It’s tough enough to run a business. You’re juggling countless responsibilities—from daily operations and problem-solving to the crucial task of driving growth.
The last thing you probably want to add to your plate is stressing over cybersecurity or worrying about internal security issues. But ignoring security is a huge gamble, especially with rising cyberattacks.
It’s important to remember that cyberattacks don’t just hit your wallet. They can also halt your business and tarnish your image.
Fortunately, you can strengthen your defenses in several ways. We’ll outline them here.
#1 Switch to the Cloud
Moving your data and operations to a reputable cloud service provider is one of the smartest moves you can make. This move can be a big security win.
Why? Major cloud companies invest heavily in cloud security. Spending on cloud security recorded the highest growth rates in 2024. Over 7 million was spent on cloud security last year.
Data centers of cloud providers are way more physically secure than your server closet could ever be.
There are stringent physical security measures, advanced technology, and dedicated security teams. They employ multiple layers of defense, including restricted access, surveillance systems, and redundant infrastructure, to protect valuable data and systems.
Worried about the cost? Cloud usually means lower starting costs. There is no massive server bill upfront, just predictable monthly fees. You might need more bandwidth, but you ditch the big hardware purchase and some maintenance headaches.
It’s a shared responsibility, however. The cloud provider secures their infrastructure. But you are still responsible for securing your data and how you use their services. Don’t assume they handle everything—that’s a common slip-up.
#2 Set Internal Controls to Guard Against Employee Fraud
Nobody likes to think about it. Sometimes the biggest security threat isn’t some shadowy hacker overseas, but someone closer to home. Yes, we are talking about employees.
Just recently, Mr. Beast sued a former employee for stealing thousands of confidential files. This reportedly included financial records, details of business transactions, private employee compensation data, and information concerning Beast’s investors.
Employee fraud isn’t something you want to believe could happen, but it does. Setting up internal controls is your best defense.
Don’t let one person control everything in the financial department. The person who approves bills shouldn’t be the same one who actually pays them or balances the bank account later. Split up those duties.
Implementing role-based access control will allow you to assign specific access rights to employees based on their roles and responsibilities. This approach significantly reduces the risk of data breaches and leaks, as well as prevents malicious or accidental misuse of information by employees.
To further enhance security and accountability, integrate a comprehensive system log to record all user activity. Specifically, track which employees access, modify, or delete sensitive data within your systems.
#3 Invest in IT Support
Sure, you’re a small or mid-sized business, and hiring full-time IT help might feel like an excessive investment. But small and medium-sized businesses (SMBs) are increasingly affected by cyberattacks.
Research has found that 1 in 3 SMBs have been victims of a cyberattack. And the cost can be devastating. Some attacks can cost up to $7 million or even more.
Good IT support can safeguard your business from cyberattacks. These professionals can set up firewalls, monitor for weird activity, and install security patches.
These experts handle your security by configuring firewalls, actively monitoring for suspicious behavior, and applying crucial security updates.
Plus, they offer a comprehensive incident response plan to ensure you’re prepared for any breaches. They even empower your team with the knowledge to identify phishing attempts and other cyber threats.
Most small businesses simply can’t afford a dedicated, in-house cybersecurity guru. Outsourcing gives you access to that specialized expertise without a full-time salary.
Finding the right IT support company, or managed service provider (MSP), is important, however. Don’t go with whoever’s cheapest. Cyber Protect advises looking for experience, strong security practices, and solid client reviews. That way, you will make an informed decision.
#4 Use Encryption on All Types of Data
Customer lists, financial records, credit card details, and trade secrets—you deal with a wealth of information. What if a cyber criminal gets hold of them?
Don’t let that happen. Encrypt all data—in transit, in use, and at rest. Simply put, encryption takes your data and turns it into “ciphertext”—a scrambled mess that is unreadable unless you have the secret decryption key to unlock it.
Even if a hacker manages to snatch the file, all they get is gibberish unless they have the decryption key.
Most cloud services already encrypt data at rest and in transit, but don’t stop there. Use tools like VPNs for safe browsing, enable full-disk encryption on devices, and store sensitive files securely.
A heads-up, though: manage decryption keys properly. If you lose the key, you might lose access to your own data permanently.
Cyber threats aren’t going away anytime soon, and unfortunately, neither is the possibility of insider mishaps. But these tips can help you build a fortress around your business that is tough to break.
Don’t do everything at once. Start where you can and build from there. Rest assured that your business will become a hard target for cyber criminals.