Cybersecurity Basics for Small Businesses

Small businesses are the backbone of the economy and, according to Phil Reitinger, President and CEO of Global Cyber Alliance, many have trouble approaching cybersecurity issues, which can lead to cyberattacks and data breaches. With tools like checklists, toolkits, and basic security measures, small businesses can grow their confidence in cybersecurity.  

What are common cyberattacks small businesses face? 

Small businesses are especially vulnerable to ransomware attacks, where their information or data is held hostage and a monetary payment is demanded to release it. Cyber extortion happen when businesses lack multi-factor authentication on their systems making it easier for cyber criminals to take control of their business network. Without several levels of authentication when logging in or accessing information, it becomes easier for attacks to occur. 

How do I implement cybersecurity?

Your cybersecurity measures will be unique to your specific business, data, and needs. Cybersecurity is not a one-size-fits-all solution. “You need to create a culture of security in order to be secure," says Kiersten Todt, Managing Director at Cyber Readiness Institute. 

Starting Points: 

• Update and patch your systems. If you’re running an up-to-date system, all you need to do is turn on auto updates to ensure updates happen automatically.  
• Use secure passwords and set up multi-step authentication.
• Back up your data outside your current network.
• Go through exercises and trainings with your staff. Where is backed-up data saved? What is the process to restore data in the event of a cyberattack? 

How can cyber insurance help me? 

It is important to understand that cyber insurance does not stop ransom attacks from happening, and it is not designed to protect your information. If a loss does occur, insurance can help you get back on your feet with resources for identity fraud, computer fraud and attacks, and extorsion.

Resources: 

• Acuity Insurance Cyber Suite
• Cyber Readiness Institute

This article was written by Emily Gamb, Regulatoy Affairs Analyst.