Are you a small business owner strategizing ways to scale your business? In the pursuit of growth, there’s a high probability that you’re missing out on an important detail that could potentially jeopardize your success. The Achilles’ heel we’re referring to is cybersecurity! You’d be surprised to know that only 26% of small business professionals prioritize cybersecurity.
Large corporations are equipped with a dedicated security team and huge chunks of funds to fortify their defenses, but small businesses often find themselves stuck in a loop of operations, marketing, customer accusations, etc, altogether neglecting cybersecurity. While there could be various reasons behind this oversight, one of the primary reasons is limited resources.
In this article, we’ll take you through the efficient ways to bolster your defenses without burning a hole in your pocket.
How do you Ensure a Sound Cybersecurity Strategy on a Budget?
One of the biggest misconceptions small and medium businesses have regarding cybersecurity is thinking that’d be off the radar of the cyberattackers. With the frequency and sophistication of cyberattacks increasing, no business, big or small, is immune to them. In fact, small businesses are a more lucrative target for cybercriminals than larger companies, with the total cost of cybercrimes to small businesses reaching $2.4 billion in 2021. These staggering statistics necessitate the DMARC adoption of robust cybersecurity measures that are high on efficiency but low on budget.
Let us take a look at how you can protect your business on a budget!
Encourage Healthy Cybersecurity Habits Among Employees
We hate to break it to you, but your employees can unknowingly become the weak link in your organization’s defense. In fact, 13% of professionals under 40 are tempted to open a phishing link when targeted, and 34% still use a birthdate in their password. Considering these numbers, the adage “to err is human” should be taken with a pinch of salt as it could have far-reaching consequences for your business.
It is the need of the hour to conduct regular cybersecurity training programs to give your employees an overview of the cybersecurity landscape or execute real-world simulations to provide hands-on experience in responding to threats. Taking these small steps can empower your team to stay resilient in the face of an attack and wage a powerful defense against cyber threats.
If you think that your passwords are enough to protect your sensitive data, you’re probably mistaken. As cyber attackers become more sophisticated in their approach, it takes more than a password, which could be easily decoded, to safeguard your data from their prying eyes. Enter multi-factor authentication!
Image sourced from spiceworks.com
As the name suggests, multi-factor authentication involves following two or more steps, typically entering your password and following it up with an app-generated code, to gain access to a software or an application. By requiring multiple forms of verification, this approach can significantly make it more challenging for unauthorized individuals to access your accounts or systems, even if they manage to obtain login credentials.
Regularly Update Your Software
Still procrastinating installing that software update? Hackers often target outdated software to gain unauthorized access, so the next time you click on “Remind me Later” on the software update notification, think twice! Software updates are more than just about installing the latest features in your devices; and they play a crucial role in safeguarding your digital infrastructure. With security patches and bug fixes, keeping your software up-to-date might be a simple yet effective way to protect your vulnerabilities from threat actors.
So make sure that you update your software across all devices and applications, including operating systems, antivirus programs, web browsers, and any other software integral to your business operations.
Have an Incident Response Plan in Place
Consider a worst-case scenario where a cybercriminal exploited your vulnerability and breached your system to gain access to sensitive information. How do you respond in such a situation? As easy as it is to panic and fret about the damage caused, you should have an incident response plan in place, even a small organization.
An incident response plan is a comprehensive approach that lays out a blueprint to follow when confronted by an adversary. An effective incident response plan includes everything from the strategies to identifying the nature and extent of the breach, promptly notifying the stakeholders, to the measures to contain and eradicate the threat.
Now that you know that your small business is, unfortunately, not invincible and can fall prey to a grave cyberattack, it is about time that you prioritize healthy cybersecurity practices for your enterprise.
While most emerging business owners still consider cybersecurity as an added expense that can be avoided, it shouldn’t be seen as anything less than an investment that could potentially decide the future of your business. Remember, the investment in cybersecurity is an investment in the longevity and reputation of your business.
That being said, even if you have limited resources to allocate to your cybersecurity funds, all it takes is a strategic approach to safeguarding your small business from these hostile attacks. At DMARCReport, we recognize the gravity of the situation and are committed to helping you navigate the digital realm securely and fortify your defenses. We are committed to bolstering your defenses by implementing essential tools in email security, including SPF, DKIM, and DMARC.
So, if you’re still on the fence about adopting robust cybersecurity practices, get in touch with us or book a demo to get an insight into the tailored solutions we offer for small businesses.