Cybersecurity for Entreprenuers

EP 37 - Cybersecurity for Entreprenuers

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Let me pose a question that will surely grab your attention. Did you know that in 2020 alone, small businesses accounted for 43% of all cyber attacks. That's almost half of all cyber crimes targeting the backbone of our economy.

So, the question is how can you protect your business from falling victim to the cyber criminals? Stay tuned, because today we're going to reveal practical strategies and concrete steps to safeguard your business from cyber security threats.

Welcome to another episode of the Ask Ralph podcast.

I'm your host, Ralph Estep, Jr.. And today we have an extremely important topic to discuss. Cyber security for entrepreneurs. In this digital age, protecting your business from cyber threats is not only crucial for its survival. But for your personal success as well. So, if you're an entrepreneur eager to learn how to strengthen your businesses, cyber security, [00:01:00] lower your risk of attacks, and ensure longterm growth.

This episode is tailor made for you.

To begin, let's shed some light on various cyber security threats. That entrepreneurs face.

Cyber criminals are becoming increasingly sophisticated. Using tactics such as phishing. Ransomware, and social engineering to exploit vulnerabilities in your systems. By understanding these threats, you'll be better equipped to tackle them head on.

Now that we understand the importance of cybersecurity for entrepreneurs. [00:02:00] Let's dive into some concrete ways. To strengthen your businesses cybersecurity.

Here are five essential steps that you can take.

Number one. Develop a strong password policy. This is critical folks. Ensure the use of strong, unique passwords for all users in your organization. Passwords should include a combination of letters, numbers, and special characters. Consider implementing a password management tool to securely store and generate strong passwords. Regularly remind employees to update their password and never shared them with others. Let's move on to step number two.

Enable two factor authentication. You may hear this called to 2FA. Implementing two factor authentication adds an extra layer of security to your accounts. It requires users to provide two forms of identification, typically a password and a unique code sent to their mobile device, [00:03:00] before accessing sensitive information. This greatly reduces the risk of unauthorized access. Even if passwords are compromised.

Step number three, update software and systems regularly. Keep all software, operating systems, applications, and plugins up to date. Software updates often include security patches that protect against known vulnerabilities. You need to enable automatic updates whenever possible to ensure you're always benefiting from the latest security features.

This is a crucial step. You need to make sure all your software is regularly updated and tested.

Let's move on to number four. Educate and train employees. The human element is often the weakest link in cybersecurity. Let me repeat that the human element is often the weakest link in cybersecurity. That's so important to remember. Provide comprehensive cybersecurity training for all employees, including best practices for identifying and handling phishing emails. [00:04:00] Recognizing suspicious activities, and proper data handling. Regularly remind and reinforce the importance of cybersecurity within your organization.

And let's move on to step number five, employ robust firewall and antivirus software. It's important that you install and maintain reliable firewall and antivirus software on all devices and systems. used within your business. Firewalls act as a barrier between your internal network and external threats, while antivirus software scans for and removes malicious software from your systems. Regularly update and scan these tools to ensure maximum protection. As I said a few minutes ago. You've got to make sure that you update these software pieces as well.

Remember. Cybersecurity is an ongoing effort. That requires constant attention and adaptation. You need to make it a priority within your organization. And regularly assess and update your cyber security measures to stay one step ahead of cyber criminals.

So the question [00:05:00] remains, Ralph.

How do we educate our staff about cybersecurity in our business?

Well, that's a great question. Educating your team and conducting regular assessments are vital components of a robust cybersecurity strategy.

Here's how you can ensure your team is well-informed and proactively evaluate your businesses. Cybersecurity posture.

The first thing you need to do is cybersecurity training. Provide comprehensive cybersecurity training to all employees, making them aware of the latest threats. Best practices, and proper protocols to follow. Educate them about social engineering, phishing attacks. and the importance of strong passwords. Encouraging them to report any suspicious activities or potential security breaches. They come across. Regularly refresh this training to keep everyone up to date with these evolving threats.

And this is something I don't see a lot of small business people doing. And it's critical for your organization to educate your employees, even if you're only a couple employees thick. They need to [00:06:00] understand these threats because that's where these cyber criminals are going to take advantage of you. The second thing is conduct phishing simulations.

Now this isn't going out to a pond and dropping lines in. simulate phishing attacks to test your employees, awareness and response. Send out fake. Phishing emails and assess who falls for these attempts? This not only helps identify potential vulnerabilities. But can also create a learning opportunity.

Following the simulations, provide feedback, training, and guidance on how to avoid falling victim to these real threats. It's a great idea. To use in your organization to test your employees, to see if they fall for these threats.

