Cybersecurity Strategies for Small Businesses: A Beginner’s Guide to Protecting Your Company and Achieving Growth Goals
In the current business landscape, cyber threats are becoming more prevalent and sophisticated. While large companies often take center stage in discussions about data breaches and hacking attempts, it’s important to note that small-to-medium-sized businesses are equally susceptible to cyber attacks. In fact, 50% of cyber attacks target small businesses, and over 60% of those attacked go out of business. With this in mind, having a robust cybersecurity strategy is crucial for the survival and growth of small businesses in 2024.
Developing a Cybersecurity Strategy for Small Businesses
Understanding the latest cybersecurity technology and addressing emerging cyber threats can be daunting for small business owners. Tight budgets further compound the difficulty of staying ahead of cyber threats. However, prioritizing a cybersecurity strategy that aligns with business goals and addresses critical gaps is essential. To achieve this, small business owners should consider developing a two-year to five-year cybersecurity strategy that reflects their company’s vision.
A cybersecurity plan as a business enabler
A business-focused security strategy ensures that cybersecurity investments serve as a business enabler. It’s important to align your cybersecurity plan with your business strategy to support growth and scalability. This not only helps attract new customers, retain employees, and make the business attractive to potential investors, but it also reduces risks and creates new value for the business.
Consider business risks in a cybersecurity strategy
Developing a cybersecurity plan that aligns with business goals must also account for business risks. This approach helps mitigate the likelihood of top threats such as ransomware attacks and data exfiltration. Additionally, having a formal security policy guides employees on compliance with regulations and helps avoid security silos caused by individual technology choices.
Why a “product strategy” alone is insufficient
While security products are essential for protecting a business, a strategy that solely focuses on acquiring security tools can be inadequate. Tactical decisions should be guided by the business’s goals and potential risks. Small businesses must invest in security solutions that align with their business needs under one unified umbrella to avoid administrative complexities and inefficiencies.
FAQs about Small Businesses and Cybersecurity
Is cybersecurity worth the cost?
Investing in cybersecurity is directly related to a small business’s attitude towards risk. A measured approach to cybersecurity is essential for stability and resilience in the face of cyber incidents.
Do small businesses need cybersecurity?
No business is immune to cyber attacks. Small businesses must prioritize cybersecurity to protect against reputational and financial damage caused by cyber attacks.
About the Author
Tony Anscombe, Chief Security Evangelist at ESET, has over 25 years of security industry experience. He is an established author, blogger, and speaker on the current threat landscape, security technologies, data protection, privacy, and trust. Learn more about ESET at www.eset.com.
In conclusion, investing in a well-thought-out cybersecurity plan should be a major priority in 2024 for small businesses. By taking a holistic approach and aligning cybersecurity efforts with business goals, small businesses can achieve their growth objectives while mitigating cyber risks effectively.
