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Many small business owners assume that cyber attacks only happen to big companies, banks or governments. But the truth is, limited knowledge of digital security and lack of defenses make small businesses particularly vulnerable to attack as well.

Research shows that 71% of all cyber attacks happen to businesses with less than 100 employees – and yet many CEOs have yet to invest in a formal defense plan.

The July Ransomware attack of iNSYNQ the cloud hosting company reminds us that we must be diligent when opening emails. We are all susceptible to hacks mainly through PHISHING & HUMAN ERROR.

Here is a link to a best practices guide by iNSYNQ called 5 Ways to Avoid a Ransomware Attack

With cyber attack insurance premiums running as high as $35,000 per year, prevention is typically the smartest (and most budget-friendly) approach for small business owners.

Follow these steps to help fortify your small business against a cyber attack, and maintain the ongoing trust of your valued customers.

Conduct a Cyber Threat Assessment

75% of small business owners simply don’t know if they have enough cyber security – or the right solutions – to protect their digital assets.

A thorough threat assessment is the ideal first step to knowing precisely where and how your small business may be vulnerable to cyber intruders.

Consider contracting a cyber security specialist to help you analyze your digital ecosystem and data storage practices, in order to identify weak areas and create a security action plan.

Install a Firewall and Anti-virus Software

Cyber attackers use highly sophisticated automated software to seek out and infiltrate poorly defended networks.

Ensure your business doesn’t get caught in their net by installing a firewall that can control incoming and outgoing data and help prevent unauthorized access to your network.

Other practical steps you can take to protect yourself include:

• ensuring your anti-virus software is always up to date
• updating your browser and applications like Java and Flash to the latest version
• protecting your WiFi by making it invisible to outsiders, encrypted and secure.

Regularly Change Your Passwords

Many businesses overlook the importance of regularly changing passwords that guard critical systems and confidential data.

Refresh your passwords every two months, ensuring they are at least 8 characters long and a mix of letters, numbers and symbols. Steer clear of using personal information, like your child’s name or your date of birth, as these combinations are much easier for cyber attackers to guess.

Do not leave them in plan view, yes that means they do NOT belong on a sticky on your computer monitor.

Invest in Employee Training

Employee education is one of the most important defenses against cyber attack. For lack of training, your own team members might inadvertently install malware or release confidential information to a criminal masquerading as a trusted contact.

A staggering 95% of online security breaches involve human error. Ensure your staff understand best practices in digital defense by:

• developing an easy-to-read cyber security guide so employees are better equipped to identify and deal with malware, dangerous email attachments, phishing attempts and other digital threats
• meeting regularly to discuss new potential online threats so team members know what to watch for
• encouraging each team member to speak up immediately if they notice suspicious behavior on your digital network.

By implementing these preventative measures, your company will be better positioned to evade cyber attack – and get on with the business of growing!

Our team continues learning new skills and reviews opportunities for tax saving strategies under the new law, the TCJA to bring added value to our client meetings, and we’ve been doing this for over 25 years.

If you need help with your accounting, want to create a tax minimization plan, want to discuss your business growth plan or your finances, are concerned about retirement goals or need to be held accountable for your 90 day action plan, contact us for a complimentary discovery session or for an appointment to just get started.