Cybersecurity for Small Businesses

In the digital age, cybersecurity for small businesses is a critical concern for everyone especially the smaller enterprises because the stakes may be particularly high.

A cyberattack can have devastating consequences, potentially leading to the loss of sensitive data, financial ruin and damage to the company’s reputation.

Given the potentially limited resources of smaller companies, even a single cyber incident could incur devastating repercussions.

8 Tips to Increase Cybersecurity for Small Businesses

While the effects of cyber incidents can be catastrophic, there are many ways small businesses can establish and maintain strong cybersecurity, potentially limiting the likelihood of breaches. Consider the following:

• Educate employees. One of the first lines of cybersecurity defenses in any organization is its employees. Educate your staff about the importance of cybersecurity and their role in keeping the business safe, such as by setting strong passwords and recognizing phishing scams.

• Update software. Keeping software and systems up to date is crucial. Software updates often include patches for security vulnerabilities that hackers can exploit. Automate updates where possible to ensure they are not overlooked.

• Install security software. Firewalls and antivirus software can provide robust barriers between your internal network and the outside world. They can help prevent unauthorized access to your network and should be used on all computers and networks within the business.

• Protect your Wi-Fi network. If your business uses Wi-Fi, ensure it is secure, encrypted and hidden. To hide your Wi-Fi network, set up your wireless access point or router so it does not broadcast the network name.

• Back up data often. Regularly back up data on all computers and servers. In the event of a cyber attack, this will allow you to restore your system. Backups should be stored in a secure, off-site location.

• Limit access. Not every employee needs access to all information. Restrict access to sensitive data to those who need it to perform their job. This can reduce the risk of internal threats and data leaks.

• Be prepared. Despite your best efforts, breaches can still occur. Have an incident response plan in place to react quickly and minimize damage. After a cyber incident, reassess your procedures to improve them and limit remaining vulnerabilities.

• Get insurance—Cyber liability insurance can be critical in helping your organization manage and recover from cyber incidents. These policies may limit out-of-pocket losses and expenses for things like hiring a public relations firm, notifying affected parties and defending yourself against resulting lawsuits.

We’re Here to Help

Cybersecurity is not a one-time effort but an ongoing process. By implementing these practices, small businesses can significantly reduce risks and create a safer digital environment.

Contact the team at Strawn & Co today to learn more about cybersecurity for small businesses or to inquire about tailored coverage solutions.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.