As businesses depend more and more on their technology to store sensitive data, ensuring robust cyber security measures becomes critical. This guide will help you understand cyber security best practices for business; we’ll go back to basics to understand exactly what cyber security is, why it’s so important, and how you can protect yourself from data breaches!
What is cyber security?
Cyber security is all about protecting systems, networks, and programs from digital attacks. These cyber-attacks are usually aimed at accessing, changing, or destroying sensitive information, extorting money from businesses, or interrupting normal business processes. Implementing effective cyber security measures is particularly challenging today because there are more devices than people, and attackers are becoming more innovative.
Cyber security is a multi-faceted practice, from network security to employee training, regular system updates to encrypting data and incident response planning, there are many areas to focus on when exploring the cyber security best practices for businesses!
The importance of cyber security for businesses
The importance of strong cyber security measures for businesses cannot be understated. And we have the facts to back it up!
- There were approximately 7.78 million cyber attacks on UK businesses in the last 12 months.
- 30% of businesses needed extra staff time to deal with breaches to their cyber security.
- 34% of large businesses say they had to take up new measures to prevent or protect against future attacks.
- 18% of businesses reported that staff were stopped from carrying out their day-to-day work due to cyber attacks.
Source: Cyber security breaches survey 2024, UK Government Department for Science, Innovation & Technology
Protecting sensitive data is crucial for businesses that handle a broad scope of information, including personal data, financial records, and intellectual property. A breach could lead to not only significant financial losses but also reputational damage; building customer trust is more important now than ever. Customers are increasingly aware of data privacy issues, and demonstrating a commitment to cyber security can significantly enhance customer trust and loyalty, ultimately contributing to a business’s long-term success.
Additionally, many industries have strict regulatory requirements for data protection. Non-compliance with these regulations can result in hefty fines and legal consequences, making it essential for businesses to adhere to them.
Finally, (as we can see from the statistics above) business continuity is another vital aspect of cyber security. Cyber-attacks disrupt business operations, often leading to downtime and lost revenue. Implementing robust cyber security measures helps maintain smooth operations and minimises potential disruptions.
Common cyber threats businesses face
Businesses face a variety of cyber threats, each with its own characteristics and potential impact:
- Phishing: Fraudulent attempts to obtain sensitive information by disguising as a trustworthy entity. Find out more about phishing attacks.
- Ransomware: Malware that encrypts a victim’s data and demands payment for the decryption key. Find out more about ransomware.
- Malware: Malicious software designed to damage or gain unauthorised access to computer systems.
- Denial-of-Service (DoS) attacks: Attacks that aim to make a machine or network resource unavailable to its intended users. Find out more about DoS attacks.
- Insider threats: Threats that originate from within the organisation, often from disgruntled employees or contractors.
What to do if your business is attacked
Despite even the best precautions, cyber-attacks can still occur. But don’t panic; here’s what to do if your business is compromised:
- Disconnect the affected systems from the network to prevent the spread of malware.
- Determine the extent of the breach and what data has been compromised.
- Inform relevant parties; whether that’s stakeholders, customers, employees, or regulatory bodies.
- Work with cyber security professionals to investigate the attack and implement measures to prevent future incidents.
- Analyse the breach to identify weaknesses and update your security policies and procedures accordingly.
Cyber security best practices for business
Understanding the basics of cyber security involves implementing a range of best practices. Here are some essential strategies:
1. Conduct regular risk assessments
Regular risk assessments help identify potential vulnerabilities in your systems and processes. By understanding where your weaknesses lie, you can take proactive measures to mitigate risks.
- Identify assets: List all hardware, software, data, and systems that need protection.
- Assess threats: Determine potential threats to each asset, such as malware, phishing attacks, or insider threats.
- Evaluate vulnerabilities: Identify weaknesses that could be exploited by threats.
2. Implement strong access controls
Controlling who has access to your systems is a fundamental aspect of cyber security.
- Use Multi-Factor Authentication (MFA): MFA adds an extra layer of security by requiring users to provide two or more verification factors to gain access.
- Limit privileges: Only grant employees access to the data and systems they need to perform their job functions.
- Regularly update access permissions: Revoke access immediately when an employee leaves the company or changes roles.
3. Keep software and systems updated
Outdated software and systems are a common entry point for cyber-attacks.
- Regular updates: Ensure all software, including operating systems and applications, is regularly updated with the latest security patches.
- Automate updates: Where possible, enable automatic updates to reduce the risk of missing critical patches.
4. Train employees on cyber security best practice
Employees are often the first line of defence against cyber threats. Regular training ensures they are aware of potential risks and how to respond to them.
- Phishing awareness: Teach employees to recognise phishing emails and what actions to take if they receive one.
- Password management: Encourage the use of strong, unique passwords and the use of password manager apps..
- Incident reporting: Establish clear procedures for reporting suspected security incidents.
Learn more about phishing simulation training.
5. Use advanced security technologies
Leveraging advanced technologies can significantly enhance your cyber security posture.
- Firewalls: Use firewalls to monitor and control incoming and outgoing network traffic based on predetermined security rules.
- Anti-malware solutions: Implement comprehensive anti-malware software to detect and block malicious activities.
- Encryption: Encrypt sensitive data both in transit and at rest, to protect it from unauthorised access.
6. Backup Data regularly
Regular data backups are crucial to recover quickly from a cyber-attack or data loss incident.
- Automated backups: Schedule automatic backups to ensure that data is regularly saved without manual intervention.
- Offsite storage: Store backups in a secure offsite location to protect against physical damage or theft.
The top 3 cyber security things a small business can do!
Small businesses often face unique challenges in implementing cyber security measures, compared to larger businesses, due to limited budgets and resources. However, they are just as vulnerable, if not more so, to cyber threats! Here are our three tailored cyber security best practices for small businesses:
1. Prioritise cyber security in your budget
Allocating a specific portion of your budget to cyber security is essential. This includes investing in reliable security software, hiring IT professionals, and training employees.
2. Outsource IT services
For small businesses lacking in-house expertise, outsourcing IT services can be a cost-effective way to access advanced cyber security solutions and expertise.
3. Develop a cyber security policy
Create a clear cyber security policy that outlines the procedures and protocols employees must follow. This policy should cover aspects such as password management, data handling, and incident response.
How Mintivo can help
Understanding the basics of cyber security and implementing best practices is essential for businesses looking to protect themselves from the increasing threat of cyber-attacks. By prioritising regular risk assessments, strong access controls, software updates, employee training, advanced security technologies, and regular data backups, businesses can build a robust defence against cyber threats.
For small businesses, additional steps such as allocating budget, outsourcing IT services, developing a clear cyber security policy, and staying informed about threats are crucial.
At Mintivo, we understand the complexities of cyber security and are here to help. Our comprehensive cyber security services are designed to protect your business from cyber threats, ensuring your data remains secure and your operations run smoothly.
Contact us today to learn more about how we can assist you in implementing effective cyber security measures or why not speak to us about a Cyber Security Health Check? Our Cyber Risks & Recommendations report covers everything from vulnerability scanning to penetration testing, 360-degree health checks, and website security.
