Creating a cyber security strategy for your business

For businesses small and large, maintaining the security of your online business operations is of paramount importance. Where before this was primarily a concern for large enterprises, small and growing businesses are also prime targets for cyber threats. 

From financial data to customer details, SMEs handle valuable information that cybercriminals are eager to exploit. A single breach can lead to financial losses and reputational damage.

To prevent these issues from occurring, it’s vital to plan and perform a strong cyber security strategy. In this article, we’ll explore what key cyber security measures you can take to build a safer and more resilient operation.

The importance of cyber security for SMEs

A common mistake that many SMEs make is believing that they are too small to attract the attention of cybercriminals. Unfortunately, this is often not the case.

An increasingly wide range of SMEs have fallen victim to attacks that have compromised sensitive data, disrupted operations, and caused significant financial losses. A 2024 survey revealed that 50% of UK businesses experienced some form of cyber breach or attack.

One of the primary reasons for this is that cybercriminals know that SMEs are more likely to have limited security resources and a lack of advanced protection measures. They are often also less adept at identifying and recovering from breaches as they occur.

The consequences of a cyber attack on an SME can be devastating and may include data loss, business disruption and financial strain. So, implementing robust cybersecurity practices can be seen as not only a defensive measure but also a strategic investment that can increase business resilience and customer trust. 

Cyber security advice for small and growing businesses

It’s one thing knowing how important cyber security is, but quite another to create a strategy that safeguards your valuable assets. 

So how will your cyber security strategy work in action? Here are some top tips for key stakeholders within SMEs to bear in mind when you’re creating and investing in your own:

Raise awareness of risks

Educate the wider team about potential cyber threats, such as phishing scams, malware, and social engineering attacks. Regular training sessions can help employees across the business to recognise and avoid these threats.

It’s worth noting that the UK government offers free online training resources tailored for businesses.

Ensure data is backed up

Regular data backups are vital to safeguard against data loss from cyber incidents or hardware failures. Implement the 3-2-1 backup rule: keep three copies of your data, store two on different media, and one offsite. 

You may also choose to utilise both local and cloud storage solutions to enhance data security and accessibility.

Complete a risk assessment

Before carrying out any procedure that’s likely to test the security of your systems, conducting a thorough risk assessment can help to identify vulnerabilities at source. Through understanding potential weaknesses, you can prioritise and address them effectively, reducing the likelihood of a successful cyber attack.

Utilise antivirus systems

Deploy reputable antivirus software to detect and prevent malicious activities on your network. Once you’ve done this, regularly update these systems to ensure they can combat the latest threats. 

After all, the tactics and techniques that cybercriminals use to exploit weak security systems are always changing, so you need to stay on top of the game. Keeping an adaptable approach will help you to provide your SME an essential layer of defence against malware and viruses.

Protect key information with encryption

If you have sensitive data that you need to keep safe, you can encrypt it to prevent unauthorised access. This means that even if data is intercepted, it remains unreadable without the correct decryption key. 

This is particularly crucial for information stored within financial records and customer databases.

Utilise secure tools for key data

In a similar vein, safeguarding critical information, especially financial data, requires the use of secure and reliable tools. You need software and systems that you can rely on even in the case of sustained security pressures. 

For instance, QuickBooks accounting software offers advanced security features, including password-protected logins, firewall-protected servers, and 128-bit SSL encryption to help your accounting data remain confidential and protected.

Secure your business internet

A secure internet connection is fundamental to protecting your business from cyber threats. Ensure your Wi-Fi network is encrypted, preferably using WPA3, to stop any unauthorised parties from accessing your data. 

As well as this, regularly update your router's firmware to patch potential vulnerabilities. Consider segmenting your network so that sensitive data is isolated from guest users, which will reduce the risk of internal breaches.

Implement a password policy

Strong passwords are a critical line of defence against security breaches. You could also develop a password policy that requires employees to create complex and unique passwords for different accounts. 

You may even choose to utilise password managers to securely store and generate passwords, which will reduce the likelihood of reuse or reliance on weak credentials. Like with firmware or antivirus software, you should regularly update passwords and consider implementing multi-factor authentication (MFA) for an added layer of security.

Utilise a VPN

A Virtual Private Network (VPN) encrypts your internet connection, and ensures that data transmitted between your devices and the internet remains secure. This is particularly crucial for businesses with remote workers or those accessing sensitive information over public Wi-Fi networks. 

By masking your IP address and encrypting this data, a VPN can help to protect your SME against cyber threats and unwanted access. 

Secure your premises against physical theft

Protecting your business from physical theft is just as important as safeguarding against digital threats. Indeed, one can have a bearing on the other, as criminals in physical possession of your assets are more likely to pass these on to cyber criminals who can exploit any weaknesses.

To prevent this, conduct regular risk assessments to identify vulnerabilities in your physical security. You could also consider implementing measures such as surveillance cameras, access control systems, and secure entry points. 

It’s also important to educate employees about the importance of physical security, and which protocols they need to abide by when it comes to visitors.

Ensure all third parties are secure

Third-party vendors and partners can introduce additional risks to your business's cybersecurity. Before engaging with third parties, assess their security practices to ensure they meet your standards. 

Establish clear agreements outlining security expectations and responsibilities. Regularly monitor and audit third-party compliance to maintain a secure supply chain. 

The impact of cyber security attacks on SMEs

Cyber attacks can have severe consequences for small and medium-sized enterprises (SMEs), and can have an impact on various aspects of their operations. 

For instance, SMEs may face significant losses due to cyber incidents. In the past five years, British businesses have incurred over £44 billion in lost revenue because of cyber attacks, with compromised emails and data theft being primary contributors. 

From an operational perspective, cyber incidents can disrupt business activities, leading to downtime and reduced productivity. 

A data breach can also erode customer trust, especially if sensitive information is compromised. The negative publicity surrounding a cyber attack can deter potential clients and damage the business's reputation.

But that’s not all. If you fail to protect customer data adequately, you may even find yourself on the receiving end of legal actions and fines from regulatory bodies. Businesses are obligated to comply with data protection laws, and breaches can lead to substantial penalties.

Final thoughts

Cybersecurity is not solely the responsibility of IT departments. It requires the active participation of every employee within an SME to make sure threats are kept at bay. Each individual plays a crucial role in safeguarding the company's digital assets and sensitive information. 

A single lapse in judgment can lead to significant security breaches, so it’s important that you and your employees stay informed.

Want to learn more about what it takes to run and grow your business? Explore our top tips for business success, how to write a business plan, and how to market your business to the wider world. 

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