The idea of a data breach is probably a scary one to many small business owners, because the costs associated with suffering one can be massive, and it’s extremely difficult to prepare for such an incident. However, security experts say that these entrepreneurs might be able to get themselves in a good position without incurring a significant cost to do so.
The problem for small businesses when it comes to protecting against any kind of security threat is that they often don’t have it in their budgets to make the latest updates to their systems, in the way larger competitors might, according to a report from the Business Journals. For this reason, it’s generally wise for owners to do all in their power to reduce risk without spending a dime; this can be as simple as making sure employees are fully aware of standard safety precautions they should be taking. That might include being careful about what they download, not trying to transport data from work devices to personal ones, and not turning over any login details for personal or company accounts unless they are absolutely sure the site they’re visiting is safe and legitimate.
However, while that may mitigate the vast majority of threats to a small business, it’s certainly not a cure-all, and in fact still leaves a lot of wiggle room for potential issues, the report said. As such, there may be more that owners can do – often for low or no cost – to further make sure their companies’ accounts and systems are secure.
Some things to keep in mind
One issue that companies should be aware of is that some industries are more likely to be attacked by hackers than others, the report said. For instance, recent data suggests that small law firms are often targeted because of how much data they store. That should serve as a warning to many companies that specialize in fields that involve storing a lot of information, because they could be targeted as well. Along the same lines, thinking about the specific risks a company might face could go a long way toward ensuring that it is far more secure going forward.
Owners can also improve their companies’ security standing by investing in a type of small business insurance known as tech insurance. This coverage can be used to mitigate losses when a data breach occurs, and as such could end up being quite valuable for an independent enterprise in particular.