Small businesses need to focus on cybersecurity

Small businesses need to focus on cybersecurity

| Jan 13, 2020 | Business Law |

Cyberattacks have impacted half of small businesses. But according to a recent report, 87% of small business owners don’t think one will happen to them. Small businesses can be an attractive target for hackers, especially for those that hold a considerable amount of data. Hackers may use this information to steal from a business’s employees, customers and vendors.

If owners are unprepared, their business’s reputation and livelihood could be at risk.

Luckily, by using the right strategies, owners can protect their business from the damage a cyberattack could cause.

Ways businesses can improve cybersecurity

  • Create backup logs: Small businesses are storing more private information on computers. If their systems aren’t updated regularly, it can make it easier for hackers to reach them. To prevent this, owners should periodically back up data and keep extra copies of necessary paperwork. Another way they can protect it is through encryption and complex passwords.
  • Have a secure Wi-Fi: Hackers can also access sensitive information through weak Wi-Fi networks. Owners should make sure only they and their employees have access to that network. Doing so can help prevent intruders from gaining access to confidential data.
  • Limit access to specific accounts: Depending on how the business operates, some may rely on outside entities to perform particular tasks. If that’s the case, owners should limit third-party access to individual accounts unless the terms are otherwise specified in a nondisclosure agreement. Even employees should only get specific access to specific information based on their duties.

A successful business model relies on sound cybersecurity

Businesses have a legal and moral obligation to protect their customers’ and employees’ personal data. If business owners shift more of their focus on cybersecurity, it can help maintain customer goodwill and maximize profits in the long-run.