Dr. Ryan Aung is CIO/CISO of Slavic401k.
In the current digital age, small and medium-sized businesses (SMBs) are increasingly vulnerable to cyber threats that can jeopardize operations, financial stability and customer trust. SMBs are often easier targets for cyber criminals, making it even more critical for them to strengthen their cybersecurity measures.
Fortunately, there are plenty of cost-effective ways that SMBs can protect their assets effectively without compromising their safety.
First, it’s important to understand the threat landscape. Unlike large corporations, SMBs often lack the resources and infrastructure to withstand a major cyberattack. In addition, some of the more advanced protection solutions on the market are only available for large businesses.
Key threats include data breaches, ransomware attacks and phishing schemes. The consequences can be devastating, as a significant breach may put an SMB out of business. However, there are steps SMBs can take to bridge this gap.
To kickstart cyber-defense, here are a few recommended steps:
• Consult experts. If possible, hire a chief information security officer (CISO) or work with cybersecurity consultants to develop an information security program. These experts can guide your team through the process.
• Conduct risk assessments. Evaluating potential business risks can help you determine the likelihood and impact of potential threats.
• Conduct a gap assessment. Choose a framework like NIST Cybersecurity Framework (CSF) or CIS Critical Security Controls to identify and address security gaps.
• Assess digital assets. Categorize and assess vulnerabilities in your digital environment.
• Create a cybersecurity strategy. Develop a balanced cybersecurity strategy using the results from the assessments. Make sure to focus equally on people, process and technology.
Many of these steps are accessible even to SMBs with limited budgets, as many can be done at no cost (such as vulnerability assessments).
Once the cybersecurity strategy is in place, SMBs can help protect their data by taking these steps:
• Train employees: Team members are the first line of defense, so equipping them to recognize phishing emails and other cyber threats is critical.
• Establish policies, including strong IT and security governance policies.
• Utilize free resources: Organizations such as the Cybersecurity and Infrastructure Security Agency (CISA) and the Center for Internet Security (CIS) offer free tools and guidance.
In recent years, remote work has transformed the business landscape, offering both employers and employees great benefits. This has also introduced new cybersecurity challenges, as remote workers face added vulnerability without a secured office location fortified by layers of security controls.
SMBs can support secure remote work by implementing a thorough strategy. Start by identifying employee needs, such as secure networks, remote management and maintenance and robust endpoint security. Then, create a comprehensive remote work policy. It should cover acceptable use, connectivity requirements and password management. You can also consider investing in secure network technologies like modern VPNs or Secure Access Service Edge (SASE) systems. Finally, enforce endpoint security measures such as host firewalls and least-privilege access principles, and enable MFA and centralized device management for added control.
Once again, employee training is essential, especially with a remote team. Training your employees to spot potential threats can prevent many security issues.
Like any other business, SMBs are sometimes prone to costly mistakes. Skipping software updates, neglecting MFA and undervaluing employee training can have devastating consequences. Regularly updating software and ensuring employees are up to speed can prevent security breaches.
Cybersecurity should be a top priority for businesses of all sizes, and SMBs should adopt these practices to safeguard their operations and reputation. Taking the time to thoroughly analyze risks and create these strategies can make the difference between resilience and vulnerability.
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