According to Traveler's Risk Index, published by The Traveler's Indemnity Company, a majority of business owners have a somewhat fatalistic view of hacking and data breaches.
The index includes 52 percent of survey respondents indicating that they believe a cyber-attack is inevitable.
The other statistics in the report paint a grim picture. Here's a quick overview:
- 55 percent of business owners say that they have not completed a cyber risk assessment
- 63 percent say that they have not yet completed a cyber risk assessment on vendors who have access to their data
- 62 percent indicate that they have not yet developed any kind of business continuity plan, which means they don't even have the basic outline of the steps they'll need to take in the face of a successful attack against their company
The number of survey participants saying they have been the victim of a cyber attack has doubled from 10 percent in 2023 to 20 percent in this year's survey. Yet in spite of this staggering lack of preparation, fully half of all survey respondents say they have cyber insurance.
Tim Francis, the Enterprise Cyber-Lead at Travelers, had this to say about the report:
"Cyber risks carry serious consequences for any business, threatening everything from revenue to operations. These findings reveal some surprising things about how companies view their cyber exposure, their relative confidence in dealing with them and the clear opportunity that exists for them to be better prepared for a cyber-attack."
It's a thorny problem, for sure. Most small to medium sized business are strapped for cash and simply can't dedicate the level of resources they'd like to toward data security.
The good news is that this most recent survey reveals a few simple, low-cost things you could do starting today that would dramatically improve your chances of dealing with a cyber-attack. Given that most people agree it's inevitable and just a matter of time, that would be an excellent place to start.
Simple, Low-Cost Ways to Strengthen Your Business Against Cyber-Attacks
Cybersecurity threats are a growing concern for businesses of all sizes. While large corporations invest heavily in advanced security systems, small businesses often lack the budget for high-end cybersecurity measures. However, Integrated Technology Systems suggests several simple, cost-effective steps you can take to significantly improve your business’s defenses against cyber-attacks. Here are some of the best practices that won’t break the bank but will greatly enhance your security posture.
1. Educate Your Employees
One of the most common ways hackers gain access to business systems is through human error. Train your employees on basic cybersecurity practices, such as:
- Recognizing phishing emails and scams
- Avoiding suspicious links and attachments
- Using strong passwords and changing them regularly
- Keeping company devices secure
Regular training sessions or simple cybersecurity awareness emails can go a long way in reducing risks.
2. Implement Strong Password Policies
Weak passwords are a hacker’s dream. Ensure that your employees use strong passwords by:
- Requiring a mix of uppercase letters, lowercase letters, numbers, and special characters
- Avoiding easily guessable passwords like "123456" or "password"
- Using a password manager to store complex passwords securely
- Enabling multi-factor authentication (MFA) for an extra layer of protection
3. Keep Software and Systems Updated
Hackers often exploit vulnerabilities in outdated software. Make sure to:
- Regularly update operating systems, applications, and antivirus programs
- Enable automatic updates where possible
- Remove unused or outdated software that may pose security risks
4. Back Up Important Data
A cyber-attack such as ransomware can lock you out of your own data. Regular backups can ensure that your business continues to operate smoothly even after an attack. To safeguard your data:
- Use both cloud-based and offline backups
- Schedule automatic backups at regular intervals
- Store backups securely and test them periodically to ensure they work
5. Secure Your Wi-Fi Network
An unsecured Wi-Fi network is an easy entry point for hackers. Secure your business’s network by:
- Changing default router passwords
- Using WPA3 or WPA2 encryption
- Hiding the network’s SSID (Service Set Identifier) from public view
- Restricting guest access to a separate network
6. Limit Access to Sensitive Information
Not all employees need access to all data. Implementing role-based access controls (RBAC) can reduce the risk of internal threats and accidental data leaks. Steps include:
- Granting access to sensitive data only to those who need it
- Monitoring and revoking access when employees leave or change roles
- Using permission levels to prevent unauthorized data modifications
7. Use Free or Low-Cost Security Tools
Many free and affordable cybersecurity tools can help protect your business, such as:
- Antivirus software (e.g., Avast, Bitdefender, or Windows Defender)
- Firewalls (built-in with most modern operating systems)
- Free versions of password managers (e.g., LastPass, Bitwarden)
- Cybersecurity training resources from organizations like Integrated Technology Systems
8. Monitor Accounts for Suspicious Activity
Keeping an eye on your accounts and systems can help detect early signs of an attack. Consider:
- Setting up alerts for unauthorized login attempts
- Reviewing bank and payment transactions regularly
- Implementing logging and monitoring software to track unusual activity
9. Develop a Basic Incident Response Plan
Having a clear action plan in case of a cyber-attack can minimize damage and recovery time. A basic plan should include:
- A designated team or point of contact for cybersecurity issues
- Steps for identifying and containing an attack
- Guidelines for notifying affected customers or stakeholders
- Recovery and follow-up procedures to strengthen future defenses
10. Encourage a Cybersecurity Culture
Creating a security-conscious workplace doesn’t require expensive tools—just a proactive approach. Regular discussions, reminders, and policies emphasizing cybersecurity can keep everyone vigilant and accountable.
You don’t need a huge budget to protect your business from cyber threats. By implementing these simple, low-cost strategies, you can significantly reduce your chances of falling victim to an attack. Cybersecurity is an ongoing effort, so stay informed and adapt your strategies as needed. The small steps you take today can prevent costly breaches in the future.
Protect Your Business with Integrated Technology Systems
Cyber threats are constantly evolving, and even small businesses are prime targets for cyber-attacks. Don’t leave your company vulnerable—Integrated Technology Systems is here to help!
Our expert team provides affordable, cutting-edge cybersecurity solutions tailored to your business needs. From employee training and secure network setups to advanced monitoring and threat prevention, we ensure your business stays protected.
Take action today! Contact Integrated Technology Systems for a free consultation and let’s build a stronger, more secure future for your business.
Integrated Technology Systems
6 East 45th Street, Suite 400
New York, NY 10017
212-750-5420
https://www.itsnyc.com
