Securing Your Small Business: A Comprehensive Guide to Cybersecurity

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Ikram Massabini

November 8, 2023

Table of Contents

Cybersecurity is a growing priority for small businesses across the globe. Regardless of industry, geography, or business maturity, no single business is immune to the growing threat landscape. As technology innovations help businesses streamline operations, they unfortunately usher in new waves of cyberthreats. Once a challenge faced mostly by global giants, cyberattacks now loom over businesses universally, with small and medium-sized enterprises at heightened risk.

MVP Network Consulting’s small business cybersecurity guide delves deep into the realm of cybersecurity for SMBs, highlighting critical insights and foundational knowledge, both indispensable for protecting business operations.

Introduction to Cybersecurity for Small Businesses

What is Small Business Cybersecurity?

Small business cybersecurity embodies the specific strategies small businesses craft and implement in effort to protect their data, networks, employees, and business from attack.

Why is Cybersecurity Important for Small Businesses?

Cyberattacks are not a question of “if” but “when” and when it comes to thinking about your cybersecurity investments, look at them not only as a technical decision, but one that’ll help future-proof your business.

Without a cybersecurity plan in place, small businesses are more likely to be forced to close their doors following a data breach or cyberattack. For small businesses, cybersecurity is more than just safeguarding data – it’s about protecting customer trust, keeping business operations running smoothly, adhering to regulatory compliance, and keeping a strong brand reputation.

NIST Cybersecurity Framework for Small Business

For many small businesses, knowing where to begin with cybersecurity is often one of the biggest challenges. The National Institute of Standards and Technology (NIST) Cybersecurity Framework is oftentimes a great starting point.

The framework revolves around five core principles: Identify, Protect, Detect, Respond, and Recover. Small businesses can initiate a self-assessment, helping to identify current cyber posture while understanding corporate assets requiring protection. Following the self-assessment, small businesses will have an educated and informed cybersecurity plan starting point. Small businesses can capitalize on the freely accessible NIST framework and other affordable resources aligned with NIST’s recommendations.

NIST Version 1.1 Cybersecurity Framework | NIST

The Small Business Threat Landscape

As we’ve covered, small businesses are not immune to cyber threats.

According to the Verizon 2023 Data Breach Investigations Report, 74% of all breaches include the human element, with people being involved either via error, privilege misuse, use of stolen credentials, or social engineering.

Cybercriminals often perceive SMBs as “easy targets” due to their limited resources and potentially lax security measures. Furthermore, small businesses often form part of larger supply chains and this interconnection makes them enticing targets for cybercriminals who aim to initiate more extensive, ripple-effect attacks through these smaller entities.

Most Common Types of Cyber Attacks Small Businesses Face

Ransomware

What is ransomware?

Ransomware is a type of malware (malicious software) that encrypts a victim’s data and holds it hostage in exchange for ransom (usually in the form of cryptocurrency) for its decryption.

An example ransomware scenario might look like this:

  • A hacker gains unauthorized access to your network as a result of an employee clicking on an attachment in a seemingly harmless email
  • With this access, the hacker encrypts important financial documents
  • Your company’s finance department attempts to access the financial documents and instead is met with a notification of the file encryption
  • Along with the encryption notification, there’s a message demanding $500,000 in Bitcoin in exchange for the decryption key

While this particular scenario is oversimplified, the outcome is very much real and your business is now faced with a difficult decision. Pay the ransom? Rebuild what the hackers gained access to?

Phishing

What is phishing?

Phishing is a form of malicious activity that aims to trick recipients into taking action on seemingly trustworthy messages. Recipients are often tricked into sharing sensitive and confidential information such as login credentials, financial details, or private company information.

Spear phishing or whaling are targeted forms of phishing typically aimed at company executives or individuals with higher levels of network access or sensitive data.

An example phishing scenario might look like this:

  • Your company’s Finance Director receives an email that seems to originate from your CEO with a subject line of “Immediate response requested”
  • In the email, the “CEO” asks for employee banking information as the executive staff just came to an agreement on a bonus restructuring. In order to make deposits, he needed to transfer funds from one account to another and didn’t have the details of either account handy
  • Overlooking subtle details like the extra letter in the “CEO’s” email address, your Finance Director responds with a spreadsheet containing account information
  • Your Finance Director eventually finds out the hard way that they made a major mistake and disclosed private company information
  • Your company goes into damage control mode and aims to remedy the situation

Malware

What is malware?

