Commercial Insights

How to protect your business against cyber threats

Malicious actors are constantly evolving and improving their techniques, developing new viruses and more sophisticated attack methods. So, how can you protect your business against cyber threat?

“Benjamin Franklin said, “An ounce of prevention is worth a pound of cure.” When it comes to protecting your customer data and critical systems against malicious actors that might apply 100 fold.” — Josh Campbell

There are practical steps that any company can take to minimize threats. Begin by understanding your business’s risks and being vigilant in addressing them. Here are key steps to help you stay ahead of cyber risk in your business.

1. Monitor your third-party service providers

It’s not enough to protect your own computers. Your third-party vendors, such as accounts payable service providers, need to be equally vigilant in protecting your customers’ data.

The consequences of a data security breach can be far-reaching. In addition to your business’s reputational risk, you could lose shareholder value and face lawsuits, fines, and penalties.

It’s also important to review your providers business continuity and incident response plans. If your provider’s systems or services crash, what’s the back-up plan?

2. Go beyond compliance

Don’t be satisfied with regulatory compliance. Stay aware and ahead of emerging risks. For instance, cryptocurrency brings on an entirely new realm of risks and oversight that business owners and managers need to monitor.

3. Delve into acquisitions’ liabilities

If your business is acquiring another firm, make sure it has strong cybersecurity controls and systems in place. Legacy products or services could create control and systems concerns in your organization — take extra steps to ensure your organization isn’t exposed to risks you haven’t originally considered.

4. Hire smart people and tap local resources

With hackers a constant risk, don’t skimp on tech. Hire top-quality information technology staff, and invest in robust technology infrastructure or consider outsourcing your IT and cybersecurity functions. Trying to save money with a do-it-yourself approach could turn out to be costly in the long run.

Because small businesses don’t have deep pockets and can’t be expected to have a wealth of knowledge or expertise, it’s important that you to access local resources. Leverage resources available to small businesses to strengthen your cybersecurity practices such as U.S. Small Business Administration, National Cybersecurity Alliance, and local business incubators (ex: Birmingham’s Innovation Depot)

5. Make risk management everyone’s job

Employees are the weakest link in a business’s cybersecurity. Uninformed employees are more likely to fall for phishing scams, click on suspicious links and download malware, or use their own electronic devices that could compromise security.

That makes it important to integrate risk management into your business’s culture. Make it something that everyone is aware of and helps take responsibility for. It is everyone’s job in the organization to spot and report suspicious activity. Make the goal of data protection one of your highest priorities by promoting employee awareness and leveraging appropriate security tools to help prevent falling to an attack.