How to Protect Your Small Business

Cybersecurity is an issue facing all size businesses today, from small and medium to Fortune 500. The greatest threat to small businesses is malicious software, or malware. There are a number of different types, but the good news is, the same strategies will work to protect you against them all. Newsweek offers these four tips for safeguarding your small business:

Raise Internal Cybersecurity Awareness

Knowing that hackers often rely on human error to breach secure data, educated employees are the most valuable asset of a cyber-secure business. From company owners to part-time staff, every member of a small business should be highly aware of common cyberattacks and ready to recognize and report potential threats or suspicious happenings.

To effectively raise cybersecurity awareness, all small business team members and partners should receive cybersecurity training upon hire as well as annual or semi-annual reviews of best practices. For ongoing awareness, you can test team members by sending fraudulent internal phishing emails and rewarding individuals for reporting scam attempts.

Always Keep Business Data Secure

In the digital age, business data is the lifeblood of most modern organizations. Without cyberattack protection, confidential information about a company and its employees can be compromised.

To keep your small business data safe, best practices include:

• Requiring strong passwords for every employee and semi-annual password refreshes
• Keeping business software updated to the latest version and backing up data regularly
• Securing Wi-Fi routers and other internet connections with password protection and encryption

To ensure ongoing data security, be very selective in what information is shared with whom. For instance, critical business data (like finances, passwords and intellectual property details) should only be provided to individuals who need to know it.

Utilize Password Managers and Other Cybersecurity Software

Password managers and other cybersecurity software can provide an easy way to keep company information safe against potential attacks. In 2024, small businesses taking cybersecurity precautions should consider the following forms of protection.

• Antivirus software: Detect and remove malware from business devices
• Encryption tools: Protect against data leaks when information is transferred or stored
• Firewalls: Prevent outsiders from accessing business information on closed networks
• Password managers: Allow users to create, store and manage passwords securely
• VPNs: Encrypt data for remote workers accessing company systems from around the world

When finding the right software, there are two approaches: a single platform with a wide range of protection for total company coverage or several interconnected cybersecurity software for an à la carte approach. If you are struggling to know exactly where to start, cybersecurity consultancy services for small businesses can also help guide decision-making with your unique goals and budget in mind.

Safeguard Offline Assets Everywhere

Small businesses with physical locations must implement sufficient onsite security measures to protect against trespassing, theft and other criminal activity that could comprise company data. This includes locks, safes, cameras, keycard access limits and even onsite security personnel to protect the information in an office, warehouse or another business property.

However, with the rise of employees working remotely, your company may have data scattered everywhere. If your business has remote workers, educate all individuals on the proper use, care and storage habits of phones, laptops, credit cards and any other asset that can be traced back to the company. To ensure those logging into company systems from around the world are permitted to do so, small businesses should also consider two-factor authentication to access company information from any remote device.

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You’ve worked hard to build your small business. It is essential to be vigilant in protecting your assets. These tips can help secure what matter most for your business's future.