Malware, short for malicious software, encompasses a range of harmful or malicious software types like viruses, spyware, Trojans, and the previously covered ransomware. Malware aims to gain unauthorized access to systems and/or networks, exposing data, causing damage, and/or resulting in significant downtime.

An example malware situation might look like this:

  • A junior-level designer is excited to try out a new software they heard about on an online forum
  • Conveniently, the poster of the software in the online forum included a download link and guaranteed premium features at no cost
  • Hoping to impress their senior-level leadership team with the find, the designer downloads the software, excited to take advantage of premium features that offer time savings
  • After downloading the software, the designer unknowingly unleashed a harmful malware that would quickly spread to other company machines
  • The design firm had to temporarily halt operations as they needed to pivot their focus from client work to cleansing and restoring machines

Man-in-the-Middle (MitM) Attacks

What is a Man-in-the-Middle attack?

Man-in-the-middle attacks are a cyberthreat that occur when an attacker intercepts and alters communication between two parties. MitM attacks are used to eavesdrop or inject malicious content into the communications stream.

An example man-in-the-middle situation might look like this:

  • A financial analyst was on a business trip and setup at a local cafe for an afternoon of work
  • The financial analyst connected to company networks via unprotected public Wi-Fi, assuming it was the cafe’s official network
  • Unbeknownst to the analyst, they connected to a network setup by a hacker
  • As the analyst began accessing company networks, the attacker positioned themselves between the analyst’s device and the company’s networks
  • The hacker began intercepting data the analyst believed to be transmitting to official corporate systems
  • Sensitive company data was now compromised and the financial company had to begin isolating infected machines, focusing efforts, resources, and finances on remedying the incident

Distributed Denial of Service (DDoS) Attacks

What is a DDoS attack?

A DDoS (Distributed Denial of Service) attack is an attack that involves overwhelming a targeted system (often a website, online service, or a server) with a flood of traffic. DDoS attacks lead to service disruptions, making systems unavailable to legitimate users.

An example DDoS situation might look like this:

  • A popular online gaming website which typically sees spikes in legitimate traffic on weekends sees an abnormal influx one weekend
  • Around the same time as the abnormal influx, the gaming website also receives an influx in support requests from legitimate users who are unable to access the gaming website
  • The gaming website’s IT team quickly determined the onslaught of server requests were designed to overload their networks, making their services inaccessible to users

The Impact of Cyber Attacks on Small Businesses

The IBM Cost of a Data Breach Report 2023 reports the average cost of a data breach is $4.45 million, a 15% increase over 3 years.

No different than their enterprise counterparts, small businesses that fall victim to a cyberattack will face both immediate and downstream impact on their business, ranging from:

  1. Financial Loss: One of the most damaging results of a cyberattack for small businesses is financial loss. Financial loss can be both immediate (ransomware payment demand) and downstream (cybersecurity consultations, employee training, etc.), and for a small business operating on tight margins, the financial loss associated with a cyberattack is oftentimes debilitating.
  2. Business Disruption: Aside from financial loss, cyberattacks can bring normal business operations to a screeching halt. Whether it’s system lockouts, encrypted data, or even compromised websites, the downtime experienced as a result of a cyberattack can be detrimental to business operations.
  3. Reputation Damage: For any business, customer trust is earned over time but can be lost overnight. A cyberattack – especially one that accesses and exposes confidential customer data – can erode customer confidence rapidly. Customers and potential customers might avoid transacting with a business as a result of a cyberattack.
  4. Legal Repercussions: When businesses are found to be negligent in protecting customer data, it’s not uncommon for legal repercussions to top the list of cyberattack consequences. This is a primary reason regular, third-party network scans are so important.
  5. Loss of Intellectual Property: For most businesses, intellectual property is their most valuable asset. A cyberattack puts patents and other proprietary business processes in harm’s way.
  6. Increased Future Costs: Following a cyberattack, businesses should expect to experience increased costs (both near- and long-term) as a result of added technology, employee training, insurance premiums, and other defenses aimed at preventing future attacks.
  7. Emotional and Psychological Strain: Small business owners take extreme pride in the businesses they build. Year after year, research and studies show that business owners have growing concern over cybersecurity and their business’s defenses. The mere thought of a cyberattack can place immense stress on business owners and employees. The further strain of managing the response to an attack can take a major toll on those responsible.

Implementing Cybersecurity Solutions for Small Business

Your small business’s cybersecurity program will involve technologies (hardware & software), documented processes, employee enablement / education, and practices designed to protect your networks and data.

