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You minimise your risk and protect your business in many different ways, from taking out insurance policies to creating policies and protocols. But have you considered how cybersecurity might affect your business and its profitability?

Even small businesses are at risk for cybersecurity data breaches. In fact, many experts believe that small- and mid-sized (SMEs) businesses are especially at risk. 

For the sake of your company’s cyber security, consider taking the following precautions:

Prepare For a Breach

Whether or not your cybersecurity has already been breached, you should develop an action plan. New cybersecurity threats develop all the time, so your action plan should be reviewed and updated on a regular basis. When you’re able to respond quickly and decisively to data breaches, you can get your systems and employees back to work quickly. Remember that time is money, and you’ll lose a great deal of time (and money) if you wait to develop a plan until after you have a cybersecurity breach.

Conduct Employee Training and Implement Procedures

Unfortunately, your own employees could be a cybersecurity threat, even if they’re extremely loyal. Many threats occur simply because unsuspecting individuals fall victim to malware infiltration or “phishing” emails.

Training your employees to identify suspicious emails and to protect your system’s security can pay off enormously in the long run. You can avoid many security breaches simply by helping your employees to recognise danger.

Implementing cybersecurity policies and procedures will also help to minimise the damage. Do your employees know what to do about security breaches? What is the chain of command? Who is responsible for managing cybersecurity breaches? Everyone should know what to do and how to do it.

Consider the Risks of Mobile Devices

The use of personal mobile devices has increased the risk of cyber threats exponentially over the past few years.  Mobile devices can be infected with malicious code, and this malicious code can infiltrate your company’s network.  Allowing your employees to download unregulated apps can pose serious cybersecurity threats. You can reduce your risk by using programs to encrypt and protect mobile devices.

Acquire Cybersecurity Insurance

More and more insurance companies are offering cybersecurity policies to help companies get through the debilitating costs of recovering from a data breach. While these insurance policies can help with the financial aspects of a breach, they shouldn’t be substitutes for carefully crafted policies, procedures, and training.

Be Careful with Third-Party Suppliers

Your own employees can increase your risk of a cybersecurity breach, and so can third-party suppliers. This is especially true with suppliers that handle POS systems, data storage, and other programs that contain sensitive information. Ask your suppliers what kinds of policies and procedures they have in place for protecting your data, and closely monitor and regularly inspect your vendors. 

By paying attention to the cybersecurity risks that make your business vulnerable, you can avoid damaging breaches and keep your customers’ and employees’ data safe.