The perception that SMBs have limited resources, smaller budgets and often a “that won’t happen to us” mindset makes them attractive to hackers. Although it’s true that SMBs don’t have the resources of Fortune 500 companies, you don’t need that kind of money to protect your business. Here are six simple strategies hackers hate because they’re affordable, surprisingly easy to set up and highly effective.
- Two-Factor Authentication
The #1 way hackers get access to business accounts is through stolen credentials. Two-factor authentication (2FA) and multifactor authentication (MFA) have existed since the mid-2000s and remain among the best ways to protect your information. 2FA requires things to log in – your passwords and a second factor, like a text message code. If a hacker guesses or steals your password, they still can’t get past that second layer of protection. Many platforms, including Google Workspace and Microsoft 365, already offer 2FA for free. Still, it’s underutilized by SMBs, with an MFA adoption rate of only 34% or less, compared to 87% among large companies, according to JumpCloud’s 2024 IT Trends Report. 2FA is very simple and effective – don’t sit this tip out!
- Updates
Cybercriminals love outdated software because it’s full of unpatched vulnerabilities they can capitalize on. Ransomware attacks are notorious for targeting vulnerabilities in operating systems and applications months after security patches are available. Set up automatic updates for your systems, apps and software so you’re always running the latest version. Employee awareness training, regular reminders and even revoking access until patches are installed can help hold employees accountable.
- Employee Training
Over 90% of data breaches start with phishing e-mails, CISA reports. Designed to look like real e-mails from banks, retail companies or coworkers, they are stuffed with harmful links designed to steal your passwords and data. Cybercriminals bank on naive employees who can’t tell real e-mails from fake ones, and AI is making these e-mails even harder to detect. Regular employee awareness training is one of the top defenses against phishing attacks and can reduce phishing risks from 32.5% to 5% in 12 months, according to a recent study by KnowBe4. Research shows that the most effective employee awareness training includes real-world examples, simulated attacks and regular reinforcement through short, interactive training sessions.
- Data Encryption
The modern world operates on data, and encrypting this data is the most effective method to protect it. In fact, most cybersecurity insurance policies require it. Encryption is like turning your information into code that only authorized people can unlock. Even if hackers intercept your e-mails or customer data, encryption keeps it useless to them. SMBs often hesitate due to costs or complexity, but modern tools like Google Workspace and Microsoft 365 make it simpler and more affordable.
- Limit Employee Access
Every employee with open access to every folder, file and document significantly increases the risk of accidental (or intentional) changes to your system. Setting up limited access can feel inconvenient initially, but it doesn’t have to disrupt employee workflows. An experienced IT team will ensure that employees can run all the applications they need while having access only to what’s necessary. For example, a marketing intern doesn’t need the ability to access payroll data or network settings. If employees need access to complete specific tasks or projects, consider using a system that grants temporary admin access. Once their project is done, the access goes away.
- Data Backups
Ransomware is one of the biggest threats facing SMBs today, with 46% having experienced attacks, according to a recent report by OpenText Cybersecurity. Hackers lock up your data and demand payment to get it back, but even payment isn’t a guarantee you’ll see your data again. Use the 3-2-1 rule – keep three copies of your data on two different types of storage media, with one stored off-site, such as in the cloud or on an external hard drive disconnected from your main network. Just as important: test your backups regularly. Nothing’s worse than restoring your data after an attack, only to discover that your backups are incomplete or corrupted.
These simple, cost-effective strategies are a nightmare for hackers and a boon for SMBs looking for more peace of mind. If any of these strategies are missing from your cybersecurity, now is the time to integrate them into your business.
