Small and Medium Enterprises (SMEs) are increasingly falling victim to cyberattacks. As these threats escalate, small businesses must act now to protect their digital assets.
According to a report from a survey by KnowBe4, there is now a gap in security practices between small and large businesses. The study polled 2,600 IT professionals and found that 62 percent of small and medium-sized enterprises (SMEs) do not use multi-factor authentication (MFA), compared to only 38 percent of large corporations.
Anna Collard, SVP of Content Strategy and evangelist at KnowBe4 AFRICA said, “The cost of not implementing cybersecurity measures can be far greater than the cost of implementing it.”
She added that small companies often have weaker security measures in place compared to larger corporations. “They might not have dedicated IT staff or the resources to implement robust cybersecurity defences,” she noted.
She emphasised that cyberattacks can lead to financial losses, legal fees, loss of customers, and even business closure.
“Investing in basic cybersecurity is like investing in insurance, it is essential to protect your organisation’s future,” she added.
To strengthen their defence against cyber threats, SMEs should focus on these four essential strategies:
Read also: Nigeria ranks 14th on global cyberattack risk index
1. Know your assets and protect them
“The first thing to do is to create an asset inventory for your organisation,” Collard advised. “You need to understand what information assets are critical to your ongoing operations and how they could be at risk. Understanding the level of risk impacts how to protect them with relevant security software and processes.”
Although some businesses may baulk at the cost of cybersecurity, she says many measures are low-cost or free.
2. Implement MFA
Multi-factor Authentication (MFA) strengthens security by requiring multiple verification methods. “This adds an extra layer of security, making it harder for attackers to gain access to systems and sensitive data,” Collard explained.
Beyond a password, MFA may involve a code from an app, a personal question, or biometric checks like fingerprints.
“MFA reduces the risk of account takeovers and data breaches,” she noted. “For optimal effectiveness, it should remain user-friendly, while being resistant to phishing attempts.”
3. Do regular back-ups
Another effective cybersecurity strategy is to perform backups of your organisation’s files frequently.
“All critical data and systems should be backed up regularly and stored securely, preferably off-site or in the cloud,” Collard asserted.
This is essential to ensure your business can continue operating in the event of a cyber-attack. In addition to backing up files, your organisation should regularly update software to ensure vulnerabilities are patched.
“It’s also vital to have reliable antivirus software to protect your company from malware and other threats,” she added.
4. Train your employees
Having staff who are familiar with cybersecurity best practices and use strong passwords is essential, especially given that many companies use remote workers.
“Educating employees is a powerful weapon against cybercrime,” stated Collard. “It means they are more likely to recognise phishing or other social engineering attempts quickly.”
By implementing these four strategies, SMEs can significantly improve their cybersecurity posture and protect themselves against the growing threat of cyberattacks.
“As the KnowBe4 survey highlights, there’s still much work to be done in bridging the security gap between small and large businesses,” Collard added. “However, with the right approach and resources, SMEs can enhance their defences.”
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