5 Low-Cost Cybersecurity Measures SMBs Can’t Afford to Not Implement

An estimated 73% of small business owners in the United States have experienced a cyber attack within the last year, with 42% experiencing a direct financial impact from the incident.

For small to medium-sized businesses (SMBs), a successful cyber attack can be devastating, resulting in compromised data and lost trust with customers, which can make it hard to stay afloat. All too often, attacks are successful because SMBs have failed to implement essential cybersecurity practices.

I recently had the opportunity to speak with Steven Price, founder, president, and CEO of Tech Rockstars, about the threats SMBs face and what can be done to address them. As his comments reveal, many cybersecurity measures that can help SMBs can be implemented at surprisingly little cost.

1. Make Multi-Factor Authentication Mandatory

“Multi-factor authentication is an easy system to adopt that also doesn’t have to cost SMBs any money,” Price explains. “We’re most familiar with MFA options that require a password and a verification code sent to a phone or email address, but other options like biometrics and physical tokens can be used as well. Regardless of the specifics, ensuring that individuals must use multiple authentication methods to gain access to critical data and systems can greatly enhance security.”

However, SMBs must make MFA mandatory to reap its benefits. Studies indicate that 54% of SMBs don’t use multi-factor authentication at all, and only 28% require it. Simply taking the extra step to make MFA mandatory for all employees can make a big difference.

2. Implement a Stronger Password Policy

Password policies are another area where Price sees easy and cost-effective opportunities for improved cybersecurity. “It’s all too easy for hackers to guess or brute force login credentials if you don’t have a strong password policy in place,” he warns.

“An effective password policy that requires complex passwords, paired with a password manager tool, can help improve employee buy-in and compliance. As part of this policy, SMBs should set up their system in a way that requires frequent password changes to discourage employees from using the same passwords they use on other sites.”

Many browsers now offer free password manager tools, and even paid tools generally don’t cost more than $60 per year.

3. Conduct a Network Vulnerability Assessment

“Every SMB should routinely conduct a network vulnerability assessment,” Price advises.

“This can be done with the help of a managed service provider to identify system weaknesses like outdated software, insecure wi-fi networks, an inefficient firewall, or weak passwords. All too often, these kinds of issues can go unnoticed and leave you vulnerable to attack, even though the fixes themselves tend to be rather easy and inexpensive.”

After all, software updates are generally provided for free by the vendor, unless a device is no longer supported by that software. In this case, aside from the cost of conducting a network vulnerability assessment, SMBs are only likely to spend money if they need to replace an older device or upgrade to a higher-quality firewall.

4. Back Up Data as Part of a Disaster Recovery Plan

No matter how secure an SMB feels, a disaster recovery plan is essential in case a successful cyberattack occurs. A proactive plan can help reduce downtime and ensure greater protection for confidential data.

As part of this, Price recommends that businesses invest in a reliable method to back up their data. “Businesses have more options available than ever before to prevent data loss. External hard drives, USB flash drives, cloud storage, online backup services that encrypt your files, and network-attached storage devices are all viable options. However, I’d recommend sticking to a digitally-based backup solution, as portable physical devices could all too easily be lost or stolen.”

By consistently backing up data in a secure location, SMBs can quickly resume normal operations after a cyberattack or even if equipment crashes or gets damaged.

5. Train Employees on Cybersecurity Best Practices

While protecting systems and data from external bad actors is typically viewed as a high priority by SMBs, many overlook the unfortunate fact that their own employees often represent the greatest cybersecurity risk. It’s estimated that as many as 88% to 95% of data breaches are the result of human error. This isn’t a case of a disgruntled employee intentionally exposing data (though that can happen, too). It simply results from untrained employees not following cybersecurity best practices.

“Cybersecurity training for your employees is one of the best investments an SMB can make,” Price says. “Helping them understand the what and why behind your security procedures, as well as how to identify cyber threats like phishing scams or the dangers of accessing company accounts on an unsecured wi-fi network, is crucial for reshaping thinking and behavior. Training programs are affordable and straightforward and can dramatically boost compliance with your cybersecurity goals.”

Improving Cybersecurity Doesn’t Have to Break the Bank

Many of these best practices are deceptively simple and cost-effective. Yet that is perhaps part of the reason why so many SMBs continue to struggle to implement them. However, by utilizing these low-cost (and sometimes no-cost) security measures, SMBs can significantly reduce the likelihood of a successful cyber attack and protect the data that matters most.