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Human Risk Management: Small Business Cyber Defense

Summary: The biggest IT security mistake many small businesses make is focusing solely on technical defenses such as firewalls, encryption, and antivirus software while neglecting one critical element: human risk management. Cyber threats are not just technical attacks; they often come from human error, negligence, ignorance or malicious actions. Using cyber risk assessment services and managed cyber security services helps small businesses safeguard against many types of cyber risk, including human risk.

Small businesses face many cyber security risks in the digital environment. While technology has significantly advanced and streamlined business processes, it has also opened doors for cybercriminals to exploit vulnerabilities. Small businesses, often underprepared for these cyber threats, are frequently targeted because they usually lack the IT resources or cyber security awareness to implement sufficient security measures. Proactive cyber defense requires covering all the bases, including ongoing staff training combined with layers of network security measures.

What is Human Risk Management?

Human risk management refers to the strategies and practices that focus on mitigating risks that arise from human behavior, such as employee actions, user mistakes, or intentional insider threats. Unlike technology-based risks, which can often be solved with software or hardware solutions, human risks require training, awareness, and vigilance from people within the organization.

Human risks are often the weakest link in a company’s IT security chain. Research has shown that most successful cyberattacks exploit human error or manipulation. Some examples include:

Why Managing Cyber Security Risks is Critical for Small Businesses

Small businesses often believe that they are too small to be a target of cyberattacks. However, statistics show that 43% of cyberattacks target small businesses, and 60% of small businesses close within six months of a cyberattack. Cybercriminals seek client and employee data that they can exploit directly or sell multiple times on dark web criminal forums. Managing cyber security risks, including human-related risks, is essential for protecting sensitive business data, maintaining customer trust, and ensuring business continuity. Technical measures are far less effective when an employee is tricked into handing over passwords and logins in a phishing attempt or downloads malware to the network from a fraudulent email or text.

Here are key reasons why managing cyber risk is crucial to preserving business continuity:

Every business is different, and every employee has a different level of IT knowledge. Therefore, cyber defense solutions and training must be custom-designed to meet your SMB’s specific tech needs and vulnerabilities.

Strategies for Managing Cyber Security Risks in Small Businesses

Managing cybersecurity risks involves a combination of technology, employee policies, and, most importantly, human cybersecurity awareness. Below are practical steps to manage these risks effectively:

Employee Training and Awareness Programs

Educating employees about cybersecurity risks is the most crucial aspect of human risk management. Ensure employees understand the cyber threats they will likely encounter, such as phishing emails, texts, or malicious attachments. Employees must be made aware of the information criminals are after and their current techniques. Regular training sessions should keep the team updated on the latest security practices. Essential topics to include are:

Q: Why is employee security awareness training so important?

A: Because humans are the weakest link in cybersecurity, all employees (including management) must be on the same page for company security measures to be effective.

Cyber Risk Assessment Services: The First Step in Cyber Security

A cyber risk assessment is a comprehensive review of your current cybersecurity posture, identifying weaknesses and prioritizing areas for improvement. These assessments are crucial in understanding where your business is most vulnerable and implementing measures to mitigate potential risks.

Cyber risk assessment services can help:

Investing in a professional risk assessment allows you to stay proactive rather than reactive, preventing most cyberattacks before they occur. Basic cybersecurity protection fees are a small fraction of the cost of a cyberattack. Having robust cybersecurity in place cannot prevent all attacks, but it can reduce the severity of attacks, limit the scope of damage, and speed up attack recovery time.

Implementing Strong Access Control Measures

Limiting access to sensitive data is another critical step in managing cyber security risks. Only give employees access to the information they need to perform their job functions and implement role-based access controls (RBAC). This control measure decreases the potential risk of internal threats or accidental data breaches. The basics of data access control include:

Q: Why is access privilege management a vital part of cyber defense?

A: Because limiting user access to only the data and software required to do their jobs reduces the amount of data exposed during accidental or intentional data breaches.

Regular Software Updates and Patch Management

Keeping your systems and software updated and patched is fundamental to protecting your business from cyber threats. Outdated software can have well-known security vulnerabilities that hackers can easily exploit. Ensure that all operating systems, applications, and security software are regularly updated.

Backup and Disaster Recovery Plans

Having a solid backup and disaster recovery plan ensures that your business can quickly recover in case of a cyberattack, such as a ransomware incident. Creating a plan helps companies understand what to do during a crisis. The plan should include each person’s role and contact information since information stored on the network may not be accessible.

Regularly back up your business data and ensure that backups are stored securely and kept separate from the network. Once the network is cleared of malware, clean backup data can be uploaded, and office productivity can resume.

The Role of Managed Cyber Security Services

Managing cybersecurity risks in-house can overwhelm small businesses with limited resources and technical knowledge. This is where managed cybersecurity services (MCS) come in. Outsourcing managed cybersecurity services provides small and midsized businesses with expert-level protection for a fraction of the cost of full-time in-house employees. Outsourcing this role also removes the need to hire, pay, manage and train an internal cybersecurity employee.

Some of the most crucial cyber defenses provided by managed cybersecurity services typically include:

These services offer a comprehensive, proactive approach to managing cyber security risks. They are especially valuable for small businesses that lack the expertise or resources to handle cyber threats independently.

How Cyber Risk Assessment Services and Managed Cyber Security Services Work Together

Cyber risk assessment services and managed cybersecurity complement each other in providing a holistic, comprehensive cybersecurity solution for small and mid-sized businesses.

By combining both, small businesses can significantly reduce their exposure to cyber risks while maintaining compliance with industry standards.

Q: I am unsure how to manage human cyber security risk factors. What can I do to reduce the risk to my business?

A: Enlist the help of professionally managed cyber security services.

Human Risk Management – The Benefits of Professional Help

Over 90% of ransomware attacks start with an employee clicking on a malicious link in an email or text. Cybercriminals are experts in tricking employees who are trying to be helpful or are in a rush. Educating employees and hardening network security is the cybersecurity industry's best practice for reducing risk. Human risk management is a critical component of a comprehensive cyber security strategy for small businesses.

The dramatic increase in remote access work has made comprehensive cyber defenses more crucial than ever. Small businesses can build a more resilient and secure environment by managing human-related risks, such as employee mistakes and insider threats, and combining this with technical defenses that extend far beyond the office walls. Investing in cyber risk assessment services and managed cyber security services provides small and midsized businesses with the expertise and resources they need to identify vulnerabilities and defend against cyber threats.

A proactive approach to managing cyber risk is the best defense against potential attacks. By prioritizing human security awareness and technical security measures, small businesses can defend against cyber threats and protect years of effort and financial success.