[BreachExchange] What New Entrepreneurs Should Be Doing to Prevent Cybercrime

[Audrey McNeil]

https://www.noobpreneur.com/2018/07/14/what-new-
entrepreneurs-should-be-doing-to-prevent-cybercrime/

Cyberattacks are a bigger problem than most entrepreneurs realize,
especially those who are new to the world of owning and running a business.
Last year, 61 percent of all cybersecurity breaches hit small businesses,
and the average cyberattack cost businesses between $84,000 and $148,000.
On top of that, roughly 60 percent of small businesses hit by a breach go
out of business within six months of the breach.

If that’s surprising, you should also know that 90 percent of small
businesses have no measures in place to protect company data and customer
information. And since the majority of cyberattacks are opportunistic, a
handful of simple measures may be enough to protect you from cyberthreats.

Why Cybercrime Is Becoming More Important

So why is cybercrime becoming more prevalent, and more targeted at small
businesses?

1. The sweet spot

Small businesses are a “sweet spot” for hackers. Low-profile targets like
individuals are too much of a gamble; they aren’t very valuable, and
therefore are too risky to go after. Large corporations often invest
heavily in cybersecurity, making them too difficult to go after. But small
businesses tend to be reasonably valuable, with little to no protection.

2. Hackable devices

Hackers also have access to more devices and entry points than ever before.
Chances are, most of your employees have one or more portable devices they
use both in the office and at home, you have a Wi-Fi network that could be
exploited, and you use multiple online platforms that are accessed by your
employees daily. Even simple electronic machines, like your garage door,
can be hacked.

3. Opportunism

Hackers aren’t usually technological masterminds; they’re opportunists.
They look for opportunities to exploit, such as weak passwords, gullible
employees, or poorly maintained databases, and get to work. Unfortunately,
small businesses tend to be ripe with these open-door opportunities.

4. Hacker safe havens

We also have to consider the abundance of safe havens for hackers;
countries like Russia and China offer protection toward cybercriminals, and
don’t have many laws or regulations that prevent them from going after
United States-based companies. This makes it easier for hackers to continue
getting away with their crimes.

What New Entrepreneurs Can Do

So what can new entrepreneurs do to protect their businesses?

Many entrepreneurs are worried about the costs of a cybersecurity program,
but you don’t have to spend much to protect yourself:

1. Choose the right cloud platforms

First, be choosy with the online platforms you use for your business. Every
company will have different security standards, and different protective
measures in place, so you’ll want to select one that can keep your data
secure.

2. Invest in a VPN

It’s also a good idea to invest in a virtual private network (VPN). A solid
VPN will encrypt your web traffic, keeping your devices and networks safe
whenever your employees use them—even if you’re relying on a public Wi-Fi
network. It won’t protect you from every threat, but it will serve as an
added layer of security to increase your chances of success.

3. Secure your Wi-Fi network

Your Wi-Fi network is a point of vulnerability; if a hacker gains access to
it, they could hypothetically access all your incoming and outgoing
traffic. Make sure you keep your network secure with a strong password and
top-notch security protocols.

4. Educate your employees

Unfortunately, your biggest point of vulnerability will probably be your
employees. All it takes is one weak password, or one person falling for a
phishing scheme to compromise your entire network. Make sure your employees
understand the most common ways your company could be hacked, and equip
them with the knowledge of best practices necessary to avoid them. It’s a
good idea to host regular updates and workshops so your team stays
up-to-date.

5. Employ a BYOD policy carefully

If you decide to offer a bring-your-own-device (BYOD) policy, make sure you
evaluate it carefully, and employ strict rules to prevent your devices from
falling into the wrong hands. If you aren’t sure what you’re doing here,
it’s better if you only allow company devices on company networks, and
forgo the possibilities of an external source of corruption.

Takeaway

These steps won’t stop someone who’s committed to hacking your business,
but they will thwart the majority of opportunistic attacks. Remember,
hackers want to find opportunities that are easy, so the harder you make it
for them to get past your security barriers, the better-protected you’re
going to be.
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