Dr. Ryan Aung is its CIO/CISO Slavic401k.
In the current digital age, small and medium-sized businesses (SMBs) are increasingly vulnerable to cyber threats that can compromise operations, financial stability and customer trust. Small and medium-sized businesses are often easier targets for cybercriminals, which makes it even more critical for them to strengthen their cyber security measures.
Fortunately, there are many cost-effective ways that SMBs can effectively protect their assets without compromising their security.
First, it is important to understand the threat landscape. Unlike large corporations, SMBs often lack the resources and infrastructure to withstand a major cyber attack. In addition, some of the most advanced protection solutions on the market are only available for large enterprises.
Key threats include data breaches, ransomware attacks and phishing schemes. The consequences can be devastating, as a major breach can put an SMB out of business. However, there are steps SMEs can take to bridge this gap.
To get started with cyber defense, here are some suggested steps:
• Consult experts. If possible, hire a chief information security officer (CISO) or work with cybersecurity consultants to develop an information security program. These experts can guide your team through the process.
• Conduct risk assessments. Assessing potential business risks can help you determine the likelihood and impact of potential threats.
• Conduct gap assessment. Choose a framework like the NIST Cybersecurity Framework (CSF) or CIS Critical Security Controls to identify and address security gaps.
• Evaluation of digital assets. Categorize and assess vulnerabilities in your digital environment.
• Create a cybersecurity strategy. Develop a balanced cybersecurity strategy using the results from the assessments. Be sure to focus equally on people, process and technology.
Many of these steps are accessible even to SMBs with limited budgets, as many can be done at no cost (such as vulnerability assessments).
Once a cyber security strategy is in place, SMBs can help protect their data by following these steps:
• Train employees: Team members are the first line of defense, so it’s critical to equip them to recognize phishing emails and other cyber threats.
• Establish policies, including strong IT governance and security policies.
• Use free resources: Organizations such as the Cyber Security and Infrastructure Security Agency (CISA) and the Center for Internet Security (CIS) offer free tools and guidance.
In recent years, remote work has transformed the business landscape, offering both employers and employees great benefits. This has also introduced new cyber challenges, as remote workers face additional vulnerability without a secure office location bolstered by layers of security controls.
SMBs can support secure remote work by implementing a thorough strategy. Start by identifying employee needs, such as secure networks, remote management and maintenance, and strong endpoint security. Next, create a comprehensive remote work policy. It should cover acceptable use, connectivity requirements and password management. You can also consider investing in secure network technologies such as modern VPNs or Secure Access Service Edge (SASE) systems. Finally, enforce endpoint security measures such as host firewalls and least-privilege access authorities, and enable MFA and central device management for additional control.
Once again, employee training is essential, especially with a remote team. Training your employees to spot potential threats can prevent many security issues.
Like any other business, SMBs are sometimes prone to costly mistakes. Skipping software updates, neglecting MFA, and underestimating employee training can have disastrous consequences. Regularly updating software and ensuring employees are up to speed can prevent security breaches.
Cybersecurity should be a top priority for businesses of all sizes, and SMBs should adopt these practices to protect their operations and reputation. Taking the time to thoroughly analyze risks and create these strategies can make the difference between resilience and vulnerability.
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