Can Small Businesses Afford Cyber Security?

Small businesses are vulnerable to cybersecurity breaches. Many business owners want to find affordable cyber security solutions to protect their valuable data. When a small company is attacked, it can lose more revenue than a larger business. According to the Poneman Institute, these losses are around $763 per the affected computer or device for a small business.  


Why Are Small Businesses More Vulnerable?

These smaller businesses do not have comprehensive or sophisticated cybersecurity programs in place. Hackers often target small companies because these businesses are an easier target for cyber break-ins. Smaller businesses are targeted with ransomware, viruses, and malware on a regular basis. In some cases, owners are more focused on their customers and spend less time protecting their data. There are some things you can do to improve your cybersecurity for your business.  


Hire Consultants

Are you worried about the costs of defending your business? You should see cybersecurity as an investment in your company. You should never think that a cybersecurity breach cannot happen to you. Small companies often cannot afford their own in-house security experts. You can always hire a professional consultant that will work with you to maintain and protect your valuable data.  


Work with Secure Companies

You often hear about security breaches at companies that put customers’ data at risk. When you are securing your own data system, you need to think outside of your business. Vendors and storage services are also prime targets for online hackers. If you do business with an outside vendor, you need to know how they are protecting their data. With some due diligence, you can keep your data safe from hackers.  


Backups are Key

If you are not backing up your data, you are putting your company at risk. Companies hit with ransomware or viruses can see their files rendered inaccessible. Cyberthieves and hackers are targeting companies with demands to pay a fee to unlock these files. These schemes are becoming more common with vulnerable businesses. You can avoid these demands with a full system backup of your database. The best solution is to find an off-site system that creates new versions of all your company’s files and data.  


Always Update Your Software

You always want to stay current with hardware and software updates for your system. These patches must be routinely installed to help improve the product’s security. All the devices at your business need to have the patches and updates installed on a weekly basis.  


Don’t Fall for a Phishing Scam 

Phishing scams can cause havoc on your database. These invasions are often delivered by an email with an attachment or a link. In most cases, these emails look like they are sent from a legitimate company. When the attachment is clicked, the malware enters into your network. Employees need to be more aware of these scams to detect phishing emails.  


Keep Your Personal Data Protected

Business owners need to protect themselves too. You should never use your personal social security number on business accounts. You can easily get an employee identification number (EIN) from the Internal Revenue Service. If your identity is stolen, you can remain confident that your business accounts will be protected.  


When you put all these measures into place, you can create an affordable cyber security plan for your business.