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Everything You Need To Know About Cybersecurity And Protecting Your Small Business

October is dedicated to raising awareness for the importance of cybersecurity, and as small businesses continue to adopt new technological and digital innovations, cybersecurity becomes increasingly important in safeguarding your small business from cyberattacks. Did you know small businesses are three times more likely to be targeted by cybercriminals than larger companies? In fact, 60% of small businesses that experience a cyberattack go out of business within six months. To protect your business against malware and cyber threats, we’ve compiled a few resources to strengthen your cybersecurity protocols this Cybersecurity Awareness Month.

Understanding cybersecurity and building a strategy 

Cybersecurity, as defined by the Cybersecurity & Infrastructure Security Agency (CISA), is “the art of protecting networks, devices and data from unauthorized access or criminal use, and the practice of ensuring confidentiality, integrity and availability of information.” To effectively safeguard your business, it’s important to take a proactive approach and build a strategy that addresses key components.

Passwords and multi-factor authentication

Passwords are the foundation of cybersecurity and act as the first line of defense against cybercriminals. While it might be easy to use the same password across digital applications, it’s important to have multiple strong passwords across your accounts.

Strengthen your passwords by thinking about these five things:
  1. Lengthy and complex passwords are stronger and, thus, harder to crack.
  2. Avoiding common phrases ensures your password isn’t easy to guess.
  3. Omitting personal information ensures hackers can’t use known personal details to breach your data.
  4. Changing passwords quarterly or annually can help to maintain up-to-date security measures.
  5. Multi-factor authentication can offer an additional layer of protection in the login process by requiring a separate one-time code from a secure email, the user's fingerprint, or a previously established passkey before accessing sensitive information.

Data encryption

Encryption offers an extra layer of protection by turning sensitive data (customer information, financial records and business emails) into an unreadable code without the use of a “secret key.” Utilize encryption to safeguard your information, ensuring that even in the event of a breach, a cyberhacker won’t be able to read or use your data.

Network security

Whether it’s connecting to the internet, accessing cloud services or communicating internally, having a secure network is essential to prevent cybercriminals from infiltrating your systems. To ensure your Wi-Fi is secure, avoid using the default passwords that come with your router as they’re easy for hackers to guess. Also, consider hiding your network’s SSID (the network name) so it isn’t easily discoverable by outsiders. Finally, consider implementing Virtual Private Networks (VPNs) for remote workers to create an encrypted channel for employees to access information while using public Wi-Fi.

Employee awareness and cybersecurity trainings

While you can take the necessary precautions to secure your business’s hardware, it is equally important to ensure your team is up to date on cybersecurity protocols. Consider offering annual or quarterly training on important topics such as phishing, data safety, two-step verification and other cybersecurity precautions. By prioritizing employee awareness and regularly updating your training protocols, you build a strong human firewall that significantly enhances your business’s defense against cyber threats.

Resources to safeguard your business and increase cybersecurity knowledge

Cybersecurity may seem challenging at first, but the more you learn about best practices, the easier it becomes. With the right resources, you'll be a cybersecurity expert in no time! Check out these helpful guides to boost your cyber know-how: