Cybersecurity guide for growing businesses: Check the best recommendations

Should small businesses and startups really worry about cybersecurity? Absolutely! Organizations of all sizes have suffered because of security breaches and hacking attempts, and the consequences include – 

  • Financial and revenue losses
  • Fines and penalties
  • Legal hassles and expenses
  • Expenses of digital forensics
  • Reputation & image damage

It takes years to build an image, and one small security breach can ruin it all. In fact, smaller companies and growing brands can have a much harder time recovering from the losses, especially damage caused to repute. 

What are the best cybersecurity practices?

There are certain cybersecurity practices that can be handy for all enterprises and organizations, regardless of other factors. Below is a quick list- 

  1. Figure out a program to train your people on cybersecurity
  2. Explain the need to create strong passwords
  3. Enhance network security by using firewalls and encryption
  4. Consider using a backup system
  5. Use network segmentation to reduce impact of a security breach
  6. For privileged accounts, consider using multifactor authentication
  7. Spend on antivirus, antimalware, and anti-ransomware software
  8. Let your employees know about various concerns
  9. Establish safe browsing practices
  10. Insist on using a password manager
  11. Re-evaluate network security from time to time
  12. Get an ethical hacker or cybersecurity expert to test your system for vulnerabilities 
  13. Consider using the auto lockout feature for sensitive accounts
  14. Test all devices from time to time, including IP-based video surveillance systems
  15. Update software, firmware on a regular basis

Consider cyber insurance

As the name suggests, this is a kind of insurance that’s designed to protect businesses in case of losses caused by security breach or cyberattack. Depending on the plan, cyber insurance may cover losses due to data theft, threats, ransom requests, and also other incident management costs. Certain third-party damages can be also covered under such plans. 

Taking the proactive stance

Businesses need to understand that there is no singular way in which cyberattacks can prevent hack. In case of a breach, the top management will have to take charge of the liability, but practicing cybersecurity is for everyone. Employees need to know some of the basic things like ways of social engineering attacks and how clicking a popup would lead to a malware infection. Get your people involved, and in case of an incident, reporting must be done immediately. 

Preventive steps go a long way in ensuring cybersecurity, and you have to figure out an incident response system, so that the damage control after a breach is done effectively. 

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