What’s Your SMB’s Data Privacy Strategy?

Summary: Learn how small to midsized businesses (SMBs) can maintain data security by determining and following a strategy for data privacy.

Practically every business in the world is vulnerable to cyberattacks. Even small businesses are attractive targets for cybercriminals because of the valuable data they collect and store. SMBs often feel they’re too small to draw a hacker’s attention. In reality, cybercriminals are as likely to attack small businesses for that very reason. All network vulnerabilities are potential attack targets, and bad actors are quick to take advantage of them, making data protection for small business essential.

Why You Should Be Concerned About Data Privacy

A data breach can cost tens of thousands of dollars in direct financial hits, and more in operational downtime, liability, fines, ongoing lawsuits and reputational harm. Also, SMBs charged with legal compliance obligations such as PCI DSS and HIPAA, must do all they can to protect the private data they collect. In addition to compliance, they have a legal and ethical responsibility to protect client and employee data, such as Social Security numbers, driver’s license numbers, email addresses, payment information and other personally identifiable information (PII) that could be combined to steal identities.

Your Clients Are Wising Up

Consumers are increasingly more concerned about data privacy. With those concerns, the public is more likely to trust businesses that prioritize customer data security and sufficient cyber threat detection. SMBs with strong cyber protections gain a competitive advantage.

What Does Data Protection for Small Business Look Like?

Before codifying a strategy, it is imperative to ask yourself the following questions:

• What data does my business collect?
• Why do I collect it?
• Where do I store it?
• Who can access it?
• How can I protect it?

Q: Why have SMBs become common targets for cybercriminals?

A: Because they often lack strong data security strategies, making them easier targets. Hackers know small businesses often don’t prioritize cybersecurity.

What Data Needs Protecting?

Many SMBs underestimate the types of data that require protection. Customer names, addresses, phone numbers, email communications, business projections, birthdays and Social Security numbers are all examples of the private data cyberthieves crave. A breach of this personal data can be damaging or deadly in the wrong hands. If tracking and securing all those data points seems overwhelming, you can hire professionals who offer data privacy services tailored for small businesses. Cyber security experts typically begin with a risk assessment and then suggest improvements without blowing the budget.

Managed cyber security services are affordable and designed for small companies that cannot justify the cost of a full-time in-house network security employee. These professionals perform this service for multiple small companies, and have broad knowledge of industry requirements and best practices. They also closely monitor new cyber threats and the sectors affected by them.

How Do You Assess Your Current Risk Level?

Before you can tighten your security, you need to know where you stand. A professional data security audit can reveal what personal or sensitive data you’re storing, where it is stored, who has access to the data and what protections you already have in place.

What Are the Key Data Security Measures You Should Take?

Here are some essential data security measures you can adopt without needing a full IT department:

• Require strong, unique passwords protected by a password manager
• Enable Multifactor Authentication (MFA) for all email, software and storage platforms
• Encrypt All Data, in transit and at rest
• Keep All Software Updated, including antivirus and firewalls, because many software updates contain security fixes
• Initiate Role-Restricted Data Access because not every employee needs access to everything. For example, someone in the graphics department doesn’t need access to accounting files
• Perform Regular and Multiple Data Backups because having multiple backup locations adds to your data protection. Store back up data off-site so that it will not be compromised during a cyber attack and test it regularly

Each of these steps adds a layer of defense, reducing your vulnerability and helping you meet compliance requirements.

Q: What are some basic data security measures SMBs can implement?

A: Strong passwords, multi-factor authentication, data encryption, regular software updates, role-based access control and multiple backups are essential measures that help reduce vulnerabilities.

Running an SMB is already a full-time job. You may not have the time or resources to thoroughly explore privacy and compliance issues. That’s where data privacy services come in. Professional IT security experts can perform a cyber risk analysis to determine the right level of protection for your business. The benefits of professional help are:

• Affordable Plans for SMBs – Quality data security services offer tailored packages, so you don’t pay for more cyber security than you need to
• Risk Assessments and Policy Creations – Experts can help you understand your business’s vulnerabilities
• Up-to-date Employee Training – The better the security awareness training, the less likely your staff will be the weak links in your data security
• Incident Response Planning – Preparation ensures you’re not caught off guard if something happens. Assign roles and add cyber security provider information to your plan in advance of an incident

These services can offer peace of mind and demonstrate to your clients that you’re serious about protecting their data.

What’s the Role of Your Employees in All This?

Even with top-notch security software and network security in place, one careless click on a phishing email can open the door to attackers. Training your team is one of the most effective data protection solutions you can implement. Ensuring employees comply with cyber security is a management item.

• Conduct Regular Security Awareness Training Sessions – employees can learn to spot red flags
• Create Clear Data Handling Policies – set a standard and enforce it
• Limit Access – only grant data access permissions based on job roles
• Monitor Behavior – keep an eye out for unusual activity, especially by employees preparing to leave

Employees can either protect your business or unintentionally put it at risk. Give them the tools and knowledge to do the right thing. A qualified provider of data privacy services can help you determine your compliance responsibilities and align your privacy strategy accordingly. Make adherence to company cyber security policy a condition of employment.

How Do You Choose the Right Data Protection Solutions?

There’s no one-size-fits-all approach. The best data protection solutions for you depend on what type of data your business uses and stores, and how your business operates.

Some basic tools include:

• Cloud-based Backups with encryption and redundancy
• Endpoint Protection to secure laptops, tablets and other mobile devices
• Access Control Systems to manage who can see or edit data
• Threat Detection to identify and stop suspicious behavior early

IT security professionals can ensure your protections align with your goals and workflows. They can monitor and plan your business continuity and cyber security with state-of-the-art tools.

How Often Should You Review Your Data Privacy Strategy?

A “set it and forget it” approach doesn’t work in cyber security. Your data strategy must evolve as your business grows and as new threats emerge or target your business sector. At a minimum, your strategy should be reviewed annually. In addition, you should adjust policies as new processes come into play in your company production. Staying informed, following trusted sources and hiring cyber professionals can be part of your evolving strategy. Treat your strategy as a living document, not a one-time checklist.

Q: How often should an SMB update its data privacy strategy?

A: At least once a year or whenever new threats arise. A privacy strategy should be a living document that evolves with your company’s changing needs and risks.

What’s the Real Cost of Not Taking Data Protection Seriously?

A data breach can be expensive or even put you out of business. Direct financial theft, fines, ongoing lawsuits and lost revenue can devastate an SMB. But there’s also the long-term damage to your reputation. Loss of customer trust, negative media coverage, operational disruption and employee morale issues are just a few of the harmful impacts of inadequate cyber security. In contrast, a proactive approach to data protection for small business practices builds credibility and resilience.

What Are the Next Steps for Your Data Privacy Strategy?

You don’t need to become a cyber security expert overnight, but you do need to create a strategy for data privacy. Whether it’s conducting a simple audit, investing in affordable data protection solutions or reaching out for professional data privacy services, your efforts will pay off, and you’ll rest easier knowing your data is secure. Start small if you must, but every layer of cyber security you add makes your business and your customers safer.

Contact a cyber security provider that specializes in small and mid-sized businesses. They understand the needs and budgets of SMBs. These providers offer affordable managed services. Every layer of security reduces the risk of a costly and potentially devastating cyber attack. The yearly fees for managed services are a small fraction of the cost of one cyber attack, making proactive services a smart return on investment.