Below is a detailed roadmap to help you get started with implementing your own small business cybersecurity strategy.

Assess Your Small Business Cybersecurity Vulnerabilities

Like any other business strategy, it’s important to first assess your vulnerabilities before diving into and/or deploying specific cybersecurity solutions. Your vulnerability assessment will lay the groundwork for an eventual comprehensive cybersecurity strategy.

How Secure is Your Business Network?

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When conducting your vulnerability assessment, consider including the following:

  1. Infrastructure Assessment: Any device – mobile phones, remote workstations, printers, IoT devices, etc. – connected to your network is a potential entrypoint for a cyber attack. For this reason, a thorough review and deep dive of your infrastructure should be at the top of your vulnerability assessment.
  2. Software Assessment: Just like their enterprise counterparts, small businesses lean on software for everything from accounting to HR, marketing, and beyond. Ensuring software is vetted, updated, and patched is business critical. Outdated software has potential for vulnerabilities exploitable by cybercriminals.
  3. Employee Behavior Assessment: Research continuously puts humans at the center of cyberattacks. The key to any successful employee cybersecurity training is first understanding their behavior. Recognizing potentially risky behavior will help guide your training programs.
  4. Data Flow Mapping / Assessment: Another important assessment to consider conducting when laying the groundwork for your cybersecurity strategy is a data flow assessment (data flow mapping). A data flow assessment helps you understand how data flows within your organization and answers the following questions: Who has access to it? Where is it stored? How is it accessed?
  5. External Threat Assessment: Cyber threats are constantly evolving. Conducting ongoing external threat assessments will help your small business stay informed about cyberattacks circulating in your industry. This proactive threat intelligence includes understanding the tactics, techniques, and procedures (TTPs) cybercriminals are currently using.

Deploy a Zero-Trust Security Framework for Your Small Business

Zero-trust is a cybersecurity transformation centered on the concept that threats to small businesses can come from anywhere (inside or outside, employees, vendors, guests, etc.) and that access to networks, systems, software, etc. should be verified before access is granted.

Here’s a deeper dive into the zero-trust framework:

  1. Origins and Philosophy: The rise of insider threats and sophisticated cyberattacks made the traditional security approach of “free access” inadequate. Zero-trust is the response and emphasizes that trust should never be implicit. Every access request – even those stemming internally – are treated as if they originate from an open network.
  2. Strict Verification: The zero-trust framework authenticates every access request to a system. Whether the request is made by a human (internally or externally) or machine, zero-trust security policies call for requests to be authenticated and monitored.
  3. Micro-segmentation: Micro-segmentation is a key zero-trust strategy that takes a network and breaks it up into smaller segments. The thought with micro-segmentation is that you have the ability to maintain separate levels of access for separate segments of the network. In the event a bad actor gains access to one segment, they won’t necessarily have access to the remainder of the network.
  4. Least Privilege Access: The zero-trust framework operates on a need-to-know basis. Users receive the least amount of access needed to perform tasks which in the event credentials are compromised, much like micro-segmentation, the bad actor won’t gain access to entire systems and networks.
  5. Continuous Monitoring and Evaluation: With zero-trust, trust is never permanent. Even after initial authentication, systems will continue to evaluate behavior and patterns. Deviations from regular patterns have potential to trigger “alarms” or additional verification checks.
  6. Challenges and Considerations: Like any business or cybersecurity strategy, transitioning to zero-trust does not come without challenges. Aside from substantial financial investments, account for time and resources needed to modify infrastructure and redesign network architecture. From an end-user’s perspective more frequent access checks and verifications can prove to be cumbersome.
  7. Future and Evolution: The tech and IT landscapes are evolving in ways we’ve never seen before. Machine learning and artificial intelligence breathe completely new possibilities into the zero-trust framework, making it even more robust and adaptive than ever before. One thing is for certain though – in a time where cyber threats continue to advance in complexity and small businesses aim to protect their data with more and more confidence, the zero-trust framework continues to gain traction as a forward-looking cybersecurity model.

Employ Multi-Factor Authentication (MFA) for Your Small Business

Similar to the zero-trust framework, multi-factor authentication (MFA) is a significant cybersecurity advancement and deploying it is an absolute must for small businesses. MFA requires a secondary (or more) verification beyond the simple username and password combination. Mobile device security codes and authentication apps are two of the more common MFA solutions. In the event a username and password combination are compromised, the bad actor will fail to gain access when MFA is enabled and accessing the secondary (or more) validation methods isn’t possible.

