Have you overlooked Cybersecurity strategy in your growing business? SMBs typically have a lot of work to complete while operating on a limited budget and with few resources. According to research, developing a solid cybersecurity plan for your SMB is more critical than ever.
According to the Coro 2022 Cybersecurity Threat Report, cyberattacks on SMBs have increased by 150 percent in the last two years. Furthermore, according to a National Cybersecurity Alliance study, cyberattacks will force 28% of all SMBs in the United States out of business by 2021. Cybersecurity is no longer an optional addition to your business plan but rather a requirement.
You can use the resources in this guide to convince company executives of the importance of Cybersecurity. It also includes a strategy for developing a cost-effective SMB cybersecurity plan.
What Is a Cybersecurity Strategy?
A cybersecurity strategy is a comprehensive document that outlines an organization’s security goals and objectives, as well as the initiatives and procedures needed to achieve those goals. It serves as the foundation of an effective cybersecurity program, with the primary goal of protecting the organization’s data and networks in such a way that business operations can continue uninterrupted.
Organizations should consider their specific needs when developing a cybersecurity strategy to ensure that the plan is tailored to their environment, technological capabilities, and risk tolerance. Identifying and categorizing assets, identifying and evaluating threats, and implementing security measures such as access control, antivirus protection, data encryption, and incident response planning are all components of an effective strategy. Furthermore, in order for any implementation to be successful, employees must be educated on policies and procedures and must communicate them to others.
Without Cybersecurity, Your Budget is Incomplete. Reasons Why:
Small businesses are becoming more aware of the threats posed by cyberattacks. However, many small and medium-sized businesses in the United States are unprepared for a cyber attack. According to a 2022 study, only half of all small businesses in the United States have a cybersecurity plan in place. 20% of those who have not developed a cybersecurity strategy say they have no plans to do so shortly.
Businesses continue to disregard cyber security for a variety of reasons. Examples include:
- Fewer resources
- Inadequate internal expertise or knowledge
- Difficulty in finding or affording dedicated cybersecurity personnel
- Time constraint
- Insufficient education
The most significant impediment is a lack of knowledge. Many small business shareholders and decision-makers may be unaware of the recent increase in cyberattacks against SMBs and may regard Cybersecurity as a luxury rather than a necessity. This is an extremely important consideration because there are numerous cybersecurity risks that we may face if we do not act.
If you believe this is a problem for your company, you must share any relevant data and facts that demonstrate the growing importance of Cybersecurity with decision-makers and shareholders. The first step is to become aware; careful planning and determination can overcome the remaining obstacles. To ensure that everything is in place for your cybersecurity strategy, you should hire a cybersecurity analyst.
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How Much Money Should You Invest in Cybersecurity?
The amount spent on Cybersecurity for business varies greatly depending on the industry, size, data sensitivity, and other factors. The standard recommendation is to allocate 7 to 10% of your IT budget to security. Professional services, financial services, and high technology have the most spending power. Some businesses spend as little as 5% and as much as 20%.
Begin small when deciding how to allocate funds for Cybersecurity within your organization. You want to spend less than 20% of your IT budget on implementing a new plan in the first year because developing a solid cybersecurity plan necessitates a healthy amount of trial and error before it is perfect. Begin small, with 5% of your IT budget, and gradually increase. If you already have a cybersecurity strategy but want to improve it, figure out where to gradually increase this percentage until you reach your desired level.
How to Create a Robust Cybersecurity Strategy on a Budget?
Lay Out Your Priorities
Most SMBs will lack the financial resources to implement the full range of best-in-class cybersecurity services. As a result, you should prioritize your most pressing and fundamental requirements. Most small businesses’ top three initial priorities are vulnerability assessments, multi-factor authentication, and end-user training. High-risk SMBs, on the other hand, should consider supplementing their security plan with additional measures, such as those dealing with sensitive data and people’s finances. Consider paying an ethical hacker to inspect your system and look for vulnerabilities thoroughly.
