From credit card numbers to personally identifiable information and medical records, customers entrust small businesses with confidential data every day.
Cybersecurity is a critical function for small business owners and their employees year-round, and particularly around the November / December holidays when security experts warn scams and malicious cyber campaign activity spikes.
Plan. Promote. Prevent. Protect.
Small business owners handle sensitive information like customer and employee data and financial records as part of daily operations. It’s imperative to protect this information from unauthorized access, and the bad cyber actors who continue to plague the country. That requires a three-step proactive approach.
Step 1: Plan
If your small business doesn’t have a cybersecurity awareness plan—or if you haven’t reviewed your existing plan lately—don’t wait another moment. Cyberattacks on average cost each American entrepreneur $8,000 in 2023. An alarming 60% of small businesses hit with a cyberattack go out of business within six months1. The Federal Communications Commission offers a free, dynamic planning tool to help create a cybersecurity plan customized to your small business.
Step 2: Promote
Promote your cybersecurity plan to employees regularly. Include your cybersecurity plan as part of the new hire onboarding process and in your employee handbook. A data breach could result in violation of data protection law resulting in fines and legal penalties.
The FBI Internet Crime Complaint Center (IC3) reports that phishing schemes—a type of email spam that lures unsuspecting people into giving away sensitive or confidential information—had the most complaints in 2022. Investment schemes drove the highest financial loss to victims2.
Step 3: Prevent
A data breach can damage your business’s credibility, causing you to lose customers and revenue, damage business relationships, impact ability to land financing, and even lead to legal action.
Educate your employees about common cyberattacks—malware, viruses, ransomware, spyware, scams, and phishing—and to never click on a link, open an attachment, provide information, or reply to a suspicious email.
Also encourage your employees to create and use strong passwords, use multifactor authentication (when possible), and always keep your business software updated. The Cybersecurity and Infrastructure Security Agency (CISA) offers small business owners free cybersecurity services and tools provided by private and public sector organizations across the cyber community.
5 Cybersecurity Tips for Small Businesses
To safeguard your small business from cybersecurity threats, consider following these five tips for protecting your data security.
Tip 1: Secure Wi-Fi Networks
Hackers often exploit weak Wi-Fi networks to gain unauthorized access to sensitive information. However, taking simple steps–like changing the default login credentials on your router–can strengthen your security.
After you create a unique network name and password, consider enabling WPA2 or WPA3 encryption to protect the data transmitted over your network. Also take steps to disable guest network access, limit the number of devices that can connect to your network, and consider using a virtual private network (VPN) for extra protection.
Tip 2: Invest in Cybersecurity Solutions for Your Computers
Cybersecurity solutions like firewalls and antivirus software can help protect your computer and information against threats. Firewalls monitor and control incoming and outgoing network traffic, while antivirus software detects, prevents, and removes malicious software from your computer system.
Using both solutions simultaneously can maximize your security and ensure your private information remains private.
Tip 3: Set Up Your Employees for Success
Human error is a leading cause of security breaches, so training your employees on best practices for data security is essential.
Schedule a training day to go over things like creating strong passwords and changing them regularly, avoiding phishing scams (particularly through email), and being cautious when using public Wi-Fi networks. Additionally, limit employee access to unnecessary files and software downloads to decrease your likelihood of a data breach.
Tip 4: Regularly Backup Your Data
Backing up your data (preferably using more than one method) is a crucial aspect of cybersecurity for small business owners.
While cloud-based backup services provide an efficient and secure way to store data online, physical backup solutions (like external hard drives) add an additional layer of protection in case of technical difficulties. However, backing up your files only works when you do it regularly, so establish a frequent schedule to ensure you capture important data on a consistent basis.
Tip 5: Work with Companies Who Can Help
Protecting your business against cyber threats can seem overwhelming, but you don’t have to do it alone. Some examples of companies that can help protect your data include:
- Cybersecurity Companies. These companies specialize in protecting businesses from online threats such as hacking, malware and phishing attacks. They typically offer a range of services like vulnerability assessments and network security testing.
- Managed Service Providers (MSPs). MSPs provide a range of IT services, including data security. They can help you manage your IT infrastructure, monitor your network for potential threats, and provide support and guidance on best practices for data security.
- Secure SaaS Providers. The right software can simplify your business processes while also encrypting your sensitive data, backing up your info on a regular basis, and ensuring your data is protected 24/7.
Protecting Your Data with SurePayroll® By Paychex
SurePayroll deploys industry standard security practices to help protect the confidentiality, integrity and availability of your data.
- Our data center is alarmed and monitored by on-site security 24/7, and equipped with redundant power, networking and additional systems to help maintain availability.
- Our network is protected by multiple layers of firewalls, as well as intrusion-detection systems, antivirus software and other technical measures.
- System security is continually monitored by Paychex security.
To learn more about the information SurePayroll collects, how we use it and how we protect you, check out our Privacy Policy.
2 Internet Crime Complaint Center Releases 2022 Statistics — FBI