Here’s a deeper look:

  1. The Need for MFA: As we’ve talked about, cyberthreats continue to grow in sophistication and single-factor authentication shows significant vulnerabilities. Human error alone calls for the additional layers of security MFA offers.
  2. The Three Pillars of MFA:
    • Something You Know: This is usually going to be the password or PIN, known only by the user and authentication system.
    • Something You Have: This is usually going to be your security code sent to your mobile device or via an authentication app and is typically time-sensitive.
    • Something You Are: This is usually going to involve biometrics like a fingerprint, retina scan, facial recognition, or voice patterns.
  3. Benefits of MFA:
    • Enhanced Security: First and foremost, multiple verification methods enhances security and ensures if one factor is compromised, access can still be prevented.
    • Flexibility: One of the great things about MFA is that solutions can be customized to a small business’s needs. Most small businesses will lack the resources necessary to require biometric verification but can lean on the first two pillars and still add the extra layer of security.
    • Deterrence: Simply knowing MFA is deployed will oftentimes deter cybercriminals as effort typically outweighs potential “rewards”.
  4. Implementation Challenges: Similar to the zero-trust framework we reviewed, there are implementation challenges with MFA, too. In the event your organization leverages physical tokens, they must be distributed and managed. There are costs associated with deploying MFA solutions and users may perceive the added layers of security as an inconvenience as well.
  5. The Future of MFA: As with all solutions we’ll discuss in this post, expect evolution to keep pace with evolving technology landscapes. On the biometrics front for example, we’re already seeing advancements that take into account user behavior (typing speed, mouse movements, etc.) for authentication. Just like we mentioned with zero-trust, expect AI and machine learning to heavily influence MFA, too.

Use Antivirus Software and Firewalls for Your Small Business

Antivirus and firewalls are critical components to any cybersecurity strategy, especially for small businesses. Given many small businesses lack the same resources, budgets, and access to talent as larger enterprises, cybercriminals will look at them as easier targets. This is where an antivirus and firewall strategy comes into play, serving as a safeguard to the small business’s infrastructure.

Antivirus for Small Business:

When we think about antivirus software specifically for small businesses, they’re deployed and in place to protect and safeguard data from viruses, worms, ransomware, etc.

Firewalls for Small Business:

Firewalls act as a barrier between a small business’s network and external networks like the internet. They’re typically the first line of defense against potential cyberattacks and help prevent unauthorized access, ultimately protecting data and maintaining network integrity.

Regular Software Updates and Patch Management for Your Small Business

An often overlooked line of cyber defense for small businesses is regular software updates and patches. Just as it’s important to vet the software we deploy and allow to run on our small business’s network, it’s important to maintain regular updates and patches, ensuring hackers are unable to exploit vulnerabilities of unpatched and outdated software.

Data Encryption and Backup for Your Small Business

While encryption ensures that data remains confidential and inaccessible to unauthorized users, backups ensure data availability and recovery, safeguarding the business from potential operational disruptions and financial losses. Data encryption and backup together form a two-pronged approach to data security and resilience.

Cloud Security for Small Businesses

Businesses rely heavily on cloud-based infrastructure, applications, tools, and software as part of their day-to-day. Just as it’s important to safeguard physical infrastructure, small businesses should have a firm grasp on the unique security challenges the cloud poses. Below are some starting points for small businesses to consider.

  1. Understanding Shared Responsibility: Most cloud solutions providers operate under a shared responsibility model. Cloud solutions providers often ensure security of the infrastructure, leaving the security of data and applications hosted up to the small business.
  2. Data Encryption: As we just covered, unencrypted data is a risk in itself. For small businesses, it’s important to encrypt all data – both at rest and in transit. In the event data is intercepted or unlawfully accessed, it’ll be unreadable.
  3. Access Management: While it may seem to be a no-brainer, ensuring only authorized personnel have access to data and applications hosted in the cloud is a must.
  4. Backup and Recovery: Just as we would with physical infrastructure, regularly backing up data and applications in the cloud is another must for small businesses. In the event of data loss or cyberattack, being able to revert to previous, clean copies could help you keep running as close to business as usual as possible.
  5. Monitoring and Alerts: Cloud monitoring and alerts help you keep tabs on suspicious activities like unauthorized access or extremely large data transfers.

Vendor and Third-Party Security for Small Businesses

Small businesses often rely on third-party vendors as an alternative to full-time staff. Every external business connection is a potential cybersecurity vulnerability.

