02/24/2023

Posted By: Tripti Rijhwani

Top Tips to Protect Your Business in 2023

Small and medium businesses (SMBs) are increasingly vulnerable to cyber attacks, data breaches, and other security threats. SMBs are especially vulnerable as they are frequently targeted and typically have limited advanced resources to focus on the ever-present threat. Protecting your business by having a secure network to keep your data and assets safe is essential. But just as important, you need to develop a security checklist that outlines the steps and tasks you need to take to ensure your business is secure and resilient. This will review some of the risks and provide a comprehensive checklist to guide business leaders to protect their companies.

What are some top cybersecurity risks to my business?

Businesses need to realize the importance of cyber security as it can have a devastating effect on their operations. Small businesses have become frequent targets for cybercriminals, as they often need more resources or knowledge to protect themselves. These risks are exposed by bad security configurations and a lack of awareness of exposed systems. Being deliberate and vigilant about risks is the first step. Cyber security risks can include anything from data theft to ransomware attacks, and small businesses need to be aware of these risks and take steps to protect themselves.

Phishing and social engineering: Phishing is one of the most common cyber security risks for small businesses. It involves cyber criminals sending emails to small businesses that appear to be from legitimate sources, such as banks or online suppliers. These emails contain malicious links or attachments that can infect a computer or network with malware. In most cases, the hacker might use the phone, email, snail mail, or direct contact to gain illegal access. Phishing, spear phishing, and CEO Fraud are all examples.

Data Breaches can occur when hackers access a company's confidential information. This information can include customer records, financial data, or other sensitive data. Data breaches can be devastating for small businesses, as the cost of a breach can be high in terms of both money and reputation.

Malware is malicious software used to gain access to a computer or network. It is used to steal data, delete files, or gain computer control. Malware is often spread through links in emails or on websites, and small businesses need the proper security measures to protect themselves.

Unsecure Networks can be a significant security risk for small businesses. Open Wi-Fi networks, for example, can be easily accessed by cyber criminals and used to gain access to a company's confidential information. Therefore, small businesses must ensure that all of their networks are secure and all users are properly authenticated.

“The World Economic Forum finds that in the next five years, a 15% increase in cybercrime costs will reach 10.5 trillion by 2025. On average, SMBs today spend between $826 and $653,587 on cybersecurity incidents."

While cyber insurance is available to mitigate some of the risks, it is difficult to recover a business's reputation. Businesses of all sizes must take proactive steps to ensure their data is secure and their systems are protected from malicious activity. By implementing the appropriate security measures, businesses can reduce the risk of costly data breaches and keep their operations running smoothly.

What are the steps to implementing a Cyber Security Checklist?

A security plan can help protect small businesses from these risks. It's essential to have the proper security measures, such as antivirus software, secure networks, and data encryption. It's also necessary to ensure that all your employees know the risks and how to respond to potential threats. Without the proper security measures, small businesses could face devastating data, money, and reputation losses.

The first reality is that all businesses must acknowledge the expectation a breach will happen. This realization should be the motivating factor to create, implement and continuously update the plan. Here are some tips for creating a practical security checklist for your small business.

1. Map Your Environment: The first step in creating an SMB security plan is to map your environment. This includes understanding your network's architecture, devices, and applications. Identifying potential vulnerabilities in your network, such as open ports, weak passwords, or outdated software, is also essential. Businesses must look at their network and include their facilities and physical security to help prevent security risks.
2. Train Employees: Educating your employees on security policies and procedures is also essential in creating an SMB security checklist. Ensure your employees understand the importance of strong passwords, two-factor authentication, and secure data sharing. They should also know how to spot potential scams and phishing emails. Having a personnel security policy and providing employees with regular updates is a significant step to help prevent security attacks and breaches.
3. Implement a Defensive Plan: You must develop a defensive plan to protect your business from security threats. Policies that ensure all employees use multifactor authentication are essential. It is vital to cover all endpoints and networks using antivirus software on devices, and protecting all endpoints, is also necessary. It's important to restrict who has access to essential data and the authority of software installs.
4. Maintain Good Security Governance: This is essential for any security checklist. This “hygiene" includes regularly scanning for vulnerabilities, monitoring suspicious activity, and periodically updating your systems. It also consists of the continuous backup of all critical data sources to your operations. This includes not only your backend systems but also your email and even your website assets. It also helps you audit your network regularly to ensure security policies and procedures are adequately enforced.
5. Develop a Response Plan: Lastly, you need to develop a response plan that can be based on the National Institute of Standards and Technology (NIST) Cybersecurity Framework. This includes developing a plan for responding to a potential breach, such as identifying and containing the risk and recovering any lost data. This plan should include the following:


• Identify the plan's scope that determines the types of incidents that will be addressed and the resources available to respond.
• Establish incident response roles and responsibilities that need to be created. These responsibilities are to individuals or teams to ensure that the incident response plan is implemented correctly.
• Develop incident response procedures for each type of incident addressed in the plan, including steps for gathering evidence, mitigating the incident, and reporting to external entities.
• Establish incident escalation procedures for elevating the response to more senior personnel if the incident warrants it.
• Develop incident reporting procedures for external entities such as law enforcement or other regulatory bodies. This also involves the notification of customers, partners, and your team.
• Train personnel on the plan so they understand their roles and responsibilities. This includes testing the plan by simulating different incidents and evaluating the effectiveness of the response.
• Document the plan in writing and store it securely.
• Regularly review and update the program to ensure that it remains effective and up to date.

At Dreaming Code, we offer a range of cybersecurity solutions from leading providers for small businesses. We also take this very seriously by protecting your instance of our product with only the top industry partners and consultants.

Our team of experienced security consultants can help you develop a security plan tailored to your business's needs. We also offer 24/7 Radical Support, so you can rest assured that your business will always receive top-level protection. Contact us today if you need help with your cyber security plan.

To learn more about how we can help your business, schedule an appointment with one of our solution experts today.

To learn more about the Dreaming Code eCommerce platform visit: http://dreamingcode.com.