- 09 Feb, 2017
- Posted by: Harry Leak
- Category: General, Security
Cybercrime has been a major source of agony for various enterprises as fraudsters keep improving their tactics. Although cyber criminals are known to target big enterprises, research shows that SMEs are also at a high risk of being targeted. This calls for small enterprises to beef up their cybersecurity measures by allocating more resources to their cybersecurity departments. Companies have lost millions of pounds due to various security breaches and it is advisable for every business management to take cybercrime more seriously. Below are some important tips that SMEs can use to win the war against security breaches:
Know the Loopholes in Your Security System
The biggest problem with small and medium-sized enterprises is ignoring the fact that they can be easily targeted by fraudsters. Such businesses think that cyber criminals are only interested in big companies that operate on high budgets. This is a misleading assumption because, nowadays, cyber criminals are taking advantage of any enterprise whose security is easy to breach. A recent report by Verizon indicates that 60% of successful cybercrimes affected SMBs. The fact that these businesses have poor security systems makes them a soft target for fraudsters.
The other problem is that small enterprises assume they are totally secure when they comply with regulatory data protection bodies such as GLBSA, HIPPA or SOX. While it’s important to be compliant with one of these agencies, it doesn’t mean that you should not take additional security measures. Most regulatory bodies only provide security for your data, but fail to meet direr security needs such as taking care of data vectors or access sources. Compliance should be combined with additional security tools to get a more holistic cybersecurity approach.
Treat Data Security as a Major Component of Your Business
A study done by Cyber Security Alliance shows that one out of every five small enterprises experiences cybercrime every year. The biggest percentage of these business ends up going out of business as a result of this theft. This continues to show how important it is to have a competent cybersecurity system in every organisation. The most misleading notion held by SMEs is that purchasing trusted technology may protect their businesses 100%.
While technology plays a major role in keeping your business safe, the process of using and implementing it plays an equally important role. You need to have the right manpower to control your technology and make good use of the available tools. You must also know where your business is vulnerable; whether it’s in bank account access, operational dependencies or data security. Generally, security needs to be treated as a business decision, but not as a technology decision.
Prioritise on the Riskiest Areas
Small and medium-sized business usually have limited budgets, and this translates to fewer resources being allocated to their IT security. There might not be enough money to cover all the security details, so the best thing would be to handle areas that pose greater threats. You need to know the vulnerability of your business well so that you can prioritise on the high risk areas.
Once you have decided to use the resources you have on any technology, remember to have the right personnel for the same. The effectiveness of your security team in implementing your technology tools translates to better results.
Work with the Right Partners
The number one focus of any small enterprise is to make more profits that will enhance its growth. Building an IT security department is not among the priorities of such businesses, which means having a partner who handles data security is always a considerable option. This partner is supposed to give business owners advise on the best security products to buy. That’s why it’s imperative to employ experienced experts who have the knowledge and resources to keep your business safe.
Eleven can help and advise you on safeguarding your business against cybercrime. Give us a call on 01858 455100 or contact us here to find out how.