Both the large as well as small-scale businesses have taken up the challenge to combat the threatening cyber thefts or security vulnerabilities. However, larger organizations can streamline the cutting-edge security tools and technologies to stop such kinds of threats. But the fact claims that 90% of breaches affect the growth of small businesses.
Unlike large scale companies with billions of revenues, small businesses might experience an obsolescence from a data breach. The recovery expenses upsurge instantly from lost revenues, crisis management to credit monitoring for affected customers. This can create the financial loss for your small business.
According to a survey, there is 4.7 % hike in the number of database theft over last year. In order to overcome this situation, small businesses need to formulate some solid strategies to get rid of dangerous cyber security vulnerabilities.
In this post, we will light upon the four effective strategies that will help you avoid data breaches and protect your business from hackers and other security threats.
1. Analyze Your Risk
So, first, analyze the sort of data you are collecting and storing. Just for an example, if your business is managing financial or medical information, you may need to adhere to industry regulations or state and federal laws that needs specific security measures. Also, make sure where your credential/ sensitive data is stored. Because hackers often target a server that’s having a remote access. Therefore, you should store the top-level data in a more secure place.
You should understand each and every aspect of your business before executing your strategies. Also, consider the following tips:
- Get complete control over how data moves across your networks
- Which data is shared with external parties?
- How are phone devices authorized to connect?
See whether there is any security gap or not, if yes, then fix them as quickly as possible.
2. Monitor the Network Access of Your Employees
Usually, employees have huge access to stored database – from personnel records to customer’s financial information. Therefore, you should determine who needs the network access permission based on their job duties. If an employee doesn’t require access to credential information, don’t give them.
If you switch an employee’s role, then you must update his/her login details to maintain the security of your databases. Also, don’t forget to deactivate the network access of an employee who has just left your company.
Most of the hackers target the employees of a small business to gain access to their credential information. So, ensure that you create awareness among the employees about phishing, or other scams. Also, provide them in-depth information regarding all these possibilities and the ways to fix such issues.
3. Concentrate on the Most Valuable Resources
Small scale business generally stores a huge amount of data. But due to the lack of financial resources, it becomes difficult to secure all of them. Instead, you must analyze the most valuable or sensitive information that requires more security and protection against hackers.
You must focus on securing customer’s sensitive data, including payment records, and personal information such as social security numbers, addresses, names, and birth dates. Also, protect your employee’s data.
Furthermore, you can also use some relevant encryption technology – either it is free or very low cost.
4. Take in Cyber Insurance Policy
The best thing you can do is to add a considerable cyber insurance policy against security threats and data breaches.
Coverage is available to help you pay cost related to customer notification, legal counsel, forensic investigations, and reputation management. You may find other policies as well that tends to offer access to experts who can let the business analyze its risks and identify the suspicious vulnerabilities.
Small businesses need more positive approach towards analyzing, identifying and eliminating suspicious security threats or data breaches. They need to reduce the risk of exposure, keep on monitoring their network and update themselves with advanced resolution applications and programs.