The third thing is regular assessments and audits. Perform regular cybersecurity assessments and audits to identify vulnerabilities within your businesses infrastructure. You can hire reputable cybersecurity professionals or engage external consultants to conduct thorough assessments and penetration tests. These tests can help uncover weaknesses in your [00:07:00] network, systems, and applications, allowing you to address vulnerabilities before malicious actors exploit them.

Number four. Use vulnerability scanning tools. Utilize vulnerability scanning tools to continuously monitor your systems for any weaknesses or potential entry points.

These tools identify security gaps, outdated software, and misconfigurations that can easily be overlooked. Regularly conduct scans and promptly patch or update any identified vulnerabilities.

It's also important that you implement access controls. Implement strict access controls to ensure that employees only have access to the information and systems that they require for their specific roles. Regularly review and update user access privileges, revoking access for employees who no longer need it. This reduces the risk of unauthorized access and help prevent internal breaches.

The truth is by educating your team and regularly assessing your cyber security [00:08:00] measures. You're actively reducing the risk of cyber security threats. And reinforcing a culture of cybersecurity awareness within your organization.

Remember? Cybersecurity is a team effort. Educating your team about potential threats and training them to identify phishing emails and suspicious activities is vital regularly conducting cybersecurity assessments to identify vulnerabilities and potential entry point to your system can also save you from future headaches. Remember, prevention is always better than trying to recover from an attack.

The next question is Ralph. Is there insurance for these cybersecurity threats.

Another excellent question.

Cyber security insurance, also known as cyber liability. Insurance, is an important consideration for small businesses to protect themselves from the financial impact of cyber incidents.

Here's some key points to consider regarding cybersecurity insurance for your business. You need to start looking at coverage.

Cyber security insurance [00:09:00] provides financial protection for businesses in the event of a cyber related incident, such as data breach. Network interruption or cyber attacks. It typically covers expenses related to legal fees. Regulatory fines, public relations. Data breach notification credit monitoring for affected individuals, and potential legal settlements.

These policies are custom tailored . Different insurance providers offer various types of cybersecurity policies. As a small business, owner, it's important to explore policy specifically designed for your needs. These policies may offer. Coverage for liability. Data breach response and recovery. Business interruption, data loss or damage, and even extortion related expenses. In the case of ransomware attacks.

Part of this process is developing a risk assessment. Before purchasing insurance, conduct the comprehensive risk assessment to identify the [00:10:00] specific cybersecurity risk your business may face. This assessment will help you understand the magnitude of potential threats and terror, the insurance policy to your specific needs. In my experience, many of the cyber security insurance firms will actually perform this assessment for you.

You need to also consider the policy limitations and exclusions. You need to carefully review the terms and conditions of the insurance policy. Paying attention to the coverage, limitations, exclusions, deductibles, and any specific requirements for maintaining a secure environment. Understand the circumstances under which the policy will not provide coverage.

Sometimes these are a surprise to people such as if you fail to implement basic security measures, or if a breach occurs due to an intentional act by an employee.

It's also vitally important that you seek professional guidance. Seek the advice of a cybersecurity professional or insurance broker who specializes in cybersecurity insurance.

You don't want to just go out to the internet [00:11:00] and do a Google search and find a policy that way. These people can help you navigate through the options available. They can assess your risk profile accurately, and guide you in selecting the most suitable policy for your business.

Remember. Cyber security insurance is not a substitute for implementing strong cybersecurity measures. It should simply be seen as an additional layer of protection to mitigate financial losses in the event of a cyber incident.

Well, the next logical question is, Hey Ralph, how do we respond to such a suspected security breach?

You know, the truth is even with the best cybersecurity measures in place, breaches can still occur. when faced with a potential breach.

 It's crucial to act swiftly and effectively, immediately isolate the effected systems, gather evidence, and report the incident to law enforcement. If necessary. engaging a professional incident response team can help mitigate the damage. And provide expert guidance on recovery.

Most of the cyber insurance [00:12:00] related policies will have a go-to person that when you suspect this type of breach has happened.

To ensure your cover on all your bases.

We prepared a cybersecurity checklist specifically for small business owners. This comprehensive checklist will help you assess your business's readiness. Against common cyber threats, head over to our podcast page at askralphpodcast.com to download the checklist and make sure you're taking all necessary steps to protect your business. While you're there. Leave a review, send us a message with any questions or suggestions for future episodes. Your feedback is invaluable to us. And allows us to continue bringing you valuable content.

I thank you so much for tuning into the Ask Ralph podcast.

May God bless you. And your business. stay financially savvy. And remember, your cybersecurity is key to your success. Until next time, folks take care.

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