Cyber Security for Small Business Owners: Tips for Business Security

When cyber threats loom large, ensuring your small business is secure online is not just helpful—it’s necessary. Safeguard your digital assets with cyber security for small business best practices. Explore the essentials of digital security, from securing your transactions to protecting customer data, and equip yourself with the tools to implement strong security practices. Discover how enhancing your digital security can protect your business and build customer trust.

Meet the Expert

Joe Williams

Joe Williams is the Senior Director of Information Technology at Accion Opportunity Fund, where he leads IT initiatives that drive secure, efficient technology solutions for a mission-driven organization supporting small business growth. With over 25 years of experience in the IT and financial industries, Joe has held executive roles in IT leadership, specializing in digital security, systems optimization, and data protection. His expertise spans both corporate and non-profit sectors, providing him with a unique perspective on the challenges and opportunities in digital transformation and cybersecurity.

A graduate of Houston’s High School for the Performing and Visual Arts and Morehouse College, Joe’s educational journey reflects a commitment to continuous learning and a passion for empowering his teams and community through technology. Known for his practical approach to IT security and strong advocacy for user education, Joe plays an active role in fostering a culture of cybersecurity awareness at Accion Opportunity Fund, emphasizing straightforward, actionable practices that make a real difference for small businesses and their customers.

Understanding Cyber Security Threats

With the increasing number of cyber threats, it’s more important than ever to protect your business and your customers. Did you know that over 40% of cyberattacks target small businesses? It is vital to stay informed and to be prepared. First things first, let’s understand the types of threats you might face as a small business owner.

To effectively protect your business, it’s important to understand the types of cyber threats you may encounter. The most common ones include:  

• Phishing Attacks: These involve deceptive emails or messages designed to trick you into providing sensitive information.  Clicking on these links, now often designed with the help of AI, can lead to data breaches and can damage your business. These messages can look very realistic, so it’s important to look for close, but not 100% correct email addresses, a sense of urgency, and generic greetings.
• Malware and Ransomware: These are malicious software programs that can disrupt your business operations or hold your data hostage. This can come from downloads from disreputable sources or sometimes from clicking on links in phishing emails. It can be very expensive to get malware or ransomware removed from your computer and your data. It is often more affordable to have good IT security practices and security software in place.
• Data Breaches: These involve unauthorized access to sensitive information can lead to loss of trust and financial damage. Recognizing these threats is the first step to building a robust security strategy. Data breaches can be caused by poor cyber security within the company or by bad actors trying to access your data from outside the company.

Cyber attacks can happen to anyone, from the largest corporations to small businesses and individuals. Joe shared the example of a small retail business that fell victim to a ransomware attack. The attackers encrypted all of their data and locked them out of all of their systems. Since the small business didn’t regularly back up their data and didn’t have solid IT security measures in place, their only option was to pay the large ransom.

Essential Cyber Security for Small Businesses

Now that we know what we’re up against, let’s discuss how to defend your business. Here are some cyber security essentials to help keep your business safe.

Cyber Security for Small Business 101

• Securing Online Transactions: Ensure your website has an SSL certificate and use encrypted payment gateways. You can check if your website has an SSL certificate (offering additional encryption for all website data) by seeing if it has “http”- unsecured- or “https”- secured with an SSL certificate- before your domain. This protects customer data during transactions. Look for secure payment providers like Stripe or Square.  Never try to secure online financial transaction yourself. Use professional services offered by your POS system or by reputable companies like Stripe or Square. This ensures the security of the data and money of both you and your customers.
• Protecting Customer Data: Encrypt your data and follow best practices for secure data storage. Limit access to customer data based on roles and responsibilities. Make sure you can review logs of what accessed what data and when, in case you need to investigate a breach of data. You can read more about encryption here: National Institute of Standards and Technology (NIST) Guide.  
• Strong Password Policies: Use unique, complex passwords for each account. Change your passwords regularly and use pass-phrases instead of passwords whenever possible. Implement a password manager like LastPass or 1Password to help manage passwords securely.  

Implement Two-Factor Authentication

Two-factor authentication (2FA) adds an extra layer of security by requiring a second form of verification. This could be a text message, app notification, or hardware key. Enable 2FA on all business-critical accounts, such as your email and financial platforms, including your banks. You can find guidance on enabling 2FA at Two Factor Auth List. 

Regular System Updates and Patches

Keeping your software and systems up-to-date ensures that you have the latest security patches and updates. Set up automatic updates where possible, and schedule regular checks for software that requires manual updates. For more information on managing updates, refer to Cybersecurity & Infrastructure Security Agency (CISA) guidelines. 

Employee Training and Awareness

One of the most effective ways to prevent cyber incidents is through employee training. Make sure your team knows how to identify phishing emails and handle data securely. Regular training sessions and simple checklists can make a big difference. A great resource for training is KnowBe4, which offers cybersecurity awareness training for businesses. 

More Cybersecurity Tools for Small Businesses

There are many additional simple, low cost tools you can implement to enhance your business’s cyber security:  

• Firewalls and Antivirus Software: Use trusted, low-cost software such as Norton or McAfee to provide some protection against from malware, ransomware, phishing attempts, and data breaches. Free solutions such as Avast and Bitdefender aren’t as robust, but they still offer some protection
• Free Resources: Consider tools like Malwarebytes for malware protection and OpenDNS for safer internet browsing.
• Federal Resources: Check out FTC’s Cybersecurity for Small Business for additional resources and up-to-date recommendations.

Benefit Your Business Through Solid Cyber Security

Your customers will appreciate knowing that their data is safe with you. Be transparent about your security measures, and share your commitment to protecting their information. You can make this part of your brand and part of the way that you build your relationship with your customers. This helps build trust and loyalty. A simple way to communicate this is by adding a security policy statement on your website.

Data breaches can be damaging to your business’ sales and your customer base. In most cases, good cyber security may not help you grow your customer base and sales, but data breaches can damage your customer base and make it harder for your company to regain trust in the future.

Protect Your Business and Your Customers

By understanding and preparing for common cyber threats, you can safeguard your business and your customers, allowing you to reach your business goals. Simple techniques like strong passwords and two-factor authentication go a long way toward securing your business. Train your employees on cyber security for small business and use reliable security tools to keep your digital information safe.

Take action today to start securing your business.