Cybersecurity is essential for protecting sensitive information of both your organisation and customers. It helps you avoid business losses and maintains customer trust.
Digital advancements in business are a double-edged sword. They offer unparalleled opportunities to speed up an organisation’s profitability and success. But at the same time, they can lead to unprecedented risks that can even lead to business failure.
The risks are even more heightened today.
According to the Australian Bureau of Statistics, cybersecurity incidents have doubled from 2019 to 2023. The most common types of cyber attacks against businesses include scams, fraud, unauthorised access to company accounts, and malicious software.
This surge in cybersecurity incidents shows the pressing need for robust protective strategies.
Small businesses, in particular, find themselves not just targets but also the most vulnerable to the crippling effects of cybercrime. Because they often lack the means to invest in their cybersecurity, many of them fall prey to cybercriminals.
The many businesses that have gone under due to cyber attacks is proof that cybersecurity is no longer just an IT issue today. Rather, it has become an essential part of business operations.
With that in mind, here are six ways to improve your small business’s cybersecurity.
The 6 Ways
Way #1. Educate Your Employees
The reality is that often, the team members of small businesses tend to have minimal knowledge about cybersecurity. As such, they are more vulnerable when it comes to cyber threats. What’s more, their idea of cybersecurity is to simply avoid visiting shady websites.
But the reality is that responsible internet usage is just one aspect of cybersecurity; there’s more to it. As such, providing comprehensive cybersecurity training to employees is vital to protect a business.
To start with, your employees should be aware of potential cyber threats, especially the most common ones. They should learn the importance of using strong passwords. And they should also know how to identify and report phishing attempts.
The goal is to empower your staff to play an active role in maintaining the cybersecurity of the business.
Way #2. Use Reliable Security Software
You might notice a lot of free software offering protection from cyber attacks online. But for small businesses, those are likely not enough to suit your needs.
Getting a trusted security software to protect your business might be expensive. However, the benefits of investing in one far outweigh the costs.
Remember, your security software is your business’s frontline defence when it comes to cyber threats.
Paid options offer more robust features that can protect your business and ward off even the most sophisticated cyberattacks. Meanwhile, free versions typically provide insufficient protection for a single user, let alone businesses.
Remember, a trusted security software will ensure that your business’s data is shielded from malware or viruses. Investing in the right one for your organisation means your data gets safeguarded from any kind of potential digital breaches.
Way #3. Update Software Regularly
Like in mobile phone applications, software updates are vital for your cybersecurity. These updates often come with new features to ensure the protection of user data.
The reality is that malware and other online threats won’t go away. But keeping your software and cybersecurity programs updated would go a long way in protecting your business’s data from being obtained and compromised by cybercriminals.
Besides this, updates tend to come with additional safety tools. This means with every update, you can further deter cyber threats to your small businesses.
Way #4. Conduct Cybersecurity Incident Response Training
Educating your staff about cybersecurity is just one aspect of ensuring your business’s protection from digital attacks. It’s equally crucial for them to know how to respond in case of a cyberattack.
By doing so, they’ll know how they should address such incidents and limit the impact of the attack of cybercriminals.
Developing a step-by-step plan of action and simulating an incident is a good way to prepare them for future breaches. Teaching them how to solve the common cyber threats and retrieve data promptly, for instance, will help minimise the impact of cyberattacks on your business.
Way #5. Promote Secure Network Practices
Another way of protection from cyber threats is by creating a secure network. Using a secure and separate network for business operations would help prevent massive cyber attacks. You can immediately protect this separate network once a cyberattack occurs in your business.
Another option to consider is the use of Virtual Private Networks or VPNs. This kind of network will allow you to hide your computers’ IP addresses, ultimately adding to another layer of security for data protection.
Way #6. Develop a Backup and Recovery Plan
As you know, the goal of cybersecurity measures is to prevent cyber attacks. But it’s also important to always be prepared for the worst-case scenario.
Among the most basic cybersecurity scenarios you must consider is data recovery in case of a breach. It’s because this is among the most common cyberattacks small businesses experience. And they can easily lead to massive losses in your business.
This is why you need to have a backup and recovery plan that would ensure data and systems critical to operations get easily restored after a cyberattack. This would allow your business to continue its operations in the unfortunate event that your cybersecurity was compromised.
That said, these backups should be maintained and checked regularly. You want your business to be up and running without experiencing any data loss after experiencing a cyberattack.
Protect Your Business Via Robust Cybersecurity Measures
We can’t stress enough that cybersecurity is vital to the survival of any business. Think of it like your shield as you develop your small business in the digital age. It protects your sensitive information so you can maintain the trust of your customers.
Investing in robust cybersecurity measures is an investment in your business’s profitability, reputation, and future.
While guarding your business from cyber threats is paramount, the reality is that these upgrades to your business’s security come with a cost. But as you now know, it’s a cost that will allow you to reap massive benefits.
So, if budget constraints hold you back from safeguarding your business, Unsecured Finance Australia is here to help. Apply online and you can receive your approval within 24 hours.
Find out more by taking a look at our unsecured business loans.