  1. Vendor Assessment: Assess every potential vendor to ensure they have a forward-thinking cybersecurity posture.
  2. Contractual Obligations: From data handling to audits and breach notifications, small businesses should have clear vendor security expectations outlined in contracts.
  3. Continuous Monitoring: Continuously monitor and reassess third-party vendors to ensure they maintain robust security standards.
  4. Limit Access: Avoid giving blanket permissions that might expose more data or systems than necessary.
  5. Education and Collaboration: Share best practices, and consider joint training sessions or workshops to address shared security challenges.

Choosing a Managed Security Services Partner

Small business cybersecurity consulting or managed security services partners (MSSP) like MVP Network Consulting play a pivotal role in helping small businesses create and implement robust cybersecurity strategies. Services typically include network assessments, audits, compliance audits, employee training, incident response planning and strategies, and more. When considering partnering with an MSSP, we’ve created a list of questions to ask them as you assess their capabilities.

Questions to Ask a Potential Managed Security Services Partner

Experience and Credentials

  • How long have you been in the cybersecurity business?
  • Can you provide references or case studies from similar businesses you’ve worked with?
  • What cybersecurity related certifications and credentials does your team hold?

Understanding of Small Business Needs

  • How do your cybersecurity services cater specifically to small businesses?
  • Do you have experience in our industry or sector?

Range of Services Offered

  • What specific cybersecurity services do you offer?
  • Do you provide end-to-end solutions, from risk assessment to incident response?

Incident Response

  • How do you handle security breaches or incidents?
  • What is your average response time in the event of a security incident?

Proactive Measures

  • How do you stay ahead of new threats and vulnerabilities?
  • Do you offer regular security testing, such as penetration testing or vulnerability assessments?

Training and Awareness

  • Do you provide cybersecurity training for our staff?
  • How often is this training updated?
  • How is this training deployed?
  • How can we ensure adoption of our employees?

Communication and Reporting

  • How often will we receive updates or reports on our cybersecurity status?
  • How do you communicate urgent issues or threats?

Technology and Tools

  • What cybersecurity tools and technologies do you employ?
  • How often are these tools updated or reviewed for effectiveness?

Data Privacy and Compliance

  • How do you ensure compliance with industry regulations and data privacy laws relevant to our business?
  • Can you assist with audits or compliance checks?

Contractual and Financial Aspects

  • What are the terms of your contract? Is there a lock-in period?
  • How is pricing determined? Are there any additional or hidden fees?
  • What’s your process for scaling services as our business grows?

Exit Strategy

  • If we choose to end our partnership, what is the process for transitioning away?
  • How do you ensure our data remains confidential after the partnership ends?

Case Study: A Buffalo, NY Small Business’s Cybersecurity Triumph

CMS Case Study: Enhancing Security and Modernizing Systems for Capital Management Servcies

Building a Cybersecurity Culture for Small Businesses

A majority of small business cyber attacks can be tied back to human error. Creating and maintaining a cyber-aware culture is a must for small businesses aiming to mitigate cyber risk. Regular and ongoing cybersecurity education will help employees better understand risks associated with their day-to-day duties while also promoting safe practices.

Below are ways in which we advise clients to build their very own cybersecurity first culture.

What are the Best Practices for Small Business Employee Cybersecurity Training?

  1. Interactive Sessions: When building your cybersecurity training programs, look for opportunities to incorporate simulations in an attempt to captivate participants and drive up engagement. Simulated phishing campaigns are one of the most common examples of this strategy where recipients receive “real” phishing attempts via email and text message. In the event the recipient is tricked by the simulation, they’ll usually be redirected to an internal awareness landing page which offers employers opportunities to deliver further messaging and training around the simulation.
  2. Tailored Content: It’s important to recognize that varying departments might encounter distinct challenges and a “one-size fits all” approach to training and content just won’t cut it. Just as cybercriminals tailor attacks, it’s essential to adapt training materials to cater to each department’s specific vulnerabilities and threats.
  3. Feedback Loops: Collect insights post-training to pinpoint areas that might be unclear or worrisome, enabling an evolving approach that champions consistent enhancement and clarity. Your organization’s cybersecurity culture doesn’t end with training. Feedback loops help you focus on what matters most.

How often should cybersecurity training sessions be conducted?

Regular training is essential. Aim for at least bi-annual sessions, with additional training whenever there are significant changes in technology or company processes. Periodic refreshers and updates in response to emerging threats can keep employees vigilant.

