In our rapidly evolving world, digital technology has become the lifeblood of our daily activities. For small businesses, technology opens new avenues to explore endless possibilities. It enables enterprises to connect with customers, simplify and refine core business functions, and expand their reach.

However, this digital revolution comes with risks and challenges. The increasing dependency of small businesses on cloud and web-based technology has unlocked new opportunities for cybercriminals to breach and steal sensitive data and caused the loss of thousands of dollars to businesses. In 2022, a business's average cost of data breaches and cyberattacks reached a staggering $4.35 million.

Today, cyberspace has become a virtual battleground, and businesses of all sizes must be prepared to defend their digital assets against an ever-growing army of cyber threats. However, with the right cybersecurity practices, small businesses can rise above these challenges and protect what matters most. Continue reading to explore cybersecurity practices that small businesses can adopt to safeguard their digital assets, maintain a strong cyber posture, and increase customer and stakeholders' trust.  

1.   Secure Smart Contracts Transactions in Blockchain

Blockchain technology, along with the Metaverse and Web 3.0, has given birth to a new era of internet and interconnectivity. The idea of a public ledger has allowed businesses to eliminate intermediaries and reduce costs. Yet, the biggest advantage of blockchain technology lies in its intricate coding and decentralized approach, providing companies with much-needed all-out security to transactions and sensitive data.

As small businesses embrace blockchain technology, securing blockchain transactions using smart contracts has become crucial. Although these self-executing contracts provide greater transparency and immutability, programming errors and insider threats can make smart contract security susceptible to vulnerabilities and compromises that may undermine the very foundation they were built upon.

Implementing secure coding practices and undergoing rigorous smart contract audits can ensure the integrity and security of blockchain transactions. Moreover, if smart contracts rely on external data sources or oracles, ensure that these sources are reputable and secure. Implement cryptographic techniques such as data signing and verification to validate the integrity and authenticity of the data received.

2.   Implement Strong Access Controls

Given the ever-expanding threat landscape in today's digital corporate ecosystems,  small and medium-sized businesses have incorporated advanced security protocols to safeguard their digital assets. Yet, amidst these extraordinary measures, we must recognize that the potential for insider threats and human error persists as significant security hazards. The latest numbers reveal that more than half of the organizations have experienced an insider threat in 2022, and the figures are expected to rise.

Despite the petrifying statistics, insider threats can be easily controlled by implementing strong access control systems. A robust access control system limits employees' access to sensitive data, network systems, and confidential organizational information based on the principle of least privilege. Moreover, with the help of stronger access controls, small businesses can ensure that employees and users have unique login credentials and enforce strong, complex passwords.

Additionally, 2-factor authentication or multi-factor authentication (MFA) provides an additional layer of security to an already intricate access control system, making it more difficult for attackers to gain unauthorized access to sensitive data.

3.   Regularly Perform Audit Trails

Audit trails in cyberspace are a mighty weapon against potential vulnerabilities, security risks, and internal or external threats. Security audit trails enable you to monitor and track network and system activity and examine your digital footprint. Effective audit trails allow you to gain invaluable insights into security vulnerabilities, unauthorized access, and policy violations. Most importantly, audit trails will enable you to comply strictly with security standards and frameworks like PCI DSS, HIPAA, ISO 27000 series, etc.

However, security audit trails are not a one-time maneuver. As a small business, you must conduct audit trails regularly and set a rhythm that suits your business's unique needs. Whether you follow a yearly, six-monthly, quarterly, or monthly trail, you must stay consistent and adopt a proactive approach to identify potential risks and reinforce your defenses against potential breaches. Hire professional security firms or consultants to conduct thorough audits, network vulnerability scanning, white-box testing, black-box testing, and network penetration testing to identify weaknesses that must be addressed promptly.

4.   Regularly Update and Patch Systems

While the advancement in technology has opened new avenues for businesses, hackers and cybercriminals also take advantage of cutting-edge technology to create new ways to penetrate business networks and gain unauthorized access to sensitive data. Small businesses should stay updated with the latest security patches and software updates to mitigate security risks and effectively turn down active or passive attacks.

Security patches and updates are important to data, network, and application security. Your service provider will provide regular patches and updates for increased data and application security if you work in a cloud-based environment. At the same time, software and operating system vendors offer regular system updates. These updates often contain important security fixes that address known vulnerabilities or include the latest algorithms to counter novel cybersecurity issues. With regular patching and security updates, small businesses can reduce the risk of exploitation by cybercriminals and safeguard their network, applications, and critical data from attacks, misuse, and fabrication.

5.   Educate Employees on Security Best Practices

Both intentional and unintentional human errors are common causes of cybersecurity incidents. When your employees have limited or no information about common cybersecurity issues such as phishing attacks, malware, adware, smishing, banking Trojans, etc., they are highly likely to fall victim to such attacks and disclose sensitive information to hackers.

Small businesses must conduct regular training sessions to educate employees about security best practices to minimize security breaches. It includes raising awareness about various attacks, the importance of strong passwords, safe browsing habits, and maintaining safety when using personal devices within the office premises. Moreover, encourage employees to report suspicious activities or potential security threats promptly and consult with the IT security department if they receive a message or email asking for confidential information.

6.   Maintain Data Backups Regularly

When businesses have a digital-first strategy for performing everyday tasks, interacting with customers, and providing a unified platform for all employees, they must ensure that the essential data and business applications remain accessible 24/7 to all parties involved. In the event of a cyberattack, businesses that don't maintain regular backups may have to deal with irreparable damage in terms of financial losses and customer trust. It disrupts services, and failure to comply with data security also lands businesses a financial penalty or even a temporary termination of services. Therefore, we can't emphasize enough on maintaining data backups regularly.

Data backups are not just a prudent precaution but a lifeline in times of turmoil and the event of a security breach. Small businesses should regularly back up their critical data and systems on physical or cloud storage devices. This practice protects against data loss caused by hardware failure, natural disasters, or ransomware attacks. It also ensures a prompt recovery from any active or passive attack without causing a significant loss. Store backups securely, preferably offsite or on cloud storage platforms, to ensure data availability in emergencies.

Final Thoughts

Protecting digital assets is paramount for small businesses in today's interconnected world. As a small business, critical security measures can help you safeguard sensitive data, maintain customer trust, and mitigate financial losses. However, you must stay up-to-date with the latest security threats and counter strategies and proactively secure your data, network infrastructure, and critical business applications from hackers and cybercriminals.