In today’s digital landscape, the need for cyber vigilance is more important than ever. Whether you’re an individual using a computer for personal activities or running a small business, your personal and business data are constantly at risk. Cybercriminals are becoming increasingly sophisticated, and no one is immune to the threat of a data breach. In fact, statistics from several resources reveal that 60% of small businesses shut down within six months of a cyber incident.
While attacks on large corporations tend to make headlines, it’s essential to understand that the majority of cyber-attacks target smaller businesses, particularly those with fewer than 250 employees. Given the growing reliance on digital systems, individuals and small businesses must adopt a proactive approach to cybersecurity. Below is an expanded overview of key cyber threats and practical strategies to protect against them, based on expert recommendations.
Understanding Cyber Threats
Here are some of the biggest cyber risks businesses face with their data.
Cybersecurity Best Practices and Expert-Recommended Steps to Stay Safe
As you can see, the consequences of cyber threats can be far-reaching and deadly for a business. So how can you do your part to prevent these threats from occurring? Here’s a few tips on where to start.
Use Strong and Unique Passwords
Cybersecurity experts consistently recommend using complex and unique passwords for every account. Password managers, such as Keeper Security or NordPass, can help generate and store strong passwords securely. It’s crucial to avoid using the same password across multiple accounts, as one breach could compromise several systems. Writing passwords down or saving them in browsers should be avoided as well. See HawkSoft’s blog on password security for more best practices for password security.
Implement Multifactor Authentication (MFA)
Enabling multifactor authentication (MFA) is an effective way to add an extra layer of security to your accounts. MFA requires users to verify their identity through two or more methods, such as a password and a one-time code sent via text or email. By doing this, even if a hacker gains access to your password, they will still need the second verification method to log in successfully. Take a look at HawkSoft’s blog on implementing MFA for tips on how to get started with MFA.
Stay Vigilant with Email and Links
Phishing attacks remain one of the easiest ways for cybercriminals to infiltrate a business. Being cautious with unsolicited emails, especially those containing links or attachments, can prevent many phishing attempts. Ensure that your team understands how to recognize phishing emails, which often contain spelling errors, urgent demands, or unusual sender addresses. HawkSoft’s solution partner for email security, RPost, has a great guest blog on how to protect against business email compromise attacks.
Regularly Update Software
Keeping your software up to date is crucial for defending against cyber-attacks. Hackers often exploit vulnerabilities in outdated software, so regularly installing updates ensures you have the latest security patches. Consider enabling automatic updates to stay on top of critical patches and reduce your exposure to known vulnerabilities. See why HawkSoft recommends keeping your operating system up to date for the best performance of both HawkSoft and other systems.
Back Up Your Data
Backing up your data regularly is a key defense against ransomware and other attacks. Having secure, up-to-date backups ensures you can recover your information without paying a ransom if your systems are compromised. Store backups in a separate, secure location—ideally both on-site and in the cloud—for maximum protection.
Provide Ongoing Security Training
The human factor is frequently the most vulnerable aspect of cybersecurity. Offering regular training to employees on best practices can help reduce the risk of accidental breaches. Employees should be trained to recognize phishing attempts, use strong passwords, and follow proper data handling procedures. The more aware your staff is of potential threats, the less likely they are to fall victim to them. You can employ the services of third-party vendors such as TitanHQ™ to aid you in the testing and training of your workforce.
Consider Cyber Insurance
Cyber insurance provides financial protection in the event of a data breach or cyber-attack. While traditional business liability insurance typically doesn’t cover cyber incidents, specialized cyber insurance policies can cover the costs associated with breaches, such as forensic investigations, legal fees, and public relations efforts. As an insurance agent, you might already sell cyber insurance – but do you have a policy for your own business? See HawkSoft’s cyber insurance blog to learn more about the benefits of cyber insurance and get tips on offering it at your agency.
Monitor for Insider Threats
Regularly monitor internal systems for signs of suspicious activity. Ensure access to sensitive data is restricted to only those who need it and consider implementing user activity monitoring software. This will help detect potential insider threats, whether malicious or accidental.
In a world where cyber-attacks are increasingly common and costly, no business is too small to be a target. Protecting your business from cyber threats requires both technical and human measures. By adopting best practices, staying informed about emerging threats, and considering cyber insurance, you can significantly reduce your vulnerability and safeguard your digital assets. Remember, cybersecurity isn’t just a one-time effort—it requires continuous vigilance to keep pace with the ever-evolving threat landscape.
Author
George Patterson
Williamson Insurance Service
Zanesville, Ohio