Identifying and Reporting Cyber Threats

When small businesses empower employees to recognize, flag, and respond to cyberthreats, potential damage can be minimized drastically.

Below are topics worth covering with employees, equipping them with the knowledge necessary to spot and report threats.

Identifying Red Flags in Communication

  1. Phishing Emails: Ensure employees understand how to identify the red flags of a phishing email. Checking the sender’s name, email address, misspellings, hovering over links, etc. are common starting points. Pairing this education with hands-on simulations as we just covered will help employees better spot and respond to phishing attempts.
  2. Suspicious Callers: Phishing emails are oftentimes more common than voice phishing or vishing attacks, but educating employees on the red flags of a vishing attempt is another must. Be skeptical of unsolicited phone calls first and foremost.

Communicating Safe Browsing Habits

  1. URL Verification: Safe browsing is another topic you’ll want to cover in your employee training programs. URL verification or examining website URLs should be emphasized as part of this program track. Secure sites will start with “https” with the “s” indicating security.
  2. Downloads: When downloading files, especially from untrusted or unknown sources, exercise extreme caution. Malware and other viruses make homes in files that are seemingly harmless, and before you know it, your entire network is infected because of one rogue download.
  3. Pop-ups and Redirects: Ensure your employees understand the harm in engaging with pop-ups or website redirects. Cybercriminals leverage these disturbances to deceive users into taking accidental or innocent action, leading to the downloading of malware or transmission of personal data.

Taking Social Media Precautions

  1. Connection Requests: Cybercriminals will go to extreme lengths to connect with targeted, unsuspecting victims. It’s worth educating employees to exercise caution when coming across unfamiliar connection requests. They may be an attempt to gather information as part of a broader scheme.
  2. Shared Links: No different than an email phishing attempt, cybercriminals will share malicious links via social networks, too. Just as you’d approach unfamiliar links in email, do the same on social media.

Understanding Physical Security

  1. Device Safety: Cyberattacks aren’t exclusive to the digital realm. Securing physical devices will ensure bad actors aren’t able to gain access.
  2. Visible Data: When working in public places, encourage employees to use privacy screens so that any sensitive data remains protected and out of sight of those looking to leverage it for wrongdoing.

Integrating Cybersecurity into Your Small Business Onboarding Processes

First impressions are everything – especially for new hires. Introducing an intentional, organized, and straightforward cybersecurity culture from day one will set the tone for an employee’s entire tenure with your small business.

Below are some best practices to consider when building your cybersecurity focused onboarding program:

Welcome Packets:

    • Comprehensive Guidelines: Welcome packets should be comprehensive with clear, easy-to-follow protocols and guidelines.
    • Resources: Ensure resources are straightforward and easy to locate. Things like IT contacts, steps for reporting suspicious activity, etc. are all important.
    • Regular Updates: We’ve covered extensively how rapidly cyber threats evolve. Your onboarding and welcome packets should be evolving regularly, too.
       

Mentorship:

    • Role-Specific Nuances: Oftentimes, when we think about mentors, we think about skills focused mentorship programs. Cybersecurity mentors are low-cost, highly effective, and can be deployed in a role-specific fashion. Role-specific ensures advice is tailored to the employee, highlighting threats and best practices that align with the new hire’s role.
    • Open Communication: Having a designated mentor fosters an environment where new employees feel comfortable asking questions or voicing concerns about cybersecurity.
    • Long-Term Engagement: While the initial focus might be on cybersecurity, this mentorship can evolve, offering guidance on broader IT best practices or even career development within the company.
       

Initial Training:

    • Mandatory Sessions: Prior to new hires gaining access to company systems and data, best practice is to require a foundational cybersecurity training.
    • Hands-on Scenarios: We covered the importance of hands-on, interactive simulations which tend to have great impact.
    • Assessment: It’s important to have an understanding of how well your training is landing. Incorporating assessments or quizzes help us do just that.
    • Refresher Courses: Cybersecurity isn’t a one-time lesson. Organize periodic refresher courses to keep all employees, not just new hires, updated on the latest threats and preventive measures.

Preparing for a Cyberattack: Developing a Cybersecurity Incident Response Plan

The most forward-thinking small business leaders understand that cyber attacks are not a matter of if, but when. A well documented cybersecurity incident response plan (CIRP) puts your business in a position to respond to attacks with confidence.

