Small Business Cyber Security Guide: How to Protect With a Small Team

Interscale Content Hub – This small business cyber security guide will show you how cyberattacks target small businesses.

Table of Contents

Because some believe that small businesses are too small to be targeted when it comes to cyberattacks.

First of all, current trends are full of hackers and cybercriminals who seek out smaller businesses, knowing they often have fewer security measures.

This makes them easier targets for data theft, financial fraud, or disruptive attacks.

These small business entities face unique challenges because their size often leaves them underprepared for cyber threats.

For example, businesses in the AEC industry often handle sensitive information like client data, project blueprints, and financial records – making them especially appealing targets.

Cybercriminals know the facts about what kind of data is available in AEC companies. And that cybercriminals also know how weak the security is in small AEC companies.

Before going the details, kindly check the fundamentals of cyber security in ‘What is Cyber Security and Why is it Important? Wait! Is Your Data Safe?’

Now, let’s cover the essential security measures every small business needs. Let’s start!

Why Small Businesses are Vulnerable

Small businesses operate within a unique set of constraints that make them particularly susceptible to cyberattacks.

Limited budgets often restrict their ability to invest in the same security measures as larger enterprises.

This can manifest as outdated software or hardware with known vulnerabilities, lacking dedicated cybersecurity personnel, or reduced spending on comprehensive cybersecurity solutions.

As an example, small businesses often use outdated technology due to cost constraints.

These older systems might not be regularly updated, leaving known vulnerabilities unpatched and open to exploitation.

This situation is compounded by the fact that one-third of small businesses rely on free, consumer-grade cybersecurity solutions, which may not offer comprehensive protection.

Additionally, smaller businesses rely less on formal cybersecurity training for their employees.

This can lead to inadvertent security lapses, especially when it comes to recognizing and preventing tactics like phishing or social engineering.

Further complicating matters, small businesses often work with third-party suppliers or partners who may not have the same security standards, creating a potential chain of vulnerabilities that extends beyond their own direct control.

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In fact, according to 2022 Corvus Insurance, a substantial portion of small businesses do not prioritize cyber insurance, and nearly half of those with fewer than 50 employees have no cybersecurity budget at all.

This lack of preparedness is alarming, given that 80% of hacking incidents involve compromised credentials or passwords.

How Much Does a Small Business Spend on Cyber Security?

While many small businesses still struggle to prioritize cybersecurity spending, there’s a positive shift indicated by the Hiscox Cyber Readiness Report 2023.

The report highlights a significant increase in median cybersecurity spending, particularly for smaller firms with less than 10 employees.

This median has risen to $8,100, suggesting a growing recognition of the threats involved.

However, it’s crucial to remember that cybersecurity needs are highly individualized.

Businesses operating within industries with strict data regulations or handling highly sensitive information, like the AEC sector, may need to allocate a larger share of their IT resources to ensure robust security.

Similarly, a company with a complex IT infrastructure or reliance on cloud-based services will likely have different requirements than a small business with a simpler setup.

The ever-evolving nature of cyberattacks means that cybersecurity costs also fluctuate, requiring businesses to adjust their strategies accordingly.

Cyber Security Measures for Small Businesses

Small businesses need comprehensive protection against a growing range of cyber threats.

Let’s break down some of the core security practices that form the foundation of a strong cybersecurity plan.

Software Updates

Outdated software is a playground for attackers. Yup, a playground for your bankruptcy.

Hackers actively target known vulnerabilities in operating systems, applications, and firmware to gain unauthorized access.

Regularly update all your devices, particularly those that contain or interact with business-critical software, to receive the latest security patches that address these vulnerabilities.

Implement automatic updates whenever possible and consider centralized update management tools for larger networks.

Many operating systems offer automatic update functionalities. IT administrators can leverage tools like Windows Server Update Services (WSUS) or Apple Remote Desktop to manage updates centrally for multiple devices.

Strong Passwords & Multi-Factor Authentication (MFA)

Enforce strict password policies that require employees to use complex passwords of sufficient length with a mix of letters, numbers, and special characters.

Most importantly, implement Multi-Factor Authentication (MFA) wherever possible.

MFA requires a second step for login, like a code from an app or a fingerprint, and makes compromised accounts far less likely.

Popular MFA solutions include Google Authenticator, Microsoft Authenticator, and Duo Security.

Antivirus and Anti-Malware

A robust security software suite is essential for real-time defense against viruses, malware, ransomware, and other malicious programs.

Choose a reputable security software suite with virus scanning, malware detection, behavior-based analysis, and sandboxing.

Endpoint Protection Platforms (EPPs) often provide larger businesses with more centralized management and enhanced protection features.

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Firewalls

Firewalls act as protective barriers for your network, monitoring incoming and outgoing traffic. Both hardware and software firewalls offer important layers of protection.

