The internet has been dubbed as the most valuable resource of our day. This is because, without the internet, there is a whole lot that we cannot do. While just a few businesses exist exclusively online, most of the rest need the internet for many needs. Some of these include access to information, reaching new markets, marketing, communication, storing data, recruitment and even banking. However, in as much as this resource is critical to the success and well-being of the business, it also opens it up to a world of threats that if not handled properly could finish off the company.
We have heard on the news about prominent companies having significant security breaches where huge chunks of data were stolen and later on leaked online. This phenomenon has been witnessed with several large enterprises, but it doesn’t mean it’s a problem for only the fortune 500 companies. Small businesses are also a huge target for hackers. A recent report by SmallBizTrends has reported that 43% all cyber-attacks are targeted to the small businesses. This is mostly because these criminals are aware that unlike the huge corporations, small businesses do not invest as much in their cyber security. A study by the National Cyber Security Alliance further reported that 60% of small businesses that get hacked go under within six months of the hack. This means that unlike the bigger companies, a major security breach can be catastrophic for the business.
This is why every company should have a cyber security policy in place to prevent such disasters from happening. Since most small businesses have little to no protection, they essentially become easy prey for the malicious persons out there. Cybersecurity shouldn’t be a one-time thing for an organization. It should be a continuing effort actively made by the organization so that it doesn’t have to play defense against cyber criminals in future days. So, which steps should be taken to ensure that security is always tight?
Having an internet policy for all employees                          Â
Plans are usually put in place to keep everyone on the straight and narrow in whatever circumstances. For this purpose, it is critical that a company regardless of its size to have a well-written internet policy that takes care of all aspects Cybersecurity. This policy must have all the rules and procedures that relate to all matters Internet usage from the appropriate use of social media in the workplace to rules governing the use of company email. Whether small or big, if a company is collecting employee personal details like name, phone number, address or financial information through their website, then it is highly recommended to install an SSL certificate on their website to secure their confidential information from hacker and malware attacks. RapidSSL SSL Certificates are cheap and ensure a high level of trust and data security.
When a policy is set up, it is usually the role of management or those in charge to educate personnel concerning said policies. In this case, failing to teach staff about risky online behavior only puts the company at risk. When creating a sound internet usage policy, it’s also crucial that the consequences of going against the policy be clearly outlined. This will keep employees in check given the consequences that follow breaching the policy.
Outsourcing cyber security operations
Cyber Security is a broad subject. A small enterprise might not have the financial muscle to have in-house cyber security personnel solely dedicated to keeping the company secure from a Cybersecurity standpoint. As such, a small business is advised to outsource their cyber security operations so that the safety of its IT infrastructure may remain intact. The cyber security outsourcing can either be done partially or entirely where the third-party security vendor can be in charge of the organization’s systems accordingly.
A study conducted by Forrester Consulting found that about 80 percent of the participants found the real value of outsourcing their Cybersecurity operations to an outside party that specializes in cyber security. These firms have highly skilled individuals on their payroll who constantly monitor activity on the network. One standard approach in this regard is employing a “products and services” approach where cyber security technologies are combined with round the clock systems monitoring by a team of compliance and safety experts.
Not Storing Customer’s CVV numbers
During the checkout process on nearly all websites, the client is asked for their credit card details which they input to complete the transaction. Some companies, however, go a step further and store this information in their databases so that the checkout process can be a bit smoother the next time the client comes back to shop. This might be a convenient way to save time especially on a frequented website, but it also means that this information is sitting somewhere ready to be hacked. The best solution, in this case, is to store the client’s data all but the CVV number. This way, even if the directory containing the credit card details is hacked, the information would be worthless to them. What’s more, the client wouldn’t mind entering the three digits during checkout.
Back Up Your Systems
Backup has been an old-school security favorite for many. This is because even now as technology has evolved to greater heights backing up systems is a reliable way of keeping sensitive information safe. Ransomware has also evolved with hackers getting smarter every day. These hackers use a virus to encrypt data on your computers or servers and demand payment so that you can have the data back. Earlier this year we saw a virus by the name WannaCry cripple entire systems demanding ransom in the form of bitcoin. This was the worst ever recorded ransomware attack with the virus infecting more than a hundred thousand computers over ninety-nine countries.
As these viruses become weapons of choice for these malicious individuals, small businesses must frequently back up their systems together with all the valuable data inside them. When backing up, you should ensure that be it on the cloud, a hybrid data center or on the premises, the information is safe. This especially helps when there has been a serious attack or a catastrophic systems failure. The backed up data helps the small business to return to its position before the attack with minimum loss in data.
Data encryption
As the old saying goes, information is power. In the event of a security breach, hackers go after the most valuable information first which in most cases are personal and financial records. A study performed by IBM showed that a single data breach could cost as much as $4 million on the lower end. Target’s huge data breach back in 2014 was reported to cost financial institutions more than $200 million. As much as no system is 100 percent safe, it’s prudent to have fail safes in case there is a breach. Encryption is one such failsafe. When you encrypt data digitally, it’s turned into a cipher text which is meaningless unless you have the password which decrypts the contents and reverts them to their original state. Valuable information should be encrypted so that even if it falls into the wrong hands, it’s meaningless to them.