Guide to Cybersecurity Strategy
Why should I care about cybersecurity for my small business?
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Why should I secure my business?
Cybersecurity is not something you want to put off until an emergency happens. But unfortunately, many small to medium-sized businesses (SMBs) do just that.
It's not just your company that's at risk.
Waiting to implement cybersecurity strategies and solutions, doesn’t just put your profits at risk. By waiting, you risk scammers getting the sensitive data of every single one of your customers, suppliers, and employees.
If this were to happen, the damage could be catastrophic.
And risking the data of those inside and outside your company means risking your company’s future. Data breaches can damage your integrity and your reputation. That’s not to mention the other problems cyber attacks cause, such as financial loss, legal consequences, regulatory penalties, and more.
Cyber attacks are increasing.
You’re probably already aware of the increase in cyber attacks on U.S. businesses.
In 2023, the average cost of a data breach reached its highest point yet.
Estimates for cyber theft, ransom, and fraud happen approximately 2,300 times per day. And businesses don’t report cybercrimes to the FBI. After all, no business wants to admit they had a data breach.
Good News and Bad News
The good news: Most businesses already implement cybersecurity solutions, such as email filtering, firewalls, two-factor authentication (2FA), and anti-virus / anti-malware apps.
The bad news: These solutions aren’t enough to provide the kind of protection your business needs. Even with these solutions, you’re still at risk for cyber attacks. That’s because hackers are constantly discovering and exploiting vulnerabilities in cybersecurity solutions. And often, they find these vulnerabilities well before security experts can provide solutions that fix them. There’s also the issue of internal threats, such as employees who aren’t aware of cybersecurity policies and inadvertently do something that causes a cyber attack.
You can mitigate these risks by working with a cybersecurity partner.
The Importance of a Cybersecurity Partner
And Why You Need One on Your Side
Cybersecurity isn’t a “one-and-done” deal.
It involves:
- Continually testing and improving solutions to protect against cyber attacks.
- Continually training your employees on new cybersecurity practices and solutions.
Hiring someone one time to install firewalls and anti-virus software won’t cut it.
A proficient cybersecurity partner will:
- Develop and adhere to a comprehensive cybersecurity program (which is specific to your business).
- Create a plan for responding to emergencies.
- Test each system within your IT infrastructure.
- Ensure regulatory compliance, such as with GDPR, HIPAA, and CCPA.
A Brief overview of Common Cybersecurity Threats
Here’s a sad truth: Hackers uniquely target SMBs. And that trend will likely become more frequent as hackers get more sophisticated with advances in AI and voice manipulation.
We want you to have a general understanding of common cybersecurity threats. Here are a few to consider:
- Corporate data breach: This attack occurs when a hacker accesses your corporate database and steals sensitive information.
- Malware (AKA Malicious Software): This is software that damages your computers, networks, and systems.
- Ransomware: This is a type of malware that encrypts your files, making them inaccessible. Ransomware attacks demand you pay the attacker to regain access to your files.
- Botnet: This is when a hacker uses malware to remotely control a computer network. Hackers use botnets to launch attacks. A common one is a Distributed Denial of Services (DDoS) attack, which makes your computer network inaccessible to your employees.
- Phishing: This is commonly an urgent-looking email that tricks you into clicking a link or downloading an attachment that will harm your computer or steal your data.
- Extortion: This commonly appears as an antagonistic email that threatens to harm your business unless you pay a ransom.
- Business email compromise (BEC): This attack occurs when a hacker accesses your corporate email system. They then pretend to be someone within your company and attempt to defraud your employees, partners, and customers.
- Spoofing: This is commonly an email that looks like it’s from a reputable source. In reality, it’s from a scammer who’s trying to steal sensitive data from your employees, partners, and customers. While the fraudulent communication isn’t always an email, it’s often a type of BEC attack.
Example of a Spoofing Attack
In 2022 scammers stole more than $11.1M from private health insurers, Medicare contractors, state Medicaid programs, and other victims. The scammers sent victims emails asking for financial data using fake email addresses.
These email addresses looked nearly identical to the ones used by reputable hospitals and businesses. As a result of the spoofed email addresses, the victims sent the scammers their financial data.
Examples of Phishing
SMBs are 350% more likely to be victims of phishing attacks than larger organizations. So, it’s important to know what to look for when you get one of these emails.
Here are a few real-world examples of what phishing emails will ask you to do:
- Confirm your credit card details
- Transfer your funds
- Watch a social media video that a stranger sends you
- Confirm your account by logging into Google Docs
Clicking these phishing links or attachments could cause a lot of harm to your business. Data breaches and malware often result from phishing emails.
The Price of These Threats
Businesses lose millions of dollars each year because of cyber attacks.
Consider the following data from the FBI’s 2022 Internet Crime Report…
- Business email compromise ($2.7B in losses)
- Corporate data breach ($459.3M losses)
- Extortion ($54.3M losses)
- Malware ($9.3M losses)
- Phishing: ($52M losses)
- Ransomware ($34.3M losses)
- Spoofing ($107.9M losses)
- Botnet ($17.1M losses)
And losses only appear to be increasing each year. The price of these threats – with the exception of ransomware – increased when compared to the previous year.
