Almost half of all data breaches impact small to midsize enterprises (SMEs), and 43 percent of SMEs lose sensitive data following a successful attack. The average cost of these data breaches ranges from $120,00 to $1.24 million.
These alarming statistics point to the critical need to protect sensitive data against compromise. Given that 87 percent of SMEs hold sensitive data, this need spans every industry.
However, SMEs face critical challenges in protecting sensitive data, driven by limited budgets and a lack of in-house security expertise. These constraints often lead to inadequate security measures that leave SMEs vulnerable to rising threats.
To enhance data privacy cost-effectively, SMEs should focus on the 80/20 rule — 80 percent of security risks can be mitigated with 20 percent of the cost and effort. By focusing on high-impact, low-cost actions to protect their most sensitive data, SMEs can dramatically reduce risk without a large cybersecurity budget.
Operational Best Practices
Effective security starts with educating employees and incorporating security best practices into day-to-day operations.
- Employee Security Training. Train staff to recognize social engineering and handle data securely, as 70 percent of breaches involve human error. Regular training is essential to reinforce security concepts and create a culture of security.
- Require Strong Passwords. Ensure that users maintain unique, complex passwords for each system. An enterprise password manager can help enforce this policy and keep passwords secure.
- Enforce Least Privilege Access. Only grant employees access to the resources they need to do their jobs. Most employees will not need admin access to their PCs or company systems. Least privilege access helps limit the damage if an attacker compromises a user’s credentials.
- Offboard Promptly. Immediately terminate access and collect hardware when employees leave. Approximately 20 percent of organizations have experienced a data breach linked to former employees who still had access to company systems.
Low-Cost Tools and Strategies
Security tools don’t have to be expensive to be effective. There are a number of low- and no-cost solutions that can prevent some of the most common types of attack.
- Enable Multi-Factor Authentication (MFA). Require two or more forms of authentication for all employee accounts. MFA is effective at blocking 100 percent of bot attacks, up to 99 percent of bulk phishing attacks and 76 percent of targeted attacks. MFA is included in many business applications, but WatchGuard’s AuthPoint MFA solution can enable MFA across the entire IT environment.
- Use Built-in Security Tools: Take advantage of the security tools built into platforms such as Microsoft 365. These platforms include features such as MFA, endpoint security and data encryption that many SMEs leave dormant due to lack of awareness or expertise.
- Regular, Encrypted Backups: Automatically back up critical data to the cloud or offsite and encrypt backup data to thwart ransomware attacks. Around 40 percent of 60 percent of SMEs fail to perform regular backups, and 60 percent of backups fail when they’re needed most. Many SMEs also assume incorrectly that cloud providers back up their data.
Strategic Partnerships
A managed security services provider (MSSP) can help close the expertise gap and handle day-to-day operational tasks. Qualified MSSPs have well-developed methodologies for ensuring that systems are kept up to date and secure. They also provide backup services and security incident response. By partnering with an MSSP, SMEs gain access to security experts who can help guide and implement their overall security strategies.
How Verteks Can Help
Verteks offers a full array of managed security services, with customized plans to meet every need and budget. Our disciplined approach takes the burden off in-house teams and provides the peace of mind that critical systems and data are protected by professionals.
We also partner with Microsoft, WatchGuard and other industry leaders to provide advanced solutions to our customers. Our team will ensure these tools are configured correctly and monitored around-the-clock. Contact one of our experts to schedule a confidential consultation.
