Over the last three decades, fast broadband has become the norm both in homes and offices and, later, even with mobile devices. As that adoption took place, our lives shifted further to the digital realm and the issue of cyber security evolved. Today, the average person in the U.S. spends around eight hours a day online.
Business activity also reflects this digital shift. From marketing to communications, more and more of our business processes are digital. As a result, data is perhaps the most valuable asset any business owns. Data is the essence of your business, including customer data, financials, and business communications. Losing access to that data leaves a business unable to operate, and having that data compromised can be just as devastating.
Cyber security serves a critical role in protecting sensitive business information. Whether stored on local servers or SaaS systems using cloud storage, keeping your data safe is more important than ever.
But what does that mean?
Small Businesses Are Targets, Too
First, it is important to remember that cyber-attacks are not just crimes that happen to multinational and global brands, cyber-attacks happen to businesses of all sizes, every day. The effects of cyber attacks on small businesses often pose insurmountable odds of recovery, with 60% of small business victims of cyber security crimes closing within 6 months of a successful attack.
The costs of a cyber attack result in great damage to small businesses. Unfortunately, the loss of trust with customers is often even more devastating and can be extremely challenging to recover from for any business.
With so much at stake, what options are there for cyber security today?
Understand Cyber Security Threats
The days when you could protect your systems with antivirus software and a firewall system are gone. Criminals utilize sophisticated attack solutions that automate the process, from brute force password attacks to interception of data transmission. Because smaller businesses often use the cloud to store data on platforms such as Amazon Web Services, robust cyber security measures are essential.
Effective protection requires a cohesive solution that works across all business activities. Multilayer solutions work together to cover a business from every angle.
Components of a multilayer approach include:
- Network Security
- Application Security
- Cloud Security
- Disaster recovery Solutions
- Infrastructure Security
Most businesses lack an in-house cyber security expert. Employing a cyber security specialist, whether as a consultant or to design and implement complete solutions, is an important step.
Optimize Cyber Security with a Multi-Faceted Approach
A multi-faceted approach to cyber security includes employee awareness, software protection, and hardware refinement. In general, the practical outcome of that is a range of strategies that encompass:
Employee Cyber Security Training and Education
No matter what other protections are put in place, employee participation is critical to a successful security strategy. If your employees are not aware of potential threats or fail to take the right precautions, your systems will eventually be compromised. Security awareness programs and platform-specific training can ensure that your business maximizes the performance of all cyber security measures.
Access Management
A big part of maintaining data security is ensuring that you know exactly who can access what part of your network, your data, and so on at any time. Ensuring employees have only the necessary access for their work and maintaining separation with any customer-accessed tools allows tighter control of sensitive data and systems. These measures also make it easier to spot incursions as they happen.
Monitoring and Detection
Because cyber-attacks deliver such devastating consequences, cyber security must be proactive. The goal is not to react to successful attacks, but to identify vulnerabilities and potential attacks early. Effective monitoring operates 24/7 on all systems, with the latest solutions leveraging AI and machine learning to quickly identify activity that may result in an attack. Prevention and early detection provide opportunities to protect critical business data before anything is compromised.
Response Strategies
Cyber security solutions usually include an automated response system as well as alerts to security specialists to ensure the most robust response to any threat. The type of response will depend on the threat itself, but with effective detection in place, businesses can have confidence that solutions can be implemented quickly and effectively whatever the threat may be.
Third-Party Risks
Most businesses today utilize third-party systems within their business processes. From a CRM system to manage customer data to cloud-based scheduling software, each use of third-party tech presents a potential vulnerability. Unfortunately, third-party vulnerabilities often remain out of your control. An integral aspect of the procurement process for any third-party system should always be a risk assessment. Learn what security systems are in place. Due diligence on these systems, and identifying those with inadequate monitoring or protection, helps any business avoid disaster.
Conclusion
Cyber threats are real. Any business, regardless of size or industry, can be a target. Don’t think you are immune – if you have digital systems, your business is vulnerable. However, adopting a proactive approach, and consulting experts if required, protects your business and avoids the potentially catastrophic consequences of a successful cyber attack.
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