Article provided by Sword SA
With every good thing, there is equally something bad to contend with. While technological advancements have been a saving grace for the world of business, there have also been various drawbacks that have presented themselves in the process. Although these technological advancements have made it easier for businesses to flourish today, they have also made the very same entities vulnerable to cyber security issues, and with hackers and cyber thieves becoming more and more creative in their attempts to breach businesses for their own benefits, this has proven to be quite the challenge.
When one thinks of cyber security, a handful of benefits come to mind- there’s just so many pros to think about such as how it helps keep Intellectual Property (IP) safe, how it helps reduce legal risks from security breaches, how it protects sensitive information, and also how it helps maintain customer trust. Just off the top of your head, you probably could have thought about this and then some. Although it is a good feature to implement in your business, here are a few things to consider before taking the plunge, things you might not know about cyber security:
Well for one, the evolution of threats always remains something to keep in mind. However, most business owners do not take this into account. Apart from how complex and somewhat costly they are, cyber security measures need to be constantly updated and adjusted to always stay several steps ahead of this evolution. This however is not an easy thing to do for small businesses; it constantly requires a lot of resources. Most small businesses unfortunately have limited resources to invest in the constant beefing up of cyber security to fit into the ever-changing cyber environment. This can lead to what can be regarded as inadequate security; thus, causing gaps in the security through which hackers thrive in.
Another potential danger to consider is the false sense of security that cyber security measures can create. They do not work on their own and need to be supported through employee training on the ‘Do’s and Don’ts’ of navigating cyberspaces. All it takes is for one employee to click on a dodgy link, and an entire business network can be breached or compromised.
However, this can be prevented. Here are a few steps you can follow to prepare your small business for cyber security:
Step 1: Conduct a risk assessment
This will help you identify possible business risks and vulnerabilities. After you’ve established what these could be, you’ll be in a better position to determine the level of protection needed- it cannot be a general selection. This must be followed by you ranking these potential risks based on their likelihood and the potential impact they can have on the business in the event of it occurring.
Step 2: Budget
Once the risk assessment has been completed and adequate resources have been allocated, you can begin drawing up a budget for estimated costs for measures such as software, training, hardware, etc.
Step 3: Start small and scale up
It makes sense to start small and then work your way up to higher-level systems as time progresses. Entry-level forms of security can include the regular backing up of sensitive information and ensuring that the backup is safe and secure, securing network infrastructure with firewalls, intrusion detection systems, etc, as well as protecting endpoints (such as laptops, mobile devices, desktops, etc), that carry crucial information, with antivirus software. From here, these security measures would need to be monitored and adjusted accordingly as time goes.
Step 4: Conduct employee training
While cyber security does a fantastic job, its effectiveness can be hampered if employees are not trained on the best ways to maximise it. They should be taught the best practices to use, and this will reduce the likelihood of them falling into cyber traps which could make it easy to compromise a business from the inside. Regularly conducting phishing simulations and other kinds of security awareness training can aid in educating them on potential threats.
While the value of cyber security goes without saying, the cost implications can be quite a blow to a small business, especially one that is still new since the process of advancement is a continuous one. One way to help curb this is to look for financial programmes and incentives such as tax incentives, government grants, etc that are implemented to support small businesses with such pursuits.
Investing in cyber security insurance also provides a good safety net to help fill the gap for potential costs that can be incurred from data breaches and other cyber incidents. While all of this may be great, it is also equally important to stay up to date with the relevant cybersecurity laws and regulations that apply to the industry in which your business operates. Ensure that the security measures you implement are compliant with these services to stay on the safer side of things and avoid getting into more trouble than necessary.
Once this has been done right, here are a few key benefits you stand to gain from:
- The protection of the business reputation,
- The enhancement of productivity,
- Assistance in remote working,
- Regulation compliance,
- Enhancement of cyber posture, and
- Improvement of data management.
All of these benefits cater to various parts of any business from its efficiency, business image, as well as its longevity. Cyber security forms an integral part of any business; much less a luxury and more of a necessity.