Starting a new retail company comes with an added responsibility to protect your customers’ data. When it comes to data privacy and security, most people believe that small ventures and startups have nothing to lose. However, it is not true! Small businesses are just as vulnerable to cyber threats as any large-scale business can be. On the other hand, they may have a limited budget for resource allocation, which makes it more challenging for them to secure their confidential data. So, if you are running a small business and looking for ways to protect your data from cyber threats, we will introduce to you some of the best solutions without breaking the bank.
What Is a Cyber Threat?
The term ‘Cyber Threat’ refers to any malicious activity that is intended to steal or damage data stored on a device. Some of the most common examples of cyber threats include Denial of Service (DoS) attacks, Trojan viruses, malware, spyware, ransomware, phishing attacks, and data breaches. Terrorist groups, disgruntled insiders, corporate spies, hackers, and even some authorized users may cause harm to your data.
5 Ways to Secure Your Data from Cyber Threats
We have curated a list of 5 tips for your small business to prevent cyber attacks:
Enable Multi-Factor Authentication
To avoid the risk of intruders stealing your passwords, it is always a good idea to activate multi-factor authentication. Since employees working at a small business will most likely use multiple devices to access confidential data, it can become susceptible to hackers. With multi-factor authentication, unknown users can’t access your company’s data. This is because it requires users to verify their identity by entering their login credentials, followed by other security protocols, such as one-time passwords (OTPs), pin codes, and even biometrics (voice recognition or fingerprints).
Some multi-factor authentication methods may include location-based verification, which makes use of the user’s IP address to see if the person who is trying to access data is coming from the same geo-location or not. Other methods, such as risk-based authentication use various techniques to double-check the type of device, network, location, and even the time at which the user is trying to access data.
Create More Awareness related to Cyber Security
Apart from using online programs to protect data, companies should work on educating their employees about cyber security risks. From regularly updating your software to using strong passwords, you can address all sorts of intrusions, threats, and vulnerabilities that may risk the security of your company’s assets. Even if your employees are working remotely, they should consider using different passwords for personal and professional accounts to minimize the risk of unauthorized access by intruders.
In addition, employees should be taught different ways of identifying suspicious activities, which can be in the form of phishing attacks. It is essential to create reports that include details related to account activities, requests to access data, and how much information from the database has been exported or updated within a certain time. This way, it will be easier to detect data violations or other attacks subjected to the database.
Limit Access to Confidential Information
From big to small businesses, every company has confidential files that contain sensitive information. For instance, a company’s financial information enlists details about all the transactions made, including salary disbursements and payments. Similarly, human resources files consist of hiring records, role descriptions, and payroll information. Instead of allowing access to all team members, data access should be limited to trusted employees only.
According to Data Breach Investigations Report by Verizon, up to 86% of security breaches are carried out due to financial motivations, where the malicious actor may be rewarded with financial gain and convenience in return. Whereas, the person behind this deceit can be an insider, working at the company. Similarly, a former employee of an organization may seek revenge by collecting and sharing the company’s data with its competitors or rivals.
Sign Up For Cyber Insurance
With time, small businesses may become prone to ransomware, where hackers attempt to disrupt the company’s network using fraudulent emails or URLs. Then, the data stored in all devices undergo encryption, followed by other cyber threats, where the attacker demands the company to pay a hefty price for restoring its access to data. Such security attacks can be controlled by investing in cyber insurance. It will help protect your company’s data, including bank account details, credit card numbers, and passwords.
Switch to a Safe and Secure Internet Connection
By connecting to a reliable internet network, businesses can ensure the safety of their critical data. Visit Spectrum Servicio al Cliente to subscribe to Spectrum internet services. It makes use of a hybrid of cable and fiber to establish a stable internet connection to all the devices connected to the same network.
Moreover, it comes with a free internet security suite to monitor your employees’ online activities so you could detect fraudulent behavior before the damage is done. Besides, Spectrum Billing is a simple and easy process, where you can log in to your justprintcard Spectrum App for paying your internet bills. So, as long as your internet provider offers additional security to your business, you don’t have to worry about cyber attacks anymore.
The Bottom Line
Whether you own a home-based startup or an office-based venture, it is crucial to find new ways to protect your company’s data. With a competitive team that can identify security threats ahead of time, you can build a secure IT infrastructure for your Slbux business. In addition, you should consider incorporating other security techniques listed above to prevent intruders from getting access to your confidential data. Nonetheless, your internet connection plays a huge role in providing a safe network for your business. To sum it up, you must take actions to prevent data breaches and cyber attacks by tailoring your company’s policies and decisions to reduce the chances of cyber threats in the future.