Cybersecurity is crucial yet often considered expensive, which is a major reason why small businesses tend to overlook it entirely. As intimidating as it is to imagine cybercriminals waiting to barge into the gates of your IT network, it is vital that businesses, even with tight budgets, place suitable guards at those gates to keep attackers at bay. Ignoring cybersecurity can have dire results on your network and your business.
As the IT budget gets reduced, it becomes more difficult for the IT infrastructure to keep up with security. In 2020, the average IT budget for larger companies dropped to $54.3 million from $74.1 million in 2019, whereas the budget for small and medium businesses has come down to $1.1 million in 2020 from $1.2 million. As per an IBM security study: Responding to Cybersecurity Incidents Still a Major Challenge for Businesses, 69 percent of surveyed businesses reported that funding for cybersecurity is scarce.
According to Accenture’s 2019 study on the cost of cybercrime, a services company, the average cost of a successful malware attack on a company could result in a cost up to $2.6 million. The attacks could range from ransomware, identity theft or information theft, to completely erasing, or preventing access, to all the sensitive or valuable data.
If you are a small business owner who is keen on finding ways to enhance your organization’s cybersecurity with a limited budget, read on to find out.
Ways to improve overall IT security on a tight budget
Even though cybersecurity threats continue to evolve, it is the more basic IT security enhancements that can offer the most protection for data security. Here are ways you can improve your company’s IT security with limited funding:
Training
Users pose the greatest security threat, whether through error or malicious actions. Since most threats are human error reliant, developing a training program becomes mandatory. To protect customers and your employees from cyberattacks, guide them with basic knowledge. Train them to recognize possible attacks, such as phishing, that attackers may use. Ensure they are aware of information and guidelines on how to identify malicious actions, how to identify fraudulent communications, and the process required to alleviate those situations.
Conduct Network Vulnerability Assessments
There is no harm in keeping an eye out for future attacks. You should not wait for hackers to come knocking; ensure you have security experts assess your network for any possible vulnerabilities. Do so periodically, and after any large infrastructure changes, new vulnerabilities are frequently being discovered and reported. The vulnerability assessment process should go hand in hand with regular software updates and patch management.
Limit Access
Watch out for your data! Limit access to data based on what specific users or groups need, rather than access to all for all approach. Ensure that only authorized individuals have access to critical information, such as credentials, personal, payroll, financial, or any other critical information that could be a target of a cyberattack.
Patching and Infrastructure Updates
Cybercriminals are constantly looking for any loopholes to exploit, any weaknesses to take advantage of in an organization’s applications and network. The best way to secure your company’s IT Infrastructure is by keeping systems and services up to date. If an application requires a security update, do it. Do not delay patching any longer than it takes to verify the update is not going to cause issues. If you find issues with the update, determine the best way to mitigate the risk.
Many applications can be updated automatically. Consider setting up automatic updates to save time on low-risk applications or set up a patching server that allows you to handle updates across multiple workstations and servers from a single location. This is a centralized way to ensure your applications and devices are up to date without much manual effort. These small, yet important security features can make a huge difference to protect your IT security on a limited budget.
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