How to Defend Your Small Business Against Data Breaches

Article by Lindsey Weiss

Becoming a victim of fraud or experiencing a data breach can mean more to your business than a hiccup in your day. It can mean lost production, lost income, and lost customers. That’s why making plans for digital security should be something you include in your business plan, and it should be as natural and second-nature as market research and filing your paperwork as an LLC in Nevada. So, read on for important information on protecting your company from trouble, and what to do if a problem occurs.

Image courtesy of Pixabay

Scary statistics

If your small business fell victim to a data breach, would you know what to look for? When your system is hacked, criminals can potentially siphon sensitive data without you even knowing it. Small Business Trends points to recent studies that show most companies take 191 days to even notice a breach occurred. Additionally, cyberattacks cost businesses an average of 66 days of downtime and $3.62 million in damages.

While you might think your company is too small to be a target, with the advent of the Dark Web and software such as Tor, small businesses are typically ideal from a cybercriminal’s viewpoint. The tools required to break into an unprotected business can be purchased for a few hundred dollars, so anyone with a corrupt mindset, a little cash, and time on their hands could have your small business in their sights.

Examine your safeguards

Just like your home, some of the best protection for your business against break-ins is firm defenses. Put up some walls, doors, and locks in the form of well-chosen software and hardware. Investigate what you’re currently using, and find out whether your selections are known for strong security. Another option is to find a hacker of your own; these professionals can test your network’s strength by attempting to penetrate its defenses.

When it comes to payment systems in particular, choosing a system with rock solid security can make the difference in whether your customers’ data remains safe. If you’re using an old school method, or made a decision without more information, take time to examine options like the Square Terminal, which provides data protection and ensures it remains PCI compliant.

Where is your data?

Moving your data storage to the cloud is an important step toward improved security. By engaging the cloud, your data will be better protected—safe from hardware crashes or accidental deletions. Additionally, security updates can be managed automatically rather than when someone remembers to do them.

Not only is the cloud more secure than holding data in-house, but there are also other benefits as well. You can cut hardware expenses, improve team collaboration, and create a more flexible work environment.

Spotting trouble

Removing weak spots in your software and hardware is a great start, but without training your staff, your company will still be particularly vulnerable to cybercrime. With that in mind, teach your employees to recognize the indicators of phishing emails, such as mismatched URLs or poor grammar. Also train your people to use appropriate passwords. As PCMag explains, many people still rely on weak credentials, such as “12345678” for their passwords.

Since hackers can come in many forms and are so widespread, it’s tough to always know if you were victimized. One tool you and your employees can use to see if passwords are still secure is haveibeenpwned. It’ll run checks using email addresses to verify if there has been a breach.

No matter what, it’s crucial to establish a policy of using more complex passwords, and to help your staff, install a password manager appropriate to your business’s needs. Also, when it comes to security training, it’s important to keep it fun. One idea for keeping things lively is to gamify your training since you don’t want staff zoning out over dry information.

Planning for recovery

If your small business is hacked due to a phishing scam or other form of cybercrime, the sooner you contain the problem and notify affected parties, the better. Eliminating corrupted data can help keep trouble from spreading, and it’s your company’s responsibility to let customers know about breaches. If your company doesn’t have an IT department, hiring a recovery team can often be the best bet for a speedy and healthy resolution. And when you act quickly, your business will endure fewer (if any) productivity losses.

The last thing you want is to see your business derailed by cybercrime. Make sure your defenses are solid, best practices are followed, and you know what to do if there’s trouble. With well-thought-out protection, your company can stay safe.