Did you wonder how you can improve cyber security of your small business? The number of small businesses becoming victims of cyber criminals is escalating. This victimisation takes place either through via scams, theft, or other malicious criminal activity. Small business owners are busy keeping their businesses afloat, and they usually lack time to come up with good cyber security practices. Cyber criminals are aware of that. If you are a small business owner, you definitely need to consider to secure your business. We share cyber security advice through this article with the aim of helping small businesses better understand and reduce their cyber security risk, and safeguard their networks.

Why small businesses should care about cybersecurity?

Businesses of all sizes greatly rely on their networks and internet connectivity to conduct business. The internet brings massive business opportunities, but it also brings many risks. Managing these risks is of high importance for small businesses to protect their assets from cyberattacks.

Whether you’re a small business or a large enterprise, cyber risks could be waiting right around the corner. Many small businesses frame themselves to be “too small” to be of interest to cyber criminals. In reality, businesses can be subject to cyberattacks despite their sizes. According to Hiscox’s “Small Business Cyber Risk Report: 2018”, 66% of small businesses were extremely concerned about cyber security risk. Only 16% of small businesses were very confident in their cyber security readiness.

Cybersecurity may seem overwhelmingly complex for small business owners. Small businesses are a growing target for cyber criminals, so it’s crucial for them to be aware of the best cybersecurity practices. Simply put, as a small business owner you have to remain prepared for cyber attacks.

In this era of rapidly expanding knowledge, you can no longer afford to stay unprepared when it comes to cyber-attacks. Small as well as medium-sized businesses are regarded as the engine that powers growth in Switzerland and the whole world. However, many small businesses stay susceptible to cyber attacks. We at Swiss Cyber Forum see the consequences of cyber security incidents every day on small businesses. In fact, there are a number of best cybersecurity practices to follow.

Business impacts of security threats

Being aware of some cybersecurity basics will help you protect your business and eventually minimize the risk of a cyberattack. First of all, you have to know that your IT-based services and corporate data are at risk. Information security must be a key priority for small businesses, as the reliance on and complex nature of technology grows consistently.

There are many ways in which a cyberattack can have a negative effect on your business, including reputational damage, regulatory fines, loss of customers, decrease in revenue and etc. Briefly, cyber threat is a real concern for small businesses. For this reason, they must be aware of cybersecurity best practices in 2020.

3 pieces of cyber security advice for small businesses

Not only are the business impacts huge, but there are a number of challenges to overcome. That being said, we are going to share 3 cybersecurity best practices. It’s true that cybersecurity practices always change with the market. Still, if done correctly, these strategies will deliver effective results and improve your small business cybersecurity today.

1. Train your employees

Even with IT staff in place, employees unintentionally cause breaches if you do not train them. Make sure that employees understand what a potential attack looks like, so they know how to avoid falling victim into fraudulent schemes, phishing, malware or ransomware traps.

Cyber security is facing a workforce deficit. We believe that business executives must understand that they have a significant role to play in dealing with this shortage by investing in their employees. We believe that employee education on cyber security is only achieved through well-designed training content, deployed on a continues basis. Cyber security education is not a technical solution, rather a human solution.

Do you want to increase the knowledge base of all your employees, so that they can protect themselves and the company against increasing cyber attacks? We can help your employees understand how to protect systems, applications, and data from misuse and ultimately, minimise damage to corporate assets.

2. Perform a cyber security risk analysis

Secondly, performing a risk analysis helps your business identify, manage, and secure information that could be vulnerable to a cyber attack. This analysis helps you identify resources, ascertain the risk, and build a plan for security controls that can help protect your company. Identifying security threats and working on mitigating them has the potential to prevent or reduce security incidents. Doing so is going to save you money or reputational damage in the long-run. Moreover, knowing organizational vulnerabilities presents you a better idea of where your organization needs to focus on.

Being aware of the potential security threats will help you and your business to remain prepared. If you don’t carefully evaluate your cyber risks, they can’t be managed properly. This means that your company could be exposed to several security threats. Of course, it isn’t possible for any business to be 100% secure, but it’s fully possible to manage and reduce the impacts of cyber threats.

3. Security by design

One of the most common reasons for failures in computers is actually the lack of implementing security tools, especially antivirus software. The essential purpose of this software is to detect, neutralize or eliminate malware from computers or devices before the system becomes hacked. Basically, antivirus software is the “policeman” at the door of a computer system. It safeguards your device from incoming threats and warns of potential threats to the system.

New virus threats come out every day from all across the world. As soon as they are detected, security companies include them in their signature databases to effectively secure users’ computers and devices connected to the Internet.

Given that, not having anti-virus on your device is like having an “uninvited guest”. To be safe from the cyber threats it is important to police the device and have it protected at all times. Finally, you should not underestimate the importance of antivirus software.

Final thoughts on cybersecurity best practices for small businesses

Corporate data is more vulnerable than ever before. Following the best cybersecurity practices goes beyond deploying the latest technology. It starts with your employees. Cyber security landscape is changing consistently and criminals get more advanced every day. To protect your business, it’s vital that all your employees make cyber security a top priority. Having the necessary knowledge, like the top 3 cybersecurity practices we shared, can make your business secure.