In a cyber-centric world where evolving technology gives hackers and fraudsters new and ever-advancing tactics, protecting your small business is crucial – and complicated. This checklist can help you make sure you have a strong, well-rounded cybersecurity plan to help keep your company and your customers safe.
Why Do Cybercriminals Target Small Businesses?
No business is too small to be a target for cyberattacks. Of the more than 500 small business leaders surveyed by the Identity Theft Resource Center®, roughly 73% experienced a cyberattack in 2023. But what do cybercriminals even want from your business, and how do they get it?
Regardless of the type of business you operate, you likely collect, store or otherwise electronically handle sensitive information. For example, job applicants might send their resumes or onboarding documents to your business email, or employees may store proprietary information or clients’ payment details on the company server. Cybercriminals can use information like this to commit financial or identity theft or extortion.
Small businesses can be attractive cyber targets for a few reasons. Compared to larger corporations, they have access to similar valuable information, but they often lack the cybersecurity infrastructure of their larger counterparts. This can make your business more vulnerable to common cyberattacks like phishing, business email compromise, software vulnerability exploitation, IoT hacks and more. It also comes down to numbers: Scammers need to cast a broad net to ensnare even a few victims, and small businesses offer a much more robust target base than just pursuing Fortune 100 companies.
In 2023 alone, business email compromise resulted in nearly $3 billion in losses, and the Internet Crime Complaint Center reports that tactics are evolving. Cybercriminals now increasingly use custodial financial accounts, cryptocurrency platforms and third-party payment processors in their scams, making it virtually impossible to trace and recover stolen funds or identify the culprit.
Cybersecurity Checklist
These essential steps and tips can help you develop a thorough, effective cybersecurity strategy for your small business.
1. Conduct a Risk Assessment
Start by getting a clear picture of your current cybersecurity measures and vulnerabilities.
- Identify all sensitive or crucial data, the path it takes through your organization and who in your business has access to it at different times.
- Analyze your current cybersecurity measures to find vulnerabilities or weaknesses (such as outdated software that no longer receives security patches).
- Highlight all technology-related threats and risks to your business, from industry hazards to local concerns.
- Assess how various cyber incidents could impact your business, down to specific departments and any financial ramifications.
Develop solutions to address identified threats or problem areas.
2. Create a Culture of Cybersecurity Awareness
Make cybersecurity a focus in your small business, from the top down, and integrate it into your workplace culture.
- Ensure that all leaders and decision-makers in your company understand the importance of cybersecurity, as well as their individual roles and responsibilities in your cyber mission.
- Hold quarterly meetings to discuss the latest cybersecurity threats and prevention strategies.
- Make and distribute guidelines and best practices for basic cybersecurity to each member of your team, such as using strong and unique passwords.
3. Secure Your Network
A secure network is a stronger barrier against unauthorized access to your connection and any data transmitted over it.
- Use firewall and encryption on all devices, if possible.
- Secure your Wi-Fi network with a complex password and make it invisible to the public.
- Change the network password periodically, such as every six months, never using the same one twice.
4. Create Backup Protocols
Keep backups of critical information and data, which can be lifelines in the event of a cyberattack.
- Make at least one physical and one virtual copy of all vital information.
- Store physical backups off-site and/or in a fireproof safe that’s bolted to the floor.
- Use secure cloud storage solutions for virtual backups.
- Keep an updated inventory of all physical and virtual backups, including when they were last updated.
5. Educate and Train Your Employees
Well-trained employees are your first line of defense against cyberattacks and can significantly reduce the risk of breaches.
- Hold annual cybersecurity trainings where you review basic best practices and company-specific protocols.
- Conduct random internal practice tests, such as faux phishing emails, to assess individual employees’ cyber safety.
- Require multifactor authentication and periodic password changes for all devices or programs where it’s available.
6. Implement Access Control
Limit who has physical or virtual access to sensitive devices or data to minimize the risk of internal threats and accidental exposure.
- Categorize access permissions by job roles or levels, for simplicity.
- Require access requests for especially sensitive data to be approved by a second individual, such as the head of IT.
- Keep sensitive devices and storage items inside a locked room that only management can access.
- Maintain an inventory of all devices that collect sensitive customer information and who has access to them.
7. Take Advantage of Available Resources
Utilize no- or low-cost resources to help you develop and refine your cybersecurity strategy.
- Consider referencing the Global Cyber Alliance’s cybersecurity kit for small businesses, a six-step toolkit that walks you through essential cyber steps and connects you with valuable tools.
- Try using the Federal Communications Commission’s cyberplanner, which helps small businesses outline customized cybersecurity plans based on their specific needs.
- Check for resources offered by your business banking institution, such as Amegy Bank’s fraud prevention tips and tools.
8. Address Remote Risks
Ensure that remote work doesn’t become a liability for your business.
- Establish protocols for secure remote access to your network or devices to help protect against unauthorized or unsafe access, such as requiring multifactor authentication, restricting public network usage, and keeping equipment securely stored when not in use.
- Furnish remote employees with company-provided equipment and devices preloaded and set up with appropriate cybersecurity software, programs and features.
- Require employees to install robust antivirus and firewall software on any mobile devices they use to access the company network or information.
9. Develop a Response Plan
A clear response plan helps ensure cyber incidents are responded to promptly so your business can begin recovering right away.
- Outline steps to help identify, report, contain, eliminate and recover from different cyber incidents and threats.
- Include precise guidelines for when and how to communicate with stakeholders and clients about cyber events.
- Clearly outline the roles and responsibilities of all team members in addressing or responding to a cyber risk or event.
- Keep physical and virtual copies of the response plan easily accessible for employees.
Feel Sure of Your Cybersecurity
The final step of small business cybersecurity planning is the ongoing review and revision of your cyber strategies. Cybersecurity threats evolve rapidly, and it’s essential that your defenses can keep up. Stay informed about new threats, trends and protective technologies in your industry and beyond, and partner with experts to strengthen your defenses. By adhering to this checklist, you’re not just helping to protect your business – you’re also securing the trust of your customers.
With Business Complete, Amegy’s small business customers can get connected to discounted cyber, ID and legal services, including dark web monitoring, a mobile cybersecurity tool suite, business credit monitoring and ID restoration services. Discover other ways we can help your business thrive.
The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Amegy Bank.