How to protect your small business with limited budget

The notion that you are not a target for cyber attackers: that you, your systems, or accounts do not have any value is false — If you use technology in anyway then you have value to cybercriminals.

Cyberthreats come in many forms, from phishing emails, to ransomware attacks. Small businesses may be particularly vulnerable to attacks that exploit common vulnerabilities, such as outdated software or weak passwords.

According to Accenture’s Cost of Cybercrime Study, 43 per cent of cyberattacks are aimed at small businesses, but only 14 per cent are prepared to defend themselves. When Small businesses become targets of a cyberattack, they can end up facing financial and operational consequences, of which some may never recover from.

Unfortunately, cybersecurity might not be at the top of most small businesses priority list. But it should be. The good news is that there are affordable steps you can take to protect your business from cyberattacks.

Small businesses are often targeted because they may have weaker security measures in place due to lack of resources compared large companies.

A data breach can result in loss of revenue, damage to your reputation, and potential legal consequences. In some cases, a cyberattack can even force a small business to shut down.

The Internet makes it possible to quickly find information, communicate with people around the world.

Identify sensitive data and assets: The first step in protecting your business is to identify the assets that are most important to your company.

This includes financial data, customer information, or intellectual property. Your assets also include the hardware upon which your company runs.

If the hardware is rendered inoperable from a cyberattack, the inability to transact business can be equally devastating.

Understanding the potential impact of a data breach: Once you’ve identified your most sensitive data and assets, it’s important to understand the potential impact of a data breach. Consider how a breach could affect your customers, your business operations, and your reputation.

Evaluating existing security measures: Evaluate the security measures you currently have in place. This could include antimalware technology, firewalls, or employee training programmes. Look for gaps in your security, and identify areas where you could improve.

A risk assessment matrix can be used to outline the likelihood and impact of a potential cyberattack. This enables you to prioritise your most vulnerable areas.

Implementing basic security protocols: One of the most important steps to take in safeguarding your small business is to implement basic security protocols.

These protocols are designed to protect against the most common types of cyberattacks, and can significantly reduce the risk of a breach.

Password management: Strong, unique passwords are a critical part of good cybersecurity hygiene. You should encourage your employees to use complex passwords that are difficult to guess. Password management tools are the best way to help keep track of multiple, unique passwords.

Network monitoring: While tools like firewalls, intrusion detection systems, and antimalware software can protect your network from cyber threats, regularly monitoring your network can help identify potential security threats.

An inexpensive log management system can help to identify suspicious behaviour such as multiple account lockouts, as well as failed login attempts, and unauthorised file access.

Regular software updates: Keeping your software up-to-date is essential in ensuring that vulnerabilities are patched, and that your systems are protected against the latest security threats. You should regularly update your operating systems, web browsers, and other software to the latest versions.

Your employees can be your greatest asset when it comes to cybersecurity, but they can also be a liability if they are not properly trained. Educating your employees on best cybersecurity practices is therefore crucial to protecting your small business.

Certain practices your employees should be aware of include:-Avoiding suspicious emails: Phishing emails are a common tactic used by cybercriminals to gain access to sensitive data. Educate your employees on how to identify and avoid suspicious emails, and consider implementing email filtering software to reduce the risk of phishing attacks.

Not sharing passwords: Encourage your employees to keep their passwords private and never share them with anyone. Implement two-factor authentication to add an extra layer of security to your login process.

Securing mobile devices: Mobile devices such as smartphones and tablets can be a weak link in your cybersecurity strategy. Encourage your employees to use strong passwords, enable automatic updates, and avoid downloading suspicious apps or clicking on links in text messages.

Cybersecurity Policies and Procedures: Establish clear policies and procedures that emphasise the importance of security. This can help to ensure that everyone in your organisation is working towards a common goal.

These policies can cover areas like password management, remote work, and the use of personal devices in the workplace. These can all serve to build a security culture in the organisation.

Despite your best efforts, there is always a chance that your small business may experience a cybersecurity incident. In such a scenario, it is important to respond quickly and effectively to minimise the damage.

In most cases, forensic techniques to discover what caused the problem are out of reach for many small businesses. The most important thing to a small business owner is to get back up and running as soon as possible. This is where data backups become one of the most valuable tools in an environment.

Another way to prepare for, and recover from any security event is to hire a trusted managed services provider who can advise and guide you towards the best security within your budget.

Cybersecurity is an essential aspect of running a small business in today’s digital world. The prevalence of cyber threats is on the rise, and the impact of a cyberattack on a small business can be devastating. By assessing your risk, implementing best practices, building a culture of security, and partnering with a trusted adviser, you can protect your business from the dangers of cybercrime.

• Mr Yusuph Kileo is Cyber security and Digital Forensics Expert