With the economy being so bad, it’s easy to want to cut corners on some parts of your business. Your bottom line will suffer a lot from this.
In the current economic climate, it might seem tempting to cut costs by neglecting cybersecurity. However, this can lead to significant financial losses and damage to your reputation.
Of these, 58% of small businesses identified cybersecurity breaches as reported by the UK government’s latest Survey conducted during 2023/24. On average, the most disruptive breach came at a cost of more than £4,500 for those businesses. As if this weren’t bad enough, cyberattacks could also ruin your reputation once and for all. Don’t let hackers win easily. Follow our cybersecurity tips to safeguard your company today.
Implement a Strong Password Policy
Weak passwords are often the first point of entry for cybercriminals. You must ensure employees use strong, unique passwords for their accounts.
The National Cyber Security Centre encourages the use of three random words. It creates passwords that are easy to remember but difficult to crack. An example of “purpleunicornspaghetti”, much safer than the now infamous “Password123!”. Yet, just as easily remembered.
Your policy needs to require that passwords have to be changed every 90 days to minimize potential risk of compromised accounts, which will lead to employees simply making weaker passwords out of frustration. Consider a password manager.
Use a VPN for Secure Connections
Virtual private networks (VPNs) secure your internet connection. They encrypt your internet traffic, making it more difficult for cybercriminals to intercept it.
For most small companies, a commercial VPN service will suffice. These services are typically easy to implement and offer protection for multiple devices at a reasonable cost. If you’re wondering how to set up a VPN, the process is usually straightforward—most providers offer step-by-step guides to get you started.
Strong encryption, fast connection speed, and a wide number of server locations are just some of the key factors to look for in this regard.
Update Software Regularly
Most software update programs include patches for exploited vulnerabilities by cybercriminals. The sad truth is most small businesses do not update software regularly. According to Cyber Security Breaches Survey, only 34% of UK companies possess a policy to apply software updates in less than 14 days after their release.
Create a schedule for checking and installing updates. This includes operating systems, antivirus software, web browsers, and other specific applications. Consider turning on automatic updates so you can always be up to date and protected against the latest threats.
Build a Holistic Strategy
Remember that you need a holistic approach to protecting your small business from cyber threats. Educate your staff on common cyber threats and best practices against them. This will ensure that you build a stronger defense with a combination of technical safeguards and human awareness.
Prevention is always better and cheaper than the cure when it comes to cyber threats; by taking the above steps, one reduces vulnerability.