Below is an in-depth look at what your CIRP might look like:

Components of a CIRP:

    • Identification: Recognizing a breach is your small business’s first step and usually involves the use of technology and human interaction. Detecting unusual network activity and/or having employees report suspicious activities or behavior is usually your first point of identification.
    • Containment: With the breach identified, we move onto immediately containing it. Depending on your network design, containment could involve isolation of a particular network segment or the entire network altogether.
    • Eradication: At this point, the breach is identified and contained. We must now identify the root cause of the breach to ensure we’re able to completely wipe it from our network.
    • Recovery: With the root cause identified, our goal is to restore networks and business operations to normal.
    • Post-Incident Analysis: Once the immediate threat is taken care of, a thorough investigation should take place. At the minimum, we’ll lean on this investigation to determine how the breach occurred, the blast radius or extent of damage, and how our small business will prevent similar breaches in the future.

Steps to Take in the Event of a Security Breach

Incident Classification:

    • As we just covered with the CIRP, incident classification based on severity, scope, and impact should be your first step when responding to a security breach. Ensure resources are prioritized appropriately.

       

Immediate Isolation:

    • Immediately isolate affected systems and/or network segments. The goal here is to eliminate the spreading of malicious activity.

       

Notify the Cybersecurity Team:

    • For small businesses without an internal cybersecurity team, your managed security services provider (MSSP) will be your go to resource. We’ll cover the importance of an internal team in the following section.

       

Document Everything:

    • Treat a security breach like a crime scene and keep an ironclad record of activities, observations, actions, system changes, and so on. This documentation will be referenced post-incident for any analysis, legal activity, and or regulatory compliance.

       

Communication:

    • Internal Communication: Throughout the duration of a CIRP (especially when a breach impacts business operations), internal communication is crucial. Ensure stakeholders and employees are made aware of the situation and recommended actions.
    • External Communication: If and when your small business cyberattack targets customer data, customers and partners should be informed. Transparency is key in maintaining trust throughout your CIRP.

       

External Support:

    • In the event the security breach is so severe that your in-house team and/or MSSP do not have the capabilities to handle appropriately, work with both of these teams to enlist external support.

       

Legal and Regulatory Considerations:

    • It’s important to have awareness of legal obligations, especially in the event that sensitive data is compromised. For example, if you’re a doctor’s office and you fall victim to a cyberattack that gains access to patient records, you’ll want to ensure you’re following the HIPAA Breach Notification Rule.

       

Recovery:

    • Once the threat is contained, it’s time to focus efforts on restoring business operations. Whether this entails cleaning infected systems, analyzing backup, or in some cases, entirely rebuilding your systems and networks, take the appropriate measures to ensure you’re eliminating the breach completely.

       

Post-Incident Analysis:

    • With the threat contained and business operations restored, a comprehensive post-incident evaluation comes next as we covered in the CIRP section.

       

Review and Update Security Protocols:

    • Depending on your post-incident analysis findings, you’ll likely have changes to implement, either at the network level or at the employee awareness level. The goal here is to prevent similar breaches from occurring in the future.

       

Ongoing Monitoring:

    • Continue rigorous system and network monitoring in the aftermath to detect and address any lingering or renewed malicious activities.

Importance of a Cybersecurity Team or MSSP for Your Small Business

Expertise at the Forefront:

    1. Specialized Knowledge: Cybersecurity professionals and MSSPs have unique skill sets that are continuously evolving through training and hands-on experience. Like hiring a marketing specialist to create an impactful lead generation strategy or a fitness coach to help you achieve personal goals in less time, cybersecurity professionals will help you create more robust defense strategies in a fraction of the time.
    2. Swift and Targeted Response: Cybersecurity professionals and MSSPs will help you get from point A to B, minimizing potential damage through their swift response and understanding of situations.

       

Proactive Monitoring:

    1. 24/7 Vigilance: It goes without saying, but we’ll say it anyway. Cyberthreats don’t operate on a convenient, 9-5 schedule. Attacks can and will take place off-hours which is where your team or MSSP helps ensure 24/7 monitoring and support. In the event of a breach, early detection might mean the difference between closing the doors and keeping them open.
    2. Threat Anticipation: Seasoned cybersecurity professionals will anticipate emerging threats based on patterns, industry trends, and threat intelligence.

       

Optimal Resource Allocation:

    1. Dedicated Focus: Just as your finance team focuses on finance and your sales team on sales, it’s unfair to expect your IT personnel to be cybersecurity experts, too. A team that is solely focused on cybersecurity will ensure proper resources are deployed when needed.

