing sensitive data. This method often involves an individual clicking on a malicious attachment link that downloads ransomware and compromises security.
As a result of phishing scams, businesses continue to reach massive losses. Ransomware attacks cost organizations an average of $233,217 and 19 days of downtime. As a new business owner, this matter at hand is a price you’ll want to avoid paying altogether.
Watering holes are legitimate websites that attackers will hijack and make them malicious without notice. The attack requires a site user to click on a link or download a file. In turn, the action installs malware on the device and obtains personal information.
Like watering holes, a drive-by download uses a malicious website to install malware on a device without permission. This typically happens when security systems are inadequate, or an operating system is outdated.
Compromised passwords can occur when a user enters login credentials unknowingly on a fraudulent website. This issue often arises when the username and password are common, which leaves accounts vulnerable to attacks. Additionally, the reuse of passwords across multiple platforms makes your system susceptible to attackers – leaving multiple accounts at higher risk.
10 Cybersecurity Tips for New Businesses
Broadband and information technology play a significant role in businesses increasing productivity, new market reach and operational efficiency. To protect your organization and customers from cybersecurity threats, utilize these hacks to establish a well-crafted guide.
1. Update and Authenticate Passwords
Create a policy where employees create unique passwords and change them every three months. Implementing a multi-factor authentication will also require additional information upon password entry. You can also work with vendors that handle sensitive data to see if they offer multi-factor authentication for your accounts.
2. Implement Employee Training on Best Security Practices
Creating policies around implementing security practices will guide employees in handling and protecting passwords and sensitive data.
3. Use the Latest Security Software for Protection
Updating your security software can protect operating systems and web applications from malware, viruses and internet threats. You can set up antiviral software to run a scan after each update. Additionally, as soon as you see an available update, you must install it accordingly.
4. Use Firewall Protection for Internet
Firewall security will prevent attackers from breaching your data through a private network. Enhance your operating system’s security by installing free firewall software online. Firewall systems are especially beneficial for remote employees who utilize their home network.
5. Backup Business Data and Information
Continuously backup data regularly for all devices. This ensures that critical information such as financial details, human resources files, spreadsheets, payment accounts and other vital information is protected. Use weekly automated backups to store copies offsite or in the cloud if possible.
6. Secure Wi-fi Networks
If you use a wi-fi network, ensure it is secure, hidden and encrypted. To keep it safe, use password protection and set up your router with an SSID (Service Set Identifier) to hide the network name.
7. Process Payments Securely
Work with your banks and payment card processors to ensure anti-fraud protection and validated tools are offering security all around. There may also be agreements you can pursue with your bank or processor for added security.
You can further follow other best practices by isolating payment systems from less secure programs. Lastly, consider using a separate device to process payments and browse the web.
8. Limit Employee Access to Data and Software Installation
Avoid entrusting all data access to employees. Workers should only have access to pertinent data they need to do their job. Additionally, they should not be permitted to download any software without gaining permission.
9. Control Access and Create User Accounts for Individual Employees
Maintain limited access to business computers for unauthorized employees. Laptops are particularly vulnerable to theft. So be sure to lock these devices up before leaving them unattended.
Create individual user accounts and strong passwords for each employee. In addition, consider entrusting administrative privileges only to IT staff and management.
10. Make an Action Plan for Mobile Devices
Mobile devices can contain security vulnerabilities when they hold access to confidential information.
Consider enforcing password protection, data encryption and security apps for all users. This strategy will prevent cybercriminals from stealing information while the device is on a public network.
You should also create a reporting procedure in case equipment gets lost or stolen.
Protect Your New Business
Avoid putting your business at risk of cyberattacks. By assessing the risks and implementing strategies, you make it possible to protect your business from data breaches. The time to enhance your cybersecurity is today.
Ensure you implement these tips, and you’ll avoid falling victim to cybercriminals.