Important Cybersecurity Questions For Every Small Business Owner to Ask

Small business owners need to be aware of the wide variety of risks that threaten the security of their IT environments. Small companies often have valuable or sensitive data that makes them attractive targets for cybercriminals. Sophisticated threat actors are increasingly targeting small businesses that may not be taking adequate measures to protect their information assets.

It is vitally important that small business owners understand the importance of effective cybersecurity and take proactive steps to identify and address vulnerabilities. This post explores some essential questions you need to ask about your business and cybersecurity posture. Answering them will help you protect your small business from a devastating cyberattack.

What types of valuable data do we collect, store, and process?

Understanding the type of data your company collects and uses is the essential first step in protecting it effectively. Sensitive data resources require stronger security as they present an inviting target for threat actors. Consider the ramifications of a data breach affecting sensitive data such as:

Customer data that contains personally identifying information (PII) or protected health information (PHI); Financial data and records including cardholder information; Intellectual property or trade secrets that provide your business with a competitive edge.

What cyberthreats target our industry?

You want to know if there are specific cyberthreats that target your business. It’s important to stay informed regarding attacks on similar companies to help determine the best preventative measures. You should be concerned with how the following common cyberthreats are impacting your industry.

• Malware - Malicious software that can be designed to steal information or cause damage to the IT environment.
• Ransomware - A specific malware variant that encrypts an organization’s data and holds it for ransom.
• Viruses - Rogue programs that spread throughout an environment to cause damage or steal data.
• Phishing and social engineering attacks - Threat actors use devious phishing and other social engineering methods to deceive users into divulging login credentials or clicking on malicious links that may introduce malware into the environment.

Following are some examples of the serious nature of small-business cyber attacks.

• MGM Resorts was attacked on September 10, 2023 by ransomware groups. The losses from the attack could exceed $8 million as it affected slot machines and guest reservations.
• Australia has implemented new procedures to assist small businesses perform health checks to protect themselves from cyberattacks.

How secure is our IT environment and data resources?

You need a complete understanding of your current cybersecurity posture and how it protects your valuable IT resources. This requires a comprehensive risk assessment that encompasses all parts of the IT environment. Performing an effective assessment can be complicated by the complex multi-cloud and hybrid infrastructures favored by many businesses. Identified vulnerabilities should be addressed promptly to mitigate threats.

The following are some of the major aspects of cybersecurity that need to be addressed.

• Network protection - Ensure your network is protected with effective firewalls to keep known threats out of the environment. Employees that work at home need to ensure their home network is adequately protected.
• Endpoint security - It is essential to protect all endpoints that provide entry points into the environment. This includes mobile devices used by remote employees.
• Identity and access management (IAM) - Access to sensitive data needs to be tightly controlled with a strong IAM policy.
• Authentication - Multi-factor authentication should be implemented on all cloud-based resources to provide additional security.
• Threat detection - Advanced tools such as an extended detection and response (XDR) platform protect the environment from sophisticated and emerging threats.
• Backup and recovery procedures - You need to be backing up your data and have recovery procedures in place to address data loss or a disaster. It’s important to verify and test these procedures before they are needed to recover lost data.

Does a cybersecurity policy and incident response plan exist?

Your company should have a cybersecurity policy that establishes how it approaches the management of cybersecurity risks to protect business objectives. The following are key components that should be included in the cybersecurity policy.

• Set strong password requirements to mitigate the risk of credentials being compromised by a successful brute-force attack.
• Define email security measures that include blocking spam and identifying and deleting suspicious messages.
• Educate employees on how to handle sensitive data.
• Develop rules regarding technology use such as restricting the use of removable devices or automatically locking screens when computers are not in use.
• Establish standards regarding the appropriate business use of social media and the Internet.
• Develop and refine incident response plans to address a cyberattack or data breach.

Are employees adequately trained in cybersecurity best practices?

Employees need to be properly trained to recognize risks such as phishing attacks and practice proper cyber hygiene so they can protect the business. Following are some resources for small businesses desiring help in training employees about cybersecurity.

• EC-Council cybersecurity courses in Australia
• U.S. Department of Defense Office of Small Business Programs
• The Australian Signals Directorate Small Business Cyber Security Guide

Are we promoting and securing remote work environments?

The rise of the remote workforce has complicated cybersecurity and dramatically increased the number of entry points into an IT environment. You need to understand the extent to which remote work is supported in the company and ensure it is effectively protected. Secure data access solutions and virtual private networks should be employed to keep unauthorized users away from your systems. Do you have a policy that sets expectations from the business and guidelines to assist with enforcement to secure remote environments?

How Samurai XDR Protects Your Small Business

Samurai XDR is an advanced XDR solution that protects your small business by providing you with superior threat detection capabilities. A great XDR solution requires excellent threat intelligence to support threat detection. Samurai’s proprietary threat intelligence is derived from a variety of sources including our public Internet backbone covering more than 40% of the Internet based on CAIDA AS rankings. No other XDR tool offers customers this level of threat intelligence.

Additional features make Samurai XDR an effective tool for safeguarding small business data.

• The software uses machine learning to identify suspicious activity in the environment.
• Samurai XDR consolidates and prioritizes threat information to help small IT teams address serious risks.
• The tool identifies the subtle lateral movements of threat actors as they move through the environment in search of valuable targets.

Conclusion

Small business owners need to take cybersecurity seriously or risk the aftereffects of a damaging cyberattack. Threat actors often target small businesses with the hope that the company will have insufficient security to protect itself. Understanding the risks and taking effective measures such as implementing Samurai XDR can thwart cybercriminals and protect your business.

Our Starter Plan offers a streamlined way to discover the benefits of introducing XDR to your IT environment.