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Small businesses lose trillions to cybercrime yearly. Four steps: make a data inventory, use cloud storage, enforce encryption and strong passwords, and limit which employees can access customer information.
Small businesses lose trillions to cybercrime yearly. Four steps: make a data inventory, use cloud storage, enforce encryption and strong passwords, and limit which employees can access customer information.
Cybercrime is a serious concern for business owners. Recently, IBM chair, CEO and president Ginni Ramadi called it the greatest threat to every company in the world. According to Juniper Research, by 2019, cyber crime will cost businesses a staggering $2 trillion. It's impossible to put a dollar value on what your customer data is worth or the cost to your business. Should sensitive data be compromised by theft or loss? For many small companies, a security breach could simply mean the end of the business. If you don't already have a data security plan in place, these tips will help you take steps to Prevent a devastating loss. 1. Protect your company's information assets. Given what's at stake, every company should prepare a data security plan that identifies their information assets, that is Hardware that stores private customer and employee information. Your plan should also outline potential threats to keeping information assets safe and strategies to protect them. Your information assets may computers, tablets, mobile phones, servers, USB keys, fax machines employee devices used for work in addition to inventorying information assets with descriptions and serial numbers, your security plan should outline your strategy for protecting data by asset prioritized by severity of loss in a security breach. This free cybersecurity self assessment can help you determine the strength of your internal cybersecurity processes, a useful starting point to develop your company's security plan. 2. Move to cloud based storage. Storing company data in the cloud is one way to minimize the risk of customer data loss by keeping sensitive information off devices. Cloud storage providers offer secure data centers, encryption and authentication for your company data, as well as trained professionals working around the clock to keep your data safe from cyber attack. Another benefit to cloud based storage is that employees can log in securely to access customer information, a much safer option than transferring data over email or downloading to computers, laptops or mobile devices. 3. Set rules for company devices Many small businesses rely on tablets and mobile phones to conduct day to day operations. Unfortunately, these company devices pose a serious threat to customer data if they are lost, damaged or stolen. Protect customer data with encryption and be sure to install tracking software, update antivirus protection regularly, and wipe data remotely from lost or stolen devices. Talk to your employees about the importance of keeping customer data private and secure and consider implementing these security guidelines. All employee passwords should be unique, difficult to guess and reset frequently. Files should not be downloaded from the cloud to company devices, nor should apps that may carry malicious codes or security flaws. Personal devices should not be used for work. 4. Limit customer data access. Ensure only employees who need access to customer data in order to perform their jobs can do so. Take advantage of software settings that lock customer data by user and disable access rights whenever employees retire or move on to a job at another company. By following these guidelines, you can rest easy knowing you've taken important steps to keep your customer data safe and your business safe from a devastating cyber attack.