       

Staying Updated in a Dynamic Landscape:

    1. Continuous Learning: A dedicated cybersecurity team or MSSP remains abreast of evolving cybersecurity developments, participating in continuous learning and training.
    2. Regular System Updates: Dedicated cybersecurity professionals and MSSPs have a finger on the pulse of what’s going on in the cybersecurity world. These professionals will ensure you have the latest defense strategies, software, and up-to-date protocols.

The Role of Cyber Insurance in Small Business Cybersecurity

Cyber insurance is growing in importance as the threat landscape evolves at a tremendous pace. Investing in cyber insurance can help businesses recover financial losses, build trust with customers, and offer an additional peace of mind layer beyond your cybersecurity defenses.

While cyber insurance won’t prevent attacks from occurring, it will offer a financial safety net for small businesses.

Data Protection and Compliance

Ensuring your small business aligns with compliance frameworks like GDPR, HIPAA, and CMMC helps to not only strengthen your own cybersecurity, but demonstrates your willingness and dedication to safeguarding sensitive consumer information.

For small businesses, adhering to compliance standards isn’t just a mandate—it’s crucial for sustaining business credibility and customer trust.

Frequently Asked Cybersecurity Questions

What are the most common cybersecurity threats faced by small businesses today?

No different than larger corporations, small businesses face an array of cyberthreats ranging from phishing to ransomware, malware, and even man-in-the-middle attacks. One of the biggest differences when looking at small versus large businesses though is their access to resources. Cybercriminals will oftentimes look at a small business as an easier target simply due to access to resources, making it that much more important for small businesses to have a cybersecurity strategy they’re following.

How can small businesses effectively assess their cybersecurity vulnerabilities?

Small businesses can assess their cybersecurity vulnerabilities via penetration testing. Penetration testing simulates a cyberattack and aims to identify weak points throughout a small business’s network.

What cost-effective measures can small businesses implement to enhance their cybersecurity infrastructure?

Small businesses can implement multi-factor authentication, regularly backup data, use strong, unique passwords, ensure all software is updated, and provide employee training on cybersecurity best practices. Open-source or cost-effective cybersecurity tools can also be utilized to enhance security without straining the budget.

How often should small businesses conduct cybersecurity audits, and what should they entail?

Ideally, small businesses should conduct cybersecurity audits annually. These audits should review and assess security policies, user access controls, network configurations, physical access points, and incident response plans. Regular updates based on new threats or business changes are also essential.

What are the best practices for training employees in a small business setting about cybersecurity awareness?

Employee training should be continuous, with refreshers at regular intervals. Best practices include interactive sessions with real-life examples, tailoring content to specific departmental risks, ensuring clarity on reporting suspicious activities, and possibly running mock phishing tests to evaluate employee vigilance.

How can small businesses ensure data protection compliance, especially with regulations like GDPR and CCPA?

When it comes to compliance, small businesses should first understand the specifics of the regulation(s) that apply to them. Once understood, a common first step is to inventory or map how data is collected and stored, who has access to it, and so on. It’s also best practice to develop employee training and a regular audit schedule to maintain compliance moving forward.

What role do IT professionals play in shaping the cybersecurity strategy for small businesses?

IT professionals play one of the most pivotal roles in shaping cybersecurity strategies for small businesses. They’re often the most hands on in crafting overarching strategies, implementation, and ongoing maintenance. More specifically, IT professionals are at the helm of vulnerability assessment, response, and mitigation.

How can small businesses recover from a cybersecurity breach, and what steps should they take immediately after discovering one?

The steps to take in recovering from a cyberattack really depends on the severity and scope of the attack. Immediate steps however should include the isolation of impacted systems.

Are there specific cybersecurity tools or software that are particularly beneficial for small businesses?

There are several tools that cater to the budgets of smaller businesses. Consider tools like antivirus software, firewalls, VPNs for secure browsing, and password managers.

How can small businesses stay updated with the ever-evolving landscape of cybersecurity threats and solutions?

Subscribing to cybersecurity news feeds, joining industry associations, attending webinars and seminars, and engaging with local cybersecurity groups can be beneficial. Furthermore, partnerships with IT and cybersecurity firms can provide insights into the latest threats and defense mechanisms.

Conclusion: Prioritizing Cybersecurity

Cybersecurity should be looked at as an ongoing journey and long-term investment for small businesses. A robust cybersecurity strategy that covers everything from risk assessments to employee education and partnerships will position your small business for better outcomes. Begin prioritizing cybersecurity today with a free risk assessment from MVP Network Consulting.

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