Small and medium-sized businesses (SMBs) are prime targets for hackers due to perceptions that these companies lack adequate resources, have smaller cybersecurity budgets, and believe they’re unlikely to face cyber threats. Although it's accurate that SMBs may not match the resources of large corporations, safeguarding your business doesn't require massive investments. Here are six affordable, straightforward, and highly effective cybersecurity practices that hackers genuinely dislike.
- Use Two-Factor Authentication Hackers commonly breach business accounts using compromised credentials. Two-factor authentication (2FA) and multifactor authentication (MFA), available since the mid-2000s, remain among the strongest protections available. 2FA adds an extra step to the login process, requiring both your password and a second verification method like a code sent via text message. Even if cybercriminals manage to obtain your password, they’ll be blocked by the additional authentication step. Platforms such as Google Workspace and Microsoft 365 provide free 2FA, yet SMBs significantly underuse it—only 34% adoption compared to 87% in larger corporations, according to Jump Cloud’s 2024 IT Trends Report. Implementing 2FA is simple and highly effective, making it a must-have for every business.
- Keep Software Updated Outdated software is a favorite target for cybercriminals because it frequently contains security vulnerabilities they can exploit. Ransomware attacks often take advantage of known weaknesses that could have been patched months earlier. Ensure all your systems and applications are set for automatic updates, keeping them secure with the latest patches. Complement this approach with regular employee education, reminders, and strict policies requiring timely updates to further mitigate risks.
- Regular Employee Cybersecurity Training According to CISA, phishing emails account for over 90% of data breaches. These deceptive messages imitate trusted sources such as banks, retailers, or colleagues to trick employees into clicking malicious links or revealing sensitive information. Cybercriminals exploit employees who lack the skills to differentiate authentic emails from fraudulent ones, an issue worsened by increasingly sophisticated AI-generated phishing schemes. Continuous cybersecurity training significantly reduces this risk, decreasing successful phishing attempts from 32.5% to 5% within a year, as reported by KnowBe4. Effective training combines realistic examples, simulated phishing attacks, and ongoing interactive sessions to reinforce learning.
- Implement Data Encryption Data encryption is essential for protecting sensitive information, and many cybersecurity insurance providers even mandate its use. Encryption converts data into secure code accessible only by authorized individuals, rendering intercepted emails or customer data useless to hackers. SMBs often perceive encryption as expensive or complicated, but modern services like Google Workspace and Microsoft 365 offer user-friendly, affordable encryption solutions.
- Restrict Employee Access Giving every employee unrestricted access to all files and systems significantly increases the risk of accidental or intentional security breaches. Although implementing access restrictions may initially seem cumbersome, it need not hinder daily operations. Qualified IT professionals can tailor permissions, ensuring employees have only the access necessary for their roles. For example, a marketing intern should not access payroll or network administration settings. Consider granting temporary elevated access for specific projects, which is revoked automatically upon project completion.
- Regularly Back Up Your Data Ransomware poses a significant threat to SMBs, with OpenText Cybersecurity reporting that 46% have already encountered such attacks. In ransomware scenarios, hackers encrypt your data, demanding payment for its release—with no guaranteed recovery even after payment. Adopting the 3-2-1 backup strategy ensures robust data recovery options: maintain three separate copies of your data on two distinct storage formats, with at least one copy stored off-site, such as cloud storage or an isolated external drive. Equally crucial is regularly testing your backups to confirm their integrity, preventing unpleasant surprises during actual recovery scenarios.
Adopting these affordable, easy-to-implement measures significantly strengthens your cybersecurity defenses, providing SMBs enhanced protection and peace of mind against cyber threats.