SMB cybersecurity risks and best practices

The digital economy brings with it considerable cybersecurity risks for businesses of all sizes. However, small businesses (SMBs) can be particularly vulnerable as they may not have the security budget or resources that a large operation does. 

Businesses need to maintain modern business practices, while also considering the cybersecurity risks.

For example, shared company networks must be implemented in a way that prevents unauthorized access. What privileges should each user have? Should you implement multi-factor authentication (MFA)?

When making payments online, businesses should consider the security of the software, devices, and payment methods in use. Is a wire transfer a secure option? Is a credit card the best way to go? Is ACH payment safe enough?

When storing company data, what security policies should be implemented? What needs to be encrypted, and what doesn't? How do you safely back up your data?

These are all valid concerns, and it is up to the business to understand the cybersecurity risks associated with their digital workflows.

Cybersecurity risks for SMBs

Before we get into best practices to protect your business, it's important to understand the different attack methodologies cybercriminals have in their arsenal. Generally speaking, all of these methods aim to gain access to sensitive company information, where they can exploit this information for financial gain.

Common cyber-attacks include:

• Malware: Refers to all forms of malicious software used in a cyberattack, including viruses. Viruses are often hidden in innocent-looking files and inadvertently downloaded or forwarded by users.
• Phishing: A type of social engineering attack where users are tricked into revealing sensitive information (usernames, passwords, etc.). The standard form of phishing attack uses fake emails that manipulate users into quickly clicking a link to a fake website and entering their details.
• Password attack: Finding an employee's password by either a brute-force attack (trying every possible combination), dictionary attack (trying combinations of words), or keylogging (tracking the user's keystrokes).
• Ransomware: Once a network is breached, ransomware attacks lock legitimate users out or encrypt enterprise data such that it is inaccessible until a fee (or ransom) is paid.
• DDoS (Distributed Denial of Service): Sending a large volume of requests to overload a company's server, crippling their operations or preventing them from providing customers with their service.
• Insider threats: A current or former employee with network privileges deliberately misusing company data for their own gain.

SMB cybersecurity best practices

To protect themselves, businesses need to follow a series of cybersecurity best practices. First, be sure to implement enterprise-grade software, including antivirus software and a firewall. Antivirus solutions scan the company network for suspicious or outright malicious files. Firewalls are the network's moat, scanning all traffic entering and exiting for malware.

Other security tools to consider include:

• Data backup: A service that stores all of your data on a separate server to help recovery in the event the original is compromised.
• Encryption: Protects data from being stolen by encoding it into an alternative form that only authorized parties can convert back to the original.
• Multi-factor authentication (MFA): Require network users to provide multiple forms of authentication when accessing the network or the most sensitive data on the network.
• Virtual private network (VPN): With the rise of remote work, it can be beneficial to require off-site employees to use VPNs. This software encrypts all traffic sent and received online.

Beyond cybersecurity tools, there are also a range of best practices you can implement across the workforce to protect your network. These include:

• Choosing secure software vendors: A common way for hackers to compromise business networks is through unsecured third-party software. When selecting the enterprise software for your business, go for established vendors that comply with cybersecurity standards. For example, choosing payment software that follows PCI DSS (Payment Card Industry Data Security Standard).
• Up-to-date software: Hackers are continually discovering new cyber exploits. In response, software vendors update their products to patch out new vulnerabilities and protect their customers. So don't put off software updates, as they offer you the most up-to-date protection.
• Network segmentation: When running a business network, you can drastically increase security and limit the impact of a breach by splitting the network into smaller isolated sections. Assigning different access privileges and authentication procedures for each segment allows you to increase protection for your most sensitive data.
• Incident response plan: Businesses need an incident response plan in case the worst happens, and their network is compromised. This document should tell employees how to behave to limit the impact of the breach and prevent knock-on effects impacting customers.
• Cybersecurity staff training: Teach employees the different ways hackers could infiltrate the company devices or network and advise them on how to use your chosen cybersecurity tools.

Staying ahead of the cybercriminals

Small businesses should remember that they hold valuable enterprise and customer data. This information, combined with limited cybersecurity protection, makes them the ideal target for opportunistic hackers online. 

You don't have to wait until you're the victim to take it seriously. Implement robust cybersecurity software, follow best practices, and keep your data to yourself.