Emerging Trends in Cybersecurity for Small and Medium-Sized Businesses

What SMBs need to know about digital threats and how to prevent them.

Tech Education Collaborative

Feb 8, 2024

Photo Credit: CC Public Domain

By Paige Hanson, Co-Founder at SecureLabs

Paige Hanson is a renowned authority in consumer and digital safety with nearly 20 years of experience in identity management. As a co-founder and Head of Communications and Partnership at SecureLabs, Paige has dedicated her career to protecting consumers and businesses from identity theft and cyber threats. She is a Certified Identity Theft Risk Management Specialist (TM) and holds a certificate in Identity Leadership from the University of Texas at Austin's Center for Identity. Paige also serves as an advisory board member to R.O.S.E. (Resources/Outreach to Safeguard the Elderly).

In the ever-evolving digital landscape, small and medium-sized businesses (SMBs) encounter unique cybersecurity challenges. With fewer resources than larger corporations, these businesses often find it difficult to keep pace with the rapidly changing cyber threat environment.

In our experience working with clients, adding to these challenges is the reality that SMBs frequently do not meet the monetary loss threshold required for federal intervention, leaving them particularly vulnerable. This situation can lead to devastating consequences, significantly increasing the likelihood of an SMB going out of business following a cyber incident.

Therefore, it's imperative for these businesses to not only understand but also proactively adapt to emerging cyber trends. Doing so is essential, not just as a necessity, but as a crucial step towards securing their digital assets and maintaining customer trust.

Increase of Cyber Attacks

SMBs are now prime targets for cybercriminals. The rise in attacks like phishing, ransomware, and malware poses significant risks. To counter these, SMBs must take concrete steps to strengthen their cybersecurity posture.

Actionable Steps

• Regular Security and Risk Audits: It's crucial for SMBs to engage in periodic security and risk audits to identify vulnerabilities. This process can include internal self-assessments as well as external penetration testing, where cybersecurity experts simulate cyberattacks to test the strength of your defenses. Utilizing these pen tests alongside self-assessment tools offers a comprehensive view of your security posture. Resources like the Cybersecurity & Infrastructure Security Agency (CISA) provide valuable guides and checklists for conducting these audits, helping ensure that all potential security gaps are identified and addressed.

• System Updates: Ensure all software, including operating systems and applications, are up to date. Set up automatic updates where possible, or establish a routine schedule for checking and applying updates. This practice helps patch security vulnerabilities that hackers often exploit.

Implementing Strong Security Protocols:

• Use Firewalls: Set up firewalls to act as a barrier between your data and cyber attackers. This includes both hardware and software-based firewalls.

• Anti-Virus and Anti-Malware Software: Install and regularly update anti-virus and anti-malware software on all devices.

• Secure Wi-Fi Networks: Make sure your Wi-Fi network is secure and encrypted. Use strong, complex, long passwords. While NIST does not recommend changing your password arbitrarily, strongly advises doing so if a breach does occur.

• Data Encryption: Encrypt sensitive data both in transit and at rest. This makes the data less accessible to hackers even if they breach your network.

• Employee Education: Train employees to recognize and respond to cybersecurity threats. Consider inviting an outside speaker and mix up delivery so it’s more digestible and actionable. 

The Shift to Remote Work Environments

The transition to remote work has exposed SMBs to new cybersecurity vulnerabilities. Implementing secure practices for remote work is essential.

Actionable Steps:

• Use of Virtual Private Networks (VPNs): Employ VPNs for all remote connections. This ensures that data transmitted over the internet is encrypted and secure. Select a reputable VPN provider and ensure all employees use the VPN when accessing company resources.

• Secure Wi-Fi Connections: Instruct employees to use secure, password-protected Wi-Fi networks for work. Advise against the use of public or unsecured Wi-Fi networks for any business activities.

• Updated Antivirus Software: Mandate that all remote devices have up-to-date antivirus software. Regularly schedule scans and updates to protect against malware.

• Multi-Factor Authentication (MFA): Mandate that everyone uses MFA on all business accounts. This adds an additional layer of security beyond just passwords.

• Remote Device Management: Utilize remote device management tools to track, lock, or wipe devices if they are lost or stolen. This is crucial for protecting sensitive data and intellectual property in case of device theft or loss.

Compliance with Data Protection Regulations

Staying compliant with data protection laws like GDPR and CCPA is crucial for SMBs.

Actionable Steps:

• Implement a Security Framework: Adopt a framework like the NIST Cybersecurity Framework to guide your security and privacy practices. This helps in creating a structured approach to managing cybersecurity risks.

• Regular Compliance Audits: Conduct yearly audits (at minimum) to ensure adherence to data protection laws. Use checklists and guidelines provided by regulatory authorities to assess your compliance. It’s best practice to engage an external auditor for an official report. 

• Data Management Practices: Understand and document how data is collected, stored, accessed, and deleted. Ensure that these practices align with legal requirements.

• Employee Training: Regularly train employees on data protection policies and legal requirements. Make sure they understand their role in maintaining compliance.

• Consult with Experts: Engage with external experts or legal counsel specialized in data protection laws to get tailored advice and stay updated on regulatory changes.

Cybersecurity is an ongoing process, and by staying proactive and informed, SMBs can effectively mitigate the risks posed by the evolving cyber threat landscape.

SecureLabs is committed to helping you stay ahead of the curve when it comes to security compliance and privacy management. With a powerful platform and dedicated support team, you can rest assured your business is in good hands with SecureLabs.

If you know an SMB that could benefit from this information, please share this article with them.

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