Protect Your Systems
The first step is protecting your networks and endpoints, which serve as the system’s entry points. Servers, laptops, smartphones, software, data centers, and even individuals fall into this category. Consider investing in the following services to protect your networks and endpoints:
- VPN (Virtual Private Network): When using public networks, a VPN allows employees to connect to and work on a secure network connection. These are typically priced per user per month, with some starting at $7.
- MFA is a simple tool that directly queries users in a secondary location to determine whether they are attempting to log in. The most common method is to use a mobile app, most of which offer a free trial or a low entry price.
- MFA is a simple tool that directly queries users in a secondary location to determine whether they are attempting to log in. The most common method is to use a mobile app, most of which offer a free trial or a low entry price.
- Firewalls protect your system by inspecting and filtering incoming traffic according to your system’s rules to prevent attacks. Small business firewalls can cost as little as $200, but many of the most potent models cost over $500. Consider starting with a low-cost option to protect your organization until you are ready to upgrade, as any firewall is better than none.
You could also use cloud security, scan for vulnerabilities, update your software and systems, and invest in intelligent, alert systems. Consider enhancing your plan for high-risk SMBs with enterprise-grade data centers and real-time global threat sensors.
Implement Employee Training
End-user, or employee, training is one of the cheapest and most effective ways to protect your growing company from cyberattacks. Phishing, for example, is a common type of social engineering that targets employees by tricking them into clicking on malicious content. It is the primary source of ransomware attacks, currently the most common attack against SMBs.
Fortunately, this problem can be solved with regular and thorough end-user training. Distribute training materials regularly that teach employees how to manage their mobile devices, identify phishing emails, create secure passwords, and more. To make the program as effective as possible, incentivize the training by awarding prizes to employees with the highest scores and the most consistent viewing of the material.
Before granting employees access to company systems or customer data, they must be trained. Furthermore, your staff requires regular training updates to ensure they have the skills and knowledge to keep your systems and data secure. Invest in HPE Security Solution to secure your data more efficiently; they provide servers that can hold all of your data in one location.
Work With the Right Partners
If your current team cannot handle everything, you may need to use managed and consulting services or hire a temporary vCISO (Virtual Chief Information Security Officer). It will allow you to get expert advice while developing your cybersecurity strategy. Once your strategy is in place, you can assemble a dedicated team of internal experts to oversee your security initiatives.
Making wise business partner selections along the way is critical. It would help if you did not work with an antivirus, banking, or onboarding firm that does not have a solid internal cybersecurity plan. Work with organizations committed to protecting their clients’ information to avoid becoming a data breach victim. Before proceeding, we recommend conducting vendor assessments to examine potential partners’ security and compliance measures.
Develop Smart Hiring & Onboarding Practices
Insider threats must be avoided when implementing a security program. Indeed, approximately 2,500 internal security breaches occur in US businesses every day, with an average cost of $15.4 million per insider threat. Improving hiring and onboarding procedures is the first step toward reducing the risk of insider attacks.
A professional, FCRA-certified background check provider is an example of a company that helps businesses establish more secure hiring procedures. You will better understand who a candidate is before granting them access to your system, thanks to a comprehensive suite of services such as verifications and criminal history searches.
Final Thoughts
SMBs must eventually develop a customized cybersecurity strategy to ensure their data security and other vital assets. SMBs can defend themselves against the most common cybersecurity threats and be ready to respond quickly and effectively to emerging risks if they have a thorough understanding of the risks they face, careful consideration of the best solutions, and the implementation of a comprehensive plan. In terms of Cybersecurity, being proactive is always advantageous because the cost of being caught off guard is simply too high!
Thus, ICT Distribution, a Reliable IT Distributor, offers a wide range of high-quality services from experienced professionals who stay up to date on technology. These services also assist businesses of all sizes in protecting their sensitive data and networks. Businesses can increase their ROI by investing in effective cybersecurity solutions.
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