Are You Ignoring Cybersecurity Risks?

If you think your business is too small or lacks valuable data to attract hackers, think again. Cybercriminals often target small and medium-sized businesses (SMBs) because their security systems are typically easier to exploit. Consider these facts:

• Nearly half (49%) of SMBs estimate that a cyber breach could cost them $100,000 or more, with 20% predicting losses between $1 million and $2.5 million.
• A staggering 60% of SMBs hit by cyberattacks never recover and end up shutting down.
• The reality is, your business will likely face a cyberattack- it's a matter of when, not if.

Given the potential damage, now is the time to assess your cybersecurity readiness.

17 Step Cybersecurity Checklist:

1. End-User Training

Regular employee training on the latest cybersecurity trends is essential to raise awareness and improve safe practices. Key topics should include phishing, password protection, device security, and physical device safeguarding.

Employees must understand how to identify potential security breaches, protect sensitive data, and create strong passwords.

It's recommended to hold structured workshops for your team at least every six months.

2. OS and Application Patches and Updates

The most crucial and straightforward step you can take is to keep your computers' applications and operating systems updated with the latest security patches. If you're still using Windows XP, you're at serious risk. as Microsoft stopped providing security updates for it years ago. Windows 7 will soon face the same issue. If nothing else, ensure your systems are updated to the latest versions with current security patches.

3. Antivirus Updates

Having antivirus software alone isn't sufficient - it needs to be regularly updated with the latest virus and malware definitions, which often requires an active subscription. If your subscription has expired, renew it now and ensure your software automatically installs updates.

4. Strong Password Policy

Ensure all default passwords are changed to something more secure and difficult to guess (avoid options like "password," "admin," or "1234"). Whenever possible, enable multi-factor authentication for added protection.

5. Access Control Measures

Users should be granted only the minimum level of data access necessary for their roles. Broad access to sensitive data increases the risk of accidental or intentional exposure, potentially causing serious. For added security, consider physically locking highly sensitive systems, in addition to password protection.

6. Minimize Administrative Access:

Likewise, most users should not have administrative access to computer, networks, or applications. Restricting this access helps prevent users from unintentionally installing malware or disabling security settings.

The principle of least privilege limits users' access to only the processes and data they need, reducing security risks. Superuser or standard user accounts can be set up to define and control user roles effectively.

7. Network Segmentation and Segregation:

Your organization should have a network segmentation and segregation strategy in place to limit the impact of an intrusion. It will ensure that the most sensitive and confidential data is not accessed.

Together you will create a secure network architecture.

8. Device Security

Implement disk encryption and remote-wipe capability on all company devices to render them useless if they are lost or stolen. Establish a strong, sensible policy regarding the use of personal devices for work (known as “bring your own device,” or BYOD).

9. Protect Mobile Devices

Company-owned and personal mobile devices should be protected with strong screen locks or biometric authentication as well as remote-wipe capability. Establish and enforce no-nonsense organizational policies around the use of mobile devices.

10. Secure Communications

Set up email encryption on your email applications and train your staff on how to use it. Never use email to share sensitive data, and avoid using devices outside the company’s control for email.

11. Strong IT Policies

These policies define how company IT assets can be used and what constitutes inappropriate use.

12. Staff Training on Cybersecurity Awareness and Policies

Humans are the weakest link in any security scheme. Keep your staff vigilant with periodic training on your IT policies as well as how to spot cyber threats such as phishing.

13. Property Configured Layered and Configuration Security

Layered security involves using multiple layers of protection to safeguard your systems. It's crucial for your organization to adopt this approach, such as using a firewall to defend against cyberattacks.

Best practices include installing antivirus/malware software, setting up a firewall, and utilizing an intrusion prevention system (IPS).

Since implementing layered security can be complex, consulting with an expert before deployment is highly recommended.

14. Internal and External Vulnerability Scans

It's advised to perform internal and external vulnerability scans at least quarterly to identify potential system weaknesses. These scans use specialized software to detect various threats.

Internal scans identify harmful programs that may have been downloaded onto a computer, while external scans assess the effectiveness of network segmentation and segregation.

15. Data Backups

Regularly backing up your data to a secure, encrypted, and off-site location can aid in recovery from a cyberattack as well as other human and natural disasters. It’s also essential for compliance with certain government regulations.

16. Cyberattack Response Planning

A cybersecurity breach response plan is a regulatory requirement in several industries. Furthermore, it identifies a clear path of what to do to mitigate the damage from a successful cyberattack and how to get your systems up and running immediately. Defined escalation levels cater to the auditor and regulatory requirements.

17. Cybersecurity Insurance

This is a prudent investment to cover financial losses in the event of a cyberattack.

How Manufacture Nevada Can Help

Whether you're a small or medium-sized manufacturer, tackling cybersecurity risks alone can be challenging. At Manufacture Nevada, our Business Advisors are ready to help answer your questions, and guide you in the right direction to protect you and your business from cybersecurity threats. Reach out to one of out Business Advisors today for more information.

Content from this blog was sourced from IMEC.