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As more and more businesses adopt and leverage technology, it becomes increasingly important for leaders to take proactive measures to protect both the company and its customers. With tech tools enabling organizations to collect more data than ever, cyber crimes are a growing threat that can do lasting harm to a business’s reputation and relationships.
While implementing cybersecurity measures does sometimes require funding, small- to medium-sized enterprises (SMEs) with limited resources can execute effective policies on a budget. Below, 17 Forbes Business Council members each share one cybersecurity measure SMEs can and should take to ensure company and customer data is fully protected.
1. Create A Documented Cybersecurity Policy
Don't underestimate the impact of a documented cybersecurity policy. Your best defense is a team executing good back-to-basics habits. Ensure employees avoid public Wi-Fi, use multi-factor authentication, execute software updates within 24 hours, back up data weekly and report all incidents. Identify a single owner for escalations and empower them to audit and enforce mobile security policies and role-based access control. - Cate Gutowski, Quantis.ai
2. Focus On Mitigating Human Errors
Human error is a common cybersecurity vulnerability, so implementing robust protocols is crucial. Regularly train employees on best practices like spotting phishing emails, using strong passwords and safeguarding sensitive data. These protocols will reduce the risk of cyber threats. - Chris Coldwell, Quicksilver Software Development Inc.
3. Be Proactive About Blockchain
One of the cybersecurity countermeasures that SMEs can take is the use of blockchain. The number of young blockchain developers is increasing internationally, and SMEs should hire them early. There are many external cybersecurity companies that can be hired, but they are not necessarily perfect. By building your own consortium-based blockchain ecosystem, you can protect your business from external cyberattacks. - Karita Takahisa, UNIFY PLATFORM AG
4. Ensure Technology Is Secure And Updated
One of the most efficient and cost-effective ways to ensure sound cybersecurity is to keep machines clean and up to date. This should include regular updates and scans and the installation of the latest software updates as soon as they are available. Simply following these practices greatly reduces the chances of viruses, malware and other online threats impacting your business. - Amit Gandhi, NovelVox
5. Prioritize End-To-End Encryption
In the telecom field, particularly for mobile virtual network operators and mobile network operators, prioritizing end-to-end encryption is key for securing data and protecting operations and customer information. To further enhance security, businesses should also implement robust multi-factor authentication and regularly update their security protocols. These measures will offer comprehensive protection, making them essential for businesses of all sizes. - Martin Petkov, Effortel
6. Communicate The Importance Of Cybersecurity
In the ever-evolving cybersecurity environment, you must actively protect data. We have found success by adopting a simple approach. Develop and implement procedures to ensure your employees are aware of the significance of cybersecurity through training initiatives. Leverage communication and presentations to regularly share information on current issues and best practices with employees. - Francisco Ramirez, The ACE Group (TAG)
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7. Start With Cybersecurity Basics
Safeguarding your business doesn't have to break the bank. Start with basic cybersecurity hygiene like employee training on phishing awareness. Educating your team empowers them to recognize and thwart potential threats, fortifying your company's defenses without straining resources. - Pavel Stepanov, Virtudesk
8. Educate Employees On Standard Practices
A simple yet effective approach to enhancing security is to educate your employees on several key cybersecurity practices. Provide training on recognizing phishing attempts, adopting secure password habits, reporting suspicious incidents and regularly updating software. Additionally, implementing multi-factor authentication and ensuring employees regularly backup data are crucial steps to further safeguard small- to medium-sized businesses. - Inger Sivanthi, Droidal LLC
9. Implement Strong Password Policies
Small- to medium-sized business leaders should prioritize implementing strong password policies across their operations. This includes requiring complex passwords that combine letters, numbers and symbols, as well as mandating regular password changes. Additionally, employing multi-factor authentication adds an extra layer of security. - Stephen Nalley, Black Briar Advisors
10. Implement Multi-Factor Authentication
Implementing multi-factor authentication for all user accounts is crucial. It adds an extra layer of security beyond passwords that also reduces the risk of unauthorized access in the event of passwords being compromised. Utilizing a firewall and employing security software can also effectively mitigate the propagation of cyber threats like viruses and malware. - Kranti Ponnam, Kipi.bi
11. Provide Employees With Training
In today's digital battlefield, small businesses cannot afford to overlook cybersecurity. A vital step is training employees. It's an affordable yet effective strategy. Educate them on phishing, risky links and secure practices. Put in place reminders for simple things, such as changing their passwords regularly. These simple and free steps can protect the company and its customers. - Jim Stevenson, Bletchley Group
12. Use A Password Manager
Using a password manager is like having a vault that keeps all your passwords locked away but is accessible with just one key. It's a game-changer for managing a myriad of strong, unique passwords without the need to remember each one. Think of it as delegating passwords to a trusted assistant who never forgets. It’s a smart, straightforward step toward beefing up your cybersecurity defenses. - Michael Seaman, Swipesum
13. Ensure Passwords Are Regularly Changed
Implementing strong, regularly updated passwords is a cost-effective cybersecurity measure for SMEs. It's a foundational step that significantly reduces vulnerability to attacks. Encourage the use of password managers and two-factor authentication to enhance security further. Protecting data is not just about technology; it's about creating a culture of security awareness amongst all your employees. - Dustin Lemick, BriteCo
14. Leverage Encryption Software
Deploying encryption software to secure sensitive customer data such as credit card information or banking details would be an exceptional tool against cyberattacks. Even if data is stolen, encrypting key information ensures hackers will not be able to decipher the data as they do not have the encryption keys. - Onahira Rivas, Florida's Cotton Clouds
15. Avoid Storing Data In A Single Place
We never put all our eggs in one basket, so our clients' information is never stored in a single place. Furthermore, we only ask for information that we require, when we require it. This is an especially sensitive matter because we deal with minors’ information. We only request for their name and email addresses to completely avoid any sensitive details being leaked. - Emil Lim, First Principles Education
16. Backup Data Regularly
Regular data backups ensure that even if something unexpected happens, like a cyberattack or hardware failure, we’re able to quickly recover vital information without disrupting operations. Protecting valuable assets and ensuring data security instills confidence in customers. It's like peace of mind for both parties–the company and customers–because everyone involved knows the information is safe and sound. - Adam Povlitz, Anago Cleaning Systems
17. Examine The Security Practices Of Suppliers And Partners
Evaluate and monitor the security practices of your suppliers and partners. Implement requirements for them to adhere to certain security standards. Also, consider a shared security monitoring and alert system for deeper integration. - Ran Ronen, Equally AI
