7 ways to minimise cyber risk exposures

Digital transformation for small business means integrating new digital tools and processes to enhance efficiency, operations and drive growth. Unfortunately as businesses become more dependent on technology, exposure to cyber threats grows.

Cyber risks can cause disruptions by shutting down your services, leaking your customer’s data, or even leading to hefty fines. Small businesses in particular, can be vulnerable to cyber attacks because they often lack the resources that bigger corporations have.

Large companies have the budget to build strong cybersecurity defences and hire experts dedicated to keeping their data safe. Small businesses, however, don’t usually have this luxury. This makes them prime targets for common cyber threats like phishing attacks, ransomware, and malware.

Protecting your business is about being smart and prepared. Here are a few practical steps you can take to protect your small business more effectively.

1. Keep your systems updated

Updates patch vulnerabilities in your software, which can prevent cybercriminals from exploiting these gaps to gain unauthorised access to your systems.

Now, you might be thinking, “Who has the time to manually update every piece of software?” Well, automation can take the hassle out of keeping your systems up-to-date. By enabling automatic updates, your devices can respond swiftly to security issues. Plus, new updates often include new features that will improve your systems operations.

2. Have an incident response plan

An IRP is a written strategy that outlines the processes to detect, respond to, and recover from cybersecurity issues. This plan should outline specific steps to contain the breach, assess the damage, and notify necessary stakeholders, from impacted clients to related regulatory bodies.

Imagine you discovered a data breach. What do you do next? If you have a clear, well-practiced IRP, the answer is straightforward. By acting swiftly enough, you can prevent the spread of the breach and start damage control immediately, which is critical in maintaining trust and confidence among your customers and partners.

3. Assign a Chief Security Information Officer (CISO)

Imagine having someone whose sole focus is to keep your digital assets safe against cyber threats. That’s the role of your Chief Security Information Officer (CISO). A CISO can help keep your digital assets safe against cyber-attacks. They can see foresee potential cyber security risks and come up with plans to mitigate them.

A CISO also works hand-in-hand with different teams and departments to ensure everyone is up to speed on the best security practices and understands their role in protecting the company.

4. Secure sensitive data

Think about all the data your business handles daily, from customer details to financial records. It’s important to secure your sensitive data through encryption.

Encryption is a security measure that converts data into a secret code so it can only accessed by individuals with a specific decryption key. This is particularly important for mobile devices, which can easily be lost or stolen. By encrypting the data on these devices, you ensure that it remains secure, no matter where the device ends up.

5. Limit user access

This includes implementing the Principle of Least Privilege (PoLP), which restricts access rights for users to the bare minimum permissions they need to perform their work. Additionally, adopting a zero-trust model, where trust is never assumed and must always be verified, ensures that each access request is scrutinized for authenticity.

Another strategy would be to use multifactor authentication (MFA). This would require users to provide two or more verification factors to gain access to a resource. This could include something they know (like a password), something they have (like a smartphone app to approve authentication requests), or something they are (like a fingerprint).

6. Monitor third-party security

Managing your third-party security is also important because a compromised service provider or vendor could post risks if their security isn’t up to scratch. If their security is weak, it’s not just their data at risk. It’s yours too.

Collaborating on cybersecurity strategies with your third-party vendors can strengthen your defences across the board. This can involve setting up regular reviews, sharing best practices, and even coordinating response strategies for potential threats.

7. Address insider threats

While we often consider cyber threats as originating from shadowy figures in distant locations, the reality is that some of the most significant risks might already be inside your business. Insider threats can range from an employee accidentally clicking on a phishing email to someone intentionally leaking sensitive information. And they can pose serious security challenges.

An important method to mitigate insider cyber risks is through comprehensive security training. Educate your employees on the latest cyber threats and the best practices for preventing them. Create a safer workplace by encouraging secure and smart password practices. The training shouldn’t be a on-off event either. Cyber threats evolve, and so should your team’s knowledge and skills.

Don’t forget your Cyber Liability insurance

Cyber Liability insurance can provide protection against potential claims and costs associated with data breaches or cyberattacks that could otherwise impact your finances and reputation.

BizCover makes it super easy to get this sorted. Compare multiple quotes online within minutes and tailor a Cyber Liability policy that fits your needs. No paperwork, no fuss.