Businesses of all sizes are at risk for cyber attacks. A study by Symantec in 2021 revealed that 43 percent of cyber attacks were aimed at small businesses. This can include the theft of customer data, financial information, intellectual property, and more.
Fortunately, there are steps you can take to protect your online business from malicious activity. Here are 12 tips to keep your business secure from cyber threats:
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Develop an Effective Security Policy
Creating an effective security policy should be the foundation of any online business’s cybersecurity efforts. Your policy should include a comprehensive list of IT security best practices that your team will follow and policies around access control, data management, employee education, and incident response plans. Additionally, consider taking steps to protect customer data with GDPR or similar regulations, depending on where you operate.
Encrypt Sensitive Data
Data encryption is an essential component of any sound security strategy. It helps protect information stored in databases and transmitted over networks from unauthorised access or theft by encoding it using algorithms. Encryption should be used for all sensitive data that needs to be kept secure such as personally identifiable information (PII), protected health information (PHI), and financial information.
Implement Multi-Factor Authentication
Multi-factor authentication (MFA) effectively protects your accounts from unauthorised access by requiring users to verify their identity with more than one factor, such as a password, PIN code, or biometric data like fingerprint or facial recognition. MFA is especially important for administrative accounts where sensitive data is stored and accessed.
Train Employees in Cybersecurity Best Practices
Educating your team on the latest measures you have put in place to protect your company from cyber threats is essential. Employees who are aware of the risks posed by cyber threats and what steps they should take to reduce them can be your first line of defence against a data breach.
One method for training employees is phishing training. Phishing attacks use deceptive emails or other communications to try and get users to provide valuable information such as usernames, passwords, or financial details. By teaching employees how to spot suspicious emails and links, they will be better equipped to safeguard confidential data from being stolen or exploited.
You can host regular seminars or webinars for employees, especially those with access to sensitive information, to ensure that they are up to date with the latest cybersecurity measures and best practices.
Another option is to use online training programs or even gamified simulations that allow employees to practise identifying phishing attacks in a safe environment.
Ultimately, companies of all sizes need to prioritise employee education on cyber threats and cybersecurity best practices. Training your staff will go a long way toward protecting your business from malicious actors.
Update Software Regularly
Software updates are essential for ensuring that systems remain secure and up-to-date with the latest security patches. Unpatched or outdated software is one of the main targets of hackers, so make sure all applications are kept current. This includes operating systems, antivirus software, web browsers, email programs, and other sensitive data applications.
Backup Data
Data backups are a critical part of any security strategy as they provide a safety net in the event of a major data breach. Backing up all critical files and databases regularly ensures that your business can continue operating even after an attack. The backups should be stored securely off site or in the cloud, so they are not affected by local disasters such as fires or floods. It’s also highly recommended to use encryption when backing up confidential data to protect it from unauthorised access.
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Set Up Firewalls
Firewalls are essential for filtering out malicious traffic and preventing threats from entering your network. They act as barriers between your internal network and the internet by monitoring incoming and outgoing traffic and blocking suspicious activity. Firewalls can also control access to specific network parts, such as administrative accounts or databases containing confidential data.
Monitor Network Activity
Network security is essential for any online business, and monitoring your network for any suspicious activity is essential. This can be done by setting up a monitoring system that logs all user activity and flags anything out of the ordinary.
Monitoring tools can also detect malware infections, unauthorised attempts to access data or systems, or other malicious activities. Therefore, monitoring these activities and taking action quickly if any threats are detected is essential.
SSL Certificates
Using Secure Sockets Layer (SSL) certificates on your website is essential for protecting data transmitted over the internet. SSL certificates encrypt any information sent between a user’s browser and your server, making it virtually impossible for hackers to intercept sensitive data such as credit card numbers or passwords. This added layer of security will help keep customer information safe and prevent attackers from accessing confidential data stored on your website.
Prioritise Customer Safety
Customers are the lifeblood of any online business, so it’s important to prioritise their safety. First, ensure your website is secure and up-to-date with the latest security patches and best practices. Next, provide clear information on how customers can protect themselves when using your website or services, and make sure they know exactly what steps you are taking to keep their data safe.
Evaluate Security Regularly
Finally, it’s important to review your security measures regularly. Evaluate the effectiveness of your current security strategy and identify any potential weaknesses or vulnerabilities that malicious actors could exploit. Regularly updating security policies and procedures is essential for ensuring that your business remains secure in the face of evolving threats.
Cyber Insurance
Cyber liability insurance coverage is an additional layer of protection for businesses targeted by malicious actors. It can provide financial relief in case of a data breach or other cyberattack, helping to cover costs associated with restoring systems, notifying customers, and legal fees. However, cyber insurance policies vary widely, so it’s important to shop for one that best suits your business’s unique needs.
Securing an online business from cyber threats requires a comprehensive approach that includes employee training, software updates, backups, firewalls, monitoring tools, and SSL certificates. By taking these measures seriously and staying up to date with the latest best practices in cybersecurity, businesses can protect themselves from malicious actors and keep their customer’s data safe.
