Cybercrime is a very real threat for the vast majority of Americans, and small businesses are no exception. In fact, a recent survey from Hiscox found that 41% of small businesses were victims of a cyberattack in 2023, with the median cost coming to $8,300. The good news is there are measures small business owners can take to ensure the safety of themselves and their employees. October is Cybersecurity Awareness Month. That makes now a great time to bone up on cyber safety best practices. The following tips from the SBA can help you protect your business from cybercrime.
- Train your employees…and yourself. For any business, there’s no better line of defense against cybercrime than well-informed employees. To that end, all staff should have a basic understanding of security practices and policies, such as: creating strong passwords with multi-factor authentication; avoiding suspicious files, downloads, and phishing emails; and encrypting vendor and customer information. As the owner of your business, it all starts with you. Make sure your company is founded upon a culture of security. The below resources can help:
- Make sure your devices and networks are secure. Cybercriminals use private networks to steal sensitive employee and customer data. Preventing this threat can be as simple as installing a firewall. Pro tip: If your employees work remotely, make sure their home systems are also safeguarded by a firewall. Additionally, you’ll want to set up your wireless access point (WAP) or router so that it does not broadcast the network name, otherwise known as the Service Set Identifier (SSID). You can keep your devices and servers clean from malware and viruses by updating your antivirus software, antispyware, web browsers, and operating systems. Of course, if you don’t already have these measures in place, now is the time to install them. Doing so will prevent outsiders from disrupting your operations.
- Make backup copies of your data. In a worst-case scenario, backing up your data can be the only thing standing between you and losing everything. Using a cloud service can reduce your risk, enabling you to create copies of Word docs, spreadsheets, human resource files, financial records, and more. There’s also nothing wrong with making physical copies that can be accessed off-site.
- Watch the SBA Cyber Summit. Cybersecurity is a complex world to navigate, but you can master it with the help of the SBA. Watch recordings of the SBA Cyber Summit, which took place October 16 and October 23. You’ll learn actionable strategies and solutions from industry experts. Topics include cybersecurity fundamentals, risk assessment, incident response planning and more.
In addition, SBA offers a comprehensive online cybersecurity guide for small business owners. Visit sba.gov/cybersecurity to learn more.