Running a small business can be hugely rewarding, but it comes with its fair share of challenges too. It is often the case that SME owners have plenty of issues to address on a daily basis, but getting through them all can be tough when only limited resources are available.

However, with so many elements and business operations now being based around online services, arguably one of the fundamental priorities for many is cybersecurity.

Staying safe and secure

Protecting sensitive information and data is absolutely vital in the online world and brands across a range of sectors call on a number of tools in order to do it.

For example, secure socket layer – or SSL – technology has become a vital data encryption tool for many, with Amazon stating on its site that it is used alongside identity verification systems and the Payment Card Industry Data Security Standard to keep information safe. SSL is also important in other areas too, with William Hill's online casino using 128-bit encryption technology in order to protect the data of its members. The site also follows regulations from gambling authorities and has its games evaluated by Technical Systems Testing to ensure they are fair. Encryption of course also plays a vital role in financial services as well, with HSBC, for example, outlining how it uses SSL encryption to ensure personal information remains safe.

But while there are clearly effective tools out there for many firms to make use of, a recent study has suggested that small businesses are still lagging behind when it comes to addressing cybersecurity. Research commissioned by the Cyber Readiness Institute in the US has found that six out of ten small firms have not implemented a cybersecurity policy, while the figure grew further when it came to businesses with less than 20 employees.

Making a change

Such findings are clearly a concern, but there are also suggestions that many small businesses are gearing up to address the issue once and for all.

A study published by The Manifest towards the end of April found that 64 per cent of small businesses feel they are likely to devote more of their resources to the issue of cybersecurity across 2020. It also found that almost a quarter admit that it is a step they need to take, with the survey also suggesting that a big area of concern is data management.

A fifth of respondents to the survey said they could improve the security of their customer data storage, with key information collected by many including contact details, names and locations. The study suggested that the fundamental cybersecurity measures used by small businesses at the moment include limiting employee access to user data and encryption. Around a third also require strong user passwords, while a similar number also offer some training to their staff on safety and best practices.

A watershed moment?

Cybersecurity is clearly an issue that should be on the agenda of every small business. After all, The Manifest study found that 15 per cent of such firms faced a hack, data leak or virus across 2019.

However, while small firms may lag behind on the issue, it does not appear to be out of any form of naivety or ignorance. In fact, it looks like many are determined to take steps on the matter, with this year potentially being a watershed moment.

Small firms have so much to consider even at the best of times, but it has to be hoped that they will be able to devote the resources necessary to address cybersecurity in the coming months. There are certainly some very positive signs that could well be the case.