Cybersecurity has shifted to not only be critical for large corporations and governments. Small and medium-sized enterprises (SMEs) have also started to become prime targets for cyberattacks. In fact, Accenture’s Cybercrime Study reveals that nearly 43% of cyberattacks are on small businesses. Cybercriminals often view SMEs as easier targets with data that is still extremely valuable. For many small businesses, a data breach or cyberattack could be catastrophic, potentially leading to financial losses, a damaged reputation, and even business closure.
The good news is that you don’t need a huge budget to protect your SME from cyberthreats. Let’s explore some of the best cybersecurity strategies, tailored specifically for SMEs.
Back Up Your Critical Data
Data loss can be a devastating outcome of a cyberattack. Regular data backups are a simple and effective way to mitigate this risk. Ensure that you have automated backups that are stored securely, both on and off-site. It is also important to test your backups periodically to ensure they can be successfully restored when need be.
Firewall & Antivirus Software
Invest in a reputable firewall and antivirus software. These are essential for protecting your organisation’s systems from malware and unauthorised access. Malware is software that is specifically designed to harm computer systems.
Multi-Factor Authentication (MFA)
MFA adds an additional layer of security by requiring users to provide more verification factors to access the account. This can significantly reduce the risk of unauthorised access, even if passwords are compromised. SMEs should enable MFA for all critical accounts and services.
Employee Awareness & Training
One of the most cost-effective cybersecurity measures is investing in employee training and awareness. Your employees are both your first line of defence and a potential weak link in your cybersecurity chain. By educating them about common cyberthreats like phishing and the importance of strong passwords, you can significantly reduce the risk of a cyberattack on your organisation.
Incident Response Plan
Having a well-defined incident response plan is invaluable in the event of a cybersecurity breach. It helps in minimising the damage, containing the threat, and recovering quickly. SMEs should develop a comprehensive incident response plan that outlines roles and responsibilities. Test the plan regularly through simulated cyberattack scenarios.
Vendor & Third-Party Risk Assessment
Assess the cybersecurity practices of vendors and third-party partners that you work with. Their vulnerabilities can become your vulnerabilities. Review and update vendor contracts to include cybersecurity clauses.
Cybersecurity Policies & Documentation
Document all your cybersecurity policies and procedures. Having clear guidelines in place makes it easier for employees to follow your organisation’s cybersecurity best practices. It is important that you regularly review and update your policies to reflect changing security needs.
Physical Security Measures
Don’t forget the physical aspect of cybersecurity. SMEs should secure their physical infrastructure, including servers, routers, and switches, to prevent unauthorised access. Implement proper cable management and labelling to prevent unauthorised tampering.
SMEs may not have the same resources as larger corporations, but they are just as vulnerable to cyberthreats. Implementing these cost-effective cybersecurity strategies can go a long way in protecting your valuable business. Remember, cybersecurity is an ongoing process, and staying vigilant is key to your survival as a SME.
