In today’s business landscape, cyber-attacks pose a notable threat to most organisations. Despite this, small businesses often don’t consider themselves a target. This is because most assume that larger-scale enterprises with large revenue streams are the ideal candidate for an attack, but in reality, their cyber security investments can actually make them more difficult to breach.
This means small to medium businesses are sometimes easier targets in the minds of cybercriminals, mostly due to expectations around lower awareness levels, smaller budgets, and fewer cyber security resources. According to Norton Security, more than 500,000 small businesses are targeted every year, revealing the need for small businesses to cultivate strong cyber resilience. Let’s investigate how you could do this in your organisation.
Threats to your business’ cyber resilience
In order to arm your business, it’s useful to understand how you could be targeted. That way you can create a cyber security infrastructure that helps you be more resistant to attack. Here are the major threats you could face.
Malicious software
Malicious software, or malware, enters devices or systems through dangerous websites, files, and links, or just thanks to inefficient security. It has the ability to spread to your entire network through one device, with the potential to impact a wide number of systems and devices, putting a stop to business continuity.
Phishing
Phishing is the most common way businesses are targeted and actually poses one of the highest risks. Cybercriminals will send an email masquerading as someone else, potentially even a person within your organisation. All they have to do is get someone to click a link before your business systems are corrupted by malicious software.
Ransomware
Ransomware is a specially designed malware that encrypts your files and data so hackers can block access or threaten to publish private information until you pay a random. This has the potential to impact your reputation while inflicting a potentially significant expense. If you’re forced to stop operations you also run the risk of losing customers, and if personal data is exposed you could face legal repercussions.
Working remotely
The rise of remote working has bought a lot of benefits to businesses, but it also comes with risks to manage. More access points are available to attackers when your staff accesses important data from numerous locations and devices. Even one unsecured device could compromise your entire network.
5 ways to improve cyber resilience
Preparation is key in building effective business security. That way you can minimise impacts and have a plan to get back up and running faster. We’ve uncovered five things you can do to build increased cyber resilience into your cyber security management strategies.
1. Understand your vulnerabilities
Knowing the risks to your business is one of the best ways to protect it. For small businesses with budget restrictions, you can strategically focus your resources when you understand the condition of your cyber security infrastructure and which systems are most important. That way you can minimise unnecessary spending and only invest in the areas that need it.
2. Introduce protection methods
Most cyber breaches are due to human error, so you can help reduce that risk when you train your people on what to look for. You should also make sure you are in control of who uses your network and devices. Introducing a strong password policy, enforcing regular software updates, and leveraging useful tech solutions will also go a long way in protecting your business.
3. Plan for quick detection
IMB Security reports that it took Australian businesses an average of 311 days to detect and contain their breaches. With detective measures in place, you can locate a breach much sooner and roll out a plan to minimise its damage. You can do this by identifying whose responsibility it is to locate suspicious activity, who they should report this to, and what to do next. It’s also easier to know what counts as suspicious when you understand a base level of normal activity, which your IT department can determine by monitoring, collecting, and analysing data.
4. Roll out an effective response plan
When a breach is detected, a quick response will give you the best chance of containment. Your staff knowing how to begin a response plan could be the difference between a single device being infected and an entire network shutting down. The best course of action could be disabling network access, conducting traffic isolation, blocking IP, or making the breached accounts reset their passwords. In the event that customer data is compromised, you should immediately put the word out so they can begin their own response plan and protect themselves.
5. Remember to plan for your recovery
With a recovery plan in place, you can get back to business as normal much more quickly and keep your bottom line moving. Your main goal should be to get operations back on track which you can do by using alternate platforms while your systems are restored. You could also benefit from deploying failover solutions to maintain your network functions.
Achieve cyber resilience with TBTC Victoria East
TBTC Victoria East can provide solid cyber security services and advice to help you with your business security. Using a security audit, we can identify vulnerabilities and offer tech solutions to help eliminate them while assisting with the development of response and recovery plans. Reach out to us today, and let’s get securing.