Ways to Encourage Cybersecurity in Your Business
Here are a few cybersecurity best practices you should follow, according to CISA, America’s Cyber Defense Agency:
- Encourage multi-factor authentication on all accounts to decrease your chances of getting hacked.
- Update your software regularly by turning on automatic updates.
- Pause before you click any links (90% of cyber attacks begin with a phishing email).
- Use a password manager to generate and store unique passwords.
At InfoSystems, we recommend prioritizing IT security training at least once a year and applying IT security training in every department. We can provide this training for you.
The InfoSystems Cybersecurity Process
Cybersecurity is confusing. Knowing what to do and how to implement it requires help from a cybersecurity partner.
That’s us.
We’ll give you the information you need to make security decisions. And we’ll do it in a way that’s easy to understand.
Here’s how our cybersecurity process works:
- We’ll look at your business model. This starts with a conversation about your business. We’ll then determine what you need from your security program and your security tools. Next, we’ll establish best practices and processes for your company.
- We’ll take inventory of your business assets and activities. Using this inventory, we’ll implement thoughtful security measures.
- We’ll develop a long-term partnership with outcomes in mind. This allows us to share new ways we can enhance your cybersecurity and reduce your risk of attack.
Plus, we’ll ensure your cybersecurity maintains compliance with all relevant regulations and laws.
The Difference Between Cybersecurity and Compliance
And the Connection Between the Two
Here are two common misconceptions:
- If your business is secure, your business is compliant.
- If your business is compliant, your business is secure.
But this isn’t the case because cybersecurity and compliance are not interchangeable.
Cybersecurity is about preventing unauthorized access and disruption. But using cybersecurity solutions doesn’t mean that you’re compliant. Compliance is about meeting regulatory requirements. And while there are security components within these regulations, meeting them does not mean that you’re secure.
Consider this analogy… Compliance is like putting on a seatbelt in a car. It’s the law. And using it is the minimum requirement for staying safe while driving. Cybersecurity solutions are like airbags. They aren’t legally required, but they provide an extra layer of security in case of a car accident. It’s easier to feel safe in a car when you use a seatbelt and have airbags.
Similarly, it’s easier to feel safe about your company’s security when you are compliant and have robust cybersecurity measures in place.
At InfoSystems, we can help you stay compliant with the following laws and regulations:
- GDPR
- HIPAA
- CCPA
- PCI
- ISO
- FTC
- SEC
- FINRA
- NCUA
A Breakdown of These Laws and Regulations
GDPR (General Data Protection Regulation)
This European regulation is for folks in the European Union (EU) and European Economic Area (EEA). It protects their personal data and privacy by giving them control over their own data.
Even if your business is outside the EU, if you store or process information about EU citizens who live in EU states, you must comply with the GDPR.
HIPAA (Health Insurance Portability and Accountability Act)
This US law guards the privacy and security of an individual’s medical information and health records.
Even if you’re not in the medical industry, HIPAA still applies if you have personal health information about individuals.
CCPA (California Consumer Privacy Act)
This is a California state law. It gives residents the right to control their personal data by allowing them to access their data, know if it’s sold, and opt-out of its sale.
The CCPA only applies to your business if you meet the following criteria:
- You’re for-profit.
- You conduct business in California (but it still applies even if your business is located outside of the state).
- Your annual gross revenue exceeds $25M.
- You buy, sell, or share personal information of at least 100,000 CA residents, households, or devices.
- You derive at least half of your annual revenue from selling CA residents’ personal info
PCI (Payment Card Industry)
PCI security standards protect cardholder data.
Even if you’re not in the commerce, retail, or financial services industries, PCI compliance still applies if you store, process, or transmit cardholder data.
ISO (International Organization for Standardization)
The ISO sets global standards that apply to businesses in various industries, including manufacturing, health, IT, and transportation. These standards ensure that products and services meet certain quality, safety, and reliability requirements.
PCI (Payment Card Industry)
PCI security standards protect cardholder data.
Even if you’re not in the commerce, retail, or financial services industries, PCI compliance still applies if you store, process, or transmit cardholder data.
FTC (Federal Trade Commission)
The FTC helps protect consumers and competition against unfair, deceptive, and anticompetitive business practices. FTC regulations typically impact businesses in banking, retail, advertising, or technology.
SEC (Securities and Exchange Commission)
The SEC regulates securities markets. SEC regulations typically apply to businesses, both public and private, in the banking, finance, or investment industries.
FINRA (Financial Industry Regulatory Authority)
The FINRA creates and oversees rules for US brokers and broker-dealer firms. These rules typically apply to businesses dealing with investment banking, broker-dealers, or securities trading.
NCUA (National Credit Union Administration)
The NCUA creates regulations for federal credit unions. These regulations typically apply to folks in the credit union and financial services industries.
Cybersecurity is Serious – And We've Got You Covered
Yes, the risks of cyber-attacks are scary. And without proper cybersecurity solutions in place, you’re risking the future of your business.
But that’s why we’re here.
When you partner with us, you don’t have to worry. We’ll make sure you have what you need to prevent threats. And if something gets through, we’ll handle it.
To reference the previous analogy, we’ll make sure your car has seat belts and airbags. In other words, we’ll help you stay compliant and protected.
So, now that you know the importance of cybersecurity, take a deep breath, assess what you have and haven’t done to protect against cyber attacks, and take the next step…
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