A survey last year of small and medium sized businesses (SMBs) found that more than half did not have any cybersecurity measures in place, with just over a third (36%) saying they were ‘not at all concerned’ about cyber-attacks or were ‘too small’ to be a target.
Cyberattacks are increasing, and no business can afford to ignore what is a real and growing concern. Many companies complain of a lack of resources or budgets, but the cost of a breach or loss of data is much higher than any investment in security.
It is never too late to focus on security.
The following are some areas to consider.
Risk management involves identifying, assessing, and mitigating risks to your business. Cybersecurity risks can be caused by a range of factors, such as human error, technology failure, or malicious attacks. You can mitigate these risks by implementing access controls, encryption, firewalls, intrusion detection and prevention systems, and regular backups of critical data. Ongoing assessments and monitoring are important risk management strategies.
Engagement and training
Your business is only as strong as its weakest link – your employees. Engagement and training are critical components of cybersecurity. You need to ensure your employees are trained to identify potential cyber threats, such as phishing attempts, and how to respond to them. Cybersecurity training can help them understand their role in protecting the business's assets and data.
Vulnerability management involves identifying and addressing potential weaknesses in your IT infrastructure. The goal is to proactively address security risks by identifying and mitigating vulnerabilities before they can be exploited by attackers. This involves regularly scanning and testing systems and applications for vulnerabilities, assessing their severity, and determining the most effective way to remediate them.
Identity and Access Management (IAM)
Identity and Access Management (IAM) is a set of policies, procedures, and technologies used to manage and control access to sensitive information and resources within your business. It is a critical component of every cybersecurity plan because it limits access to information and resources to authorised persons and reduces the risk of unauthorised access. Some of the key components of IAM include user provisioning, access control, password management, identity federation, and audit and compliance. IAM solutions can be deployed on-premises or in the cloud.
In cybersecurity, data security refers to the protection of digital data from unauthorised access, use, disclosure, destruction, or modification. Data security is essential to ensure the confidentiality, integrity, and availability of sensitive information – also known as the CIA triad cybersecurity model. There are various techniques, processes, and technologies to safeguard data, including encryption, access controls, data backup and recovery, network security, and vulnerability management. These measures are implemented to prevent data breaches, unauthorised data access, theft, or loss of data.
Logging and monitoring
Logging and monitoring is the practice of recording, storing and analysis of events and activities within an IT environment, such as user activities, system events, and network traffic, to identify and respond to security threats. Logs are stored in a central repository and can be used to analyse security incidents and provide evidence for forensic investigations.
Logging and monitoring are essential components of cybersecurity because they help organizations identify and respond to security threats in a timely and effective manner.
Supply chain security
This is a growing area of concern for many businesses who depend on remote workers, 3rd parties or consultants. Supply chain security involves managing the risks associated with third-party vendors and suppliers. When you implement robust supply chain security practices, you ensure that your business's data and systems are protected from potential cyber threats.
Asset management is the practice of identifying and managing your business's assets, such as hardware, software, and data. By doing so effectively, you can ensure that all assets are protected from potential cyber threats, minimizing the risk of data breaches or system failures.
Incident management involves responding to cyber incidents, such as data breaches or system failures. By implementing incident management practices, you can minimize the impact of cyber incidents and ensure that your business can recover quickly.
Investing in cybersecurity is not an expense. It is essential for your business's success and longevity. It is up to you to protect your business from potential cyber threats, minimize the risk of data breaches or system failures, and ensure your business can recover quickly in the event of a cyber incident.
More importantly, you are not alone. If you’re new to cybersecurity, BMIT can help you on this important journey to protect your business.