A Guide to Small Business Cyber Security

In today’s digital age, small business cyber security is a big concern. Small businesses are frequent targets of cybercriminals due to their often limited resources for safeguarding sensitive data and business data.

The 2024 Cyber Security Breaches Survey, a research study for UK cyber resilience, was recently conducted. It found that half of businesses (50%) report having experienced some form of cyber security breach or attack in the last 12 months.¹

Protecting your business from cyber security risks is not just good practice. It’s essential to maintaining customer trust and operational integrity.

Understanding Cyber Threats

Small business owners must recognise that cyber threats come in various forms. Including common cyber attacks such as:

• Phishing.
• Malware.
• Ransomware.
• Denial-of-service attacks.

These threats can lead to cyber security breaches, potentially exposing critical data and other vital data. They can even compromise your ability to protect customer information.

Essential Security Steps for Small Businesses

1. Secure your internet connection 

A secure internet connection is the first line of defence against external threats. Ensure your wireless access point is protected with strong encryption protocols. Such as Wi-Fi Protected Access (WPA3), and use a strong, unique password.²

2. Install security apps and antivirus software 

Protect your systems by installing robust security solutions. Such as antivirus software and firewalls. These tools can detect and prevent malware from infiltrating your network.

Multi-Factor Authentication (MFA) is a critical security measure that insurers often insist upon for small businesses. By requiring users to provide two or more verification factors to gain access to accounts, MFA significantly enhances security beyond just a username and password. 

This simple yet effective defence mechanism can deter unauthorized access, even if login credentials are compromised. Implementing MFA is straightforward and can be done using various methods, such as SMS codes, authentication apps, or biometric verification. 

3. Update and patch software regularly

Hackers exploit vulnerabilities in outdated software. Keeping operating systems and applications up-to-date can help avoid potential cyber security risks.

4. Cyber security training for employees 

It's important to conduct regular cyber security training to educate your team. Focus on recognising phishing emails, safe internet browsing, and secure password practices.

5. Secure mobile devices 

With the growing use of mobile devices in business operations, securing them is crucial. Use mobile device management tools to ensure all devices have encryption and strong passwords. Additionally, ensure that devices have the ability to remotely wipe data if lost.

6. Protecting sensitive data and customer information

Safeguarding sensitive data is a top priority.

• Use encryption for storing and transmitting data. 
• Limit access to critical data.
• Put in place robust access controls.

By prioritising these measures, you can effectively protect customer information and reduce the risk of cyber security breaches.

7. Responding to cyber security breaches

Despite the best precautions, no system is immune to attacks. Develop an incident response plan to address cyber threats if they arise quickly. This should include isolating affected systems, notifying affected customers, and collaborating with cybersecurity experts to mitigate damage. You can report fraud or cybercrime to Action Fraud.³

8. Review your cyber insurance

The costs of a cyberattack can exceed the cost of replacing devices or repairing systems. Consider whether your tech insurance provides adequate protection against potential attacks.⁴

The Role of Small Business Owners in Cyber Security

As a small business owner, it’s your responsibility to prioritise small business cyber security.

• Allocate resources for security upgrades.
• Stay informed about evolving cyber threats.
• Regularly review your security measures.

If you want to improve your cyber security further, you can also gain certification under the Cyber Essentials scheme.⁵ This will prove to your clients (or prospective clients) that you take their data protection seriously.

Conclusion

By taking proactive steps to address cyber security risks, small businesses can protect their business data and other vital data. This approach also helps ensure the trust of their customers. Investing in security solutions and conducting cyber security training are critical to protecting your business. Additionally, maintaining secure internet connections is essential for safeguarding your operations.

The National Cyber Security Centre’s Small Business Guide: Cyber Security offers guidance that can significantly reduce your business's chances of becoming a victim of cyber crime.⁶

For greater protection, small businesses should also consider cyber insurance. 

Sources

1. gov.uk/cyber-security-breaches-survey-2024 
2. ico.org.uk/wifi-security 
3. actionfraud.police.uk/reporting-fraud-and-cyber-crime 
4. marshcommercial.co.uk/technology 
5. ncsc.gov.uk/cyberessentials/overview 
6. ncsc.gov.uk/small-business-guide