Cyber Security for Small Business Owners: What You Need to Know

It’s helpful to start by understanding the cyber threats that are the most likely to show up. Here are some of the more common ways that attackers can create cyber security risks for small businesses.

• Malware and ransomware. Malicious software (malware) poses a significant threat to small businesses. Ransomware, in particular, can encrypt valuable data and demand a ransom for its release.
• Phishing attacks. Phishing is a form of social engineering where attackers trick individuals into revealing sensitive information such as passwords or credit card details. Small businesses can be targeted through deceptive emails, phone calls or fraudulent websites.
• Weak passwords and authentication. Inadequate password practices, such as using weak or easily guessable passwords, can lead to unauthorized access. Similarly, a lack of a two-factor authentication (2FA) process increases the risk of unauthorized account access.
• Insider threats. Internal employees or contractors with malicious intent can intentionally or unintentionally compromise the security of a small business. This includes unauthorized access, data theft or sabotage.
• Lack of security updates. Failing to regularly update software, applications and operating systems can leave vulnerabilities exposed, making it easier for attackers to exploit them.
• Data breaches. Small businesses often possess sensitive customer data, and if not adequately protected, it can be a target for hackers. Data breaches can result in financial losses, reputational damage and legal consequences.
• Wi-Fi insecurity. Insecure or improperly configured Wi-Fi networks can be easily exploited by attackers.
• Third-party risks. Small businesses often rely on third-party vendors, suppliers or service providers. If these third parties have inadequate security measures in place, they can become a weak link in the business's overall chain of security.
• Distributed denial of service (DDoS) attacks. DDoS attacks aim to overwhelm a business's network or website by flooding it with traffic, rendering it inaccessible to users. These attacks can disrupt operations and lead to financial losses.
• Lack of employee awareness. Insufficient cybersecurity awareness among employees can make small businesses more susceptible to various threats.

• Strong and unique passwords. Creating strong and unique passwords is the first line of defense against unauthorized access. Avoid using easily guessable passwords like "123456" or "password." Instead, choose complex combinations of letters, numbers and symbols. Implement a password policy that encourages employees to use unique passwords and change them regularly.
• Two-factor authentication (2FA). Enable two-factor authentication whenever possible. This additional layer of security requires users to provide a second form of verification, such as a unique code sent to their mobile device, in addition to their password. 2FA significantly enhances security and prevents unauthorized access, even if passwords are compromised.
• Regular software updates. Keeping your software up to date is crucial, including operating systems, antivirus programs, firewalls and applications. Regularly install security patches and updates provided by software vendors. Outdated software can contain vulnerabilities that hackers can exploit, so ensure that automatic updates are enabled whenever possible.
• Employee education and training. Invest in comprehensive cybersecurity training for your employees. Educate them about best practices for email security, password management, identifying phishing attempts and safe browsing habits. Encourage a culture of vigilance and provide resources to report suspicious activities promptly.
• Secure Wi-Fi networks. Secure your business's Wi-Fi network with a strong password and encryption. Change the default password provided by your internet service provider and use WPA2 or WPA3 encryption. Consider implementing a separate guest network to isolate visitor access from your core business systems.
• Firewalls and antivirus software. Install a reputable network firewall and antivirus software on all devices, including smartphones, computers and tablets. Keep them updated to protect against evolving threats. A firewall is a barrier between your internal network and external threats to your small business. Antivirus software and malware scanners can detect malicious software or files. Look for brands like Norton Antivirus, McAfee Antivirus and other well-known software providers.
• Restrict administrative access. Limit administrative access to essential personnel only. Restricting privileges ensures that only authorized individuals can install software, modify system settings or access sensitive information.
• Regular security audits. Conduct periodic security audits to identify vulnerabilities and assess your overall security posture. Utilize vulnerability scanning tools or hire a professional to evaluate your network, applications and systems. Address any identified weaknesses promptly to maintain a robust security framework.
• Incident response plan. Develop a comprehensive incident response plan outlining the steps to take in the event of a cyber incident. Assign roles and responsibilities to team members, establish communication channels and define protocols for containment, recovery and reporting. Regularly test and update the plan to ensure its effectiveness.