Hardware firewalls protect your entire network perimeter, while software firewalls offer additional granular control over individual devices.

Properly configuring firewall rules to block malicious traffic while allowing legitimate access is crucial.

Data Backups

Regular backups of your most valuable business data are your lifeline in the event of an attack.

Implement both local and offsite (or cloud-based) for extra protection.

Following the “3-2-1” rule is a good start: keep 3 copies of your data on 2 different types of storage media, with 1 of those copies stored offsite. Secure and tested backups are critical for quick recovery.

Employee Training

Develop comprehensive cybersecurity training that covers phishing attacks, secure browsing, password management, and other common threats.

Regular training sessions and even simulated phishing tests help reinforce awareness and keep your employees vigilant.

Incident Response Plan

Even with the best defenses, attacks can sometimes happen. Having a detailed incident response plan helps you quickly contain the breach, minimize disruption, and get back on your feet faster.

Your plan should clearly outline steps for identifying the attack, isolating affected systems, collecting evidence, restoring operations, and notifying any affected parties.

Let’s take an example; we know hackers are actively seeking out businesses using remote access software.

Unsecured systems, outdated software versions, or simple passwords can be exploited to give them complete, undetected control of your systems.

This exposes your company to data theft, devastating malware, or the potential for those systems to be used as a jumping-off point for further attacks.

As an example, while remote desktop software solutions offer incredible convenience, they also open up potential risk points for your business.

Weak security practices leave these tools exposed as an easy entryway for attackers.

Protecting your remote desktop software implementation requires careful attention to best practices.

Utilize strong, complex passwords, mandate multi-factor authentication, and ensure all software associated with your TMS stays up-to-date with the latest security patches.

For further guidance on choosing and securing remote desktop software, consult the ‘Remote Desktop Software Buyer’s Guide: The Perfect Fit for You & Teams.’

How to Develop a Cybersecurity Plan for Small Businesses

In the current threat landscape, a structured cybersecurity plan is no longer optional for small businesses. Here’s how to approach this process effectively.

Identifying Threats and Legal Obligations

Analyze where your business might be most exposed to attacks.

This includes external threats and vulnerabilities stemming from outdated systems, inadequate encryption, or employees lacking sufficient cybersecurity knowledge.

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Always update and familiarize yourself with any data protection regulations (such as HIPAA or PCI DSS) that apply to your industry.

Ensure the plan addresses the security measures specific to these regulations.

Prioritizing Assets and Risks

Evaluating business data, customer information, financial records, and intellectual property is absolutely essential.

Focus security measures primarily on safeguarding these assets. Implement a rigorous system limiting data access to what’s strictly necessary for employees’ job functions.

This lessens the potential impact of compromised accounts or unintentional data exposure.

Technical and Human Defenses

Proactively update software, firmware, and hardware to secure against known vulnerabilities.

Implement both firewall protections and robust data encryption for in-transit and stored data.

Train employees to remain vigilant and updated with threats. This includes spotting phishing scams, using complex passwords, secure browsing practices, and understanding when to use a VPN on public networks.

Creating and Testing the Plan

Develop detailed written policies outlining everything from password standards to incident response procedures.

Leave nothing to memory or informal understanding. Don’t wait for an actual attack to find weaknesses.

Do penetration testing, ideally performed by a third party, to simulate attacks and help you identify areas for improvement.

Regular Review and Updates

Cybersecurity is an iterative process, so stay ahead of the curve. Routinely review your plan and adjust your defenses to meet evolving threats and new technologies.

Learning from any security incidents you encounter is key to strengthening your defenses over time.

Now, How About The Implementation with a Small Team?

Now we know small businesses need robust cybersecurity, but the sheer number of threats and technical complexities can be overwhelming.

Implementing the right solutions, from software updates to employee training, often requires specialized knowledge that can stretch smaller teams thin.

Left unchecked, these gaps in your defenses lead to increased risks.

Your business could be vulnerable to data breaches, costly ransomware attacks, or disruptive downtime – all of which can damage your reputation and bottom line.

We understand these unique challenges faced by small businesses in the IT and AEC sectors.

Therefore, we offer our cybersecurity specialists with tailored risk assessments, threat mitigation strategies, and comprehensive plan development.

By partnering with Interscale, you gain a dedicated team ready to streamline your cyber security support.

We focus on swift issue resolution, proactive problem identification, and offering strategic IT advice tailored to your business objectives.

This leads to real benefits: less downtime, safe data, happier employees, and peace of mind knowing your technology is in capable hands.

If you’re ready to revamp your cyber security system, reduce the stress of hackers and cyber criminals, and gain a proactive IT partner, explore Interscale cyber security services.

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