DEEP DIVE SMALL BUSINESS

It's a common misconception that cyberattacks are only targeted at large corporations. The reality is far more alarming: small businesses are increasingly becoming prime targets for cybercriminals. The reasons are simple: they often have weaker security measures, less sophisticated IT infrastructure, and valuable data that can be easily exfiltrated.

THE TRUE PRICE OF NEGLECT

A cyberattack can have far-reaching consequences for a small business, both financially and reputationally. Here's a breakdown of the potential costs:

• Financial Costs

  • Data Breach Expenses: Legal fees can skyrocket, especially when dealing with complex data breach regulations. Credit monitoring services, offered to protect victims of identity theft, add to the expense. Additionally, businesses may face fines and penalties imposed by regulatory authorities.

  • System Recovery Costs: Recovering from a cyberattack can be a time-consuming and costly process. IT teams may need to dedicate significant time and resources to restore compromised systems, leading to lost productivity. Business downtime, whether due to system outages or operational disruptions, can result in lost revenue and missed opportunities.

  • Insurance Premiums: Cyber insurance premiums may increase significantly after a breach, reflecting the increased risk.

    
    

• Reputational Damage

  • Loss of Customer Trust: A data breach can erode customer trust, leading to decreased customer loyalty and potential loss of business.

  • Negative Publicity: Negative media coverage can damage a business's reputation, deterring potential customers and investors.

  • Legal Liability: Businesses may face lawsuits from affected individuals, regulators, or partners, further exacerbating financial and reputational damage.

    
    

By understanding the potential costs of a cyberattack, small businesses can take proactive steps to protect themselves and mitigate the risks.

ESSENTIAL SECURITY MEASURES

While comprehensive cybersecurity can be complex, there are several fundamental steps that every small business should take:

• Passwords and Authentication.

  • Strong Password Policies: Enforce the use of strong, unique passwords for all accounts. Find more detail here.

  • Do your best to develop role-based access controls (RBAC) while eliminating shared accounts, following the concepts of least-privilege and separation of duties.

  • Implement Multi-Factor Authentication (MFA) on any account/service possible.

  • Use a password manager

    
    

• Employee Training:

  • Regular Security Awareness Training: Educate employees about common cyber threats, phishing attacks, and social engineering tactics.

  • Data Privacy Training: Teach employees how to handle sensitive customer data responsibly.

    
    

• Perimeter and Endpoint Security:

  • Network Protection: Implement a firewall, VPN, and some sort of intrusion detection system to protect your network from unauthorized access.

  • Regular Software Updates: Keep all software and operating systems up-to-date with critical security patches.

  • Endpoint protection: antivirus software (AV) + endpoint detection and response (EDR) capabilities can assist tremendously but work much better if you have methods to actually monitor and respond appropriately.

• Data Backup and Recovery:

  • Regular Backups: Create regular backups of your important data and critical systems and store them securely off-site.

  • Disaster Recovery Plan: Develop and regularly practice a plan to restore your business operations in case of a cyberattack or other disaster.

• Incident Response (IR) Plan:

  • Have a Plan: Create and regularly practice a plan to respond to a cyberattack, including steps to contain the breach, investigate the incident, and recover your systems.

  • Identify Key Contacts: Designate individuals responsible for handling different aspects of the incident response.

Cybersecurity is an evolving landscape. To stay protected, your security measures must adapt to new threats and vulnerabilities. So, I want to stress while the list above provides a strong foundation for your security strategy, it's crucial to remember that proper configuration and ongoing maintenance are essential. Almost all security measures require continuous monitoring and adjustment to remain effective. No security process or toolset will work as intended if it was implemented with a "set it and forget it" approach.

HOW MUCH DOES IT COST?

The cost of cybersecurity can vary depending on the size and complexity of your business. However, even small businesses can implement effective security measures without breaking the bank. Consider these factors when budgeting for cybersecurity:

• Prioritize Essential Measures: Focus on the most critical areas, such as employee training, perimeter + endpoint security, as well as data backup and IR planning.

  
  

• Consult a Cybersecurity Expert: Feral Insights can assess your unique cybersecurity needs and develop a tailored security strategy. We'll recommend the right solutions to protect your business and provide ongoing support.

  
  

• Maximize Your Budget: Leverage cost-effective cybersecurity tools and services to protect your business without breaking the bank. We can help you find and implement affordable cybersecurity solutions tailored to your business needs.

By prioritizing cybersecurity, small businesses can protect their valuable assets, maintain customer trust, and ensure long-term success. Remember, an ounce of prevention is worth a pound of cure.