You have everything set to start your small business - a detailed business plan, marketing strategy, licenses and permits, and finances to start operations. But there’s one more thing you’re yet to consider - data security. You’re not alone - most SMBs don’t understand the importance of data security. 82% of SMEs believe they’re not a target of cyberattacks.
But the truth is, small businesses are the most vulnerable to data breaches as they generally lack the expertise and resources to protect themselves from hackers. If you’re starting a small business, data security should be one of your priorities.
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"The security of their data is a major concern for almost all the clients that come to us for our data entry services. It becomes imperative to address this concern and show tangible security protocols if we are to gain their trust and earn their partnership." Said Patricia Dolan, Assistant Manager at Perfect Data Entry.
Let’s discuss some data security insights to help protect your business:
Develop a Data Security Plan
According to Salesforce, any close analysis of the legal structure of a business today reveals the responsibility that entrepreneurs have when it comes to ensuring that they’re not only operating legally but also ensuring that customer data is protected. Personalization and privacy in a GDPR world are becoming part of day-to-day operations for every business.
That’s why developing a data security plan from the word go is vital. Small businesses that don’t plan and invest in protecting themselves end up exposed to attacks. Here’s what to do:
- Evaluate your projected business operations on a day-to-day basis
- Analyze the risks that could lead to a data breach
- Develop a practical data security plan
- Creating an action plan in case of a breach
- Secure your network systems and devices and consider email and data encryption
Have a Strong Data Security Policy
When starting a small business, you need to look at your own policies to see whether data security is part of your planned work culture. Without a strong policy to guide your operations, you put your business under risk. The solution lies in having a data storage and device policy that should be followed by all employees. Take note of the latest BYOD policies.
Develop a clear policy that defines data access structure within your business and maintain records and audit trails from as early as possible to ensure accountability when it comes to data access. When starting your business, opt for a lean management structure. Limiting user access and having strict data controls will protect you in the long run.
Have a Data Backup System
Up to 62% of small businesses don’t back up their data regularly. It could be because of a lack of infrastructure or a total failure on their part. No matter the size of your small business or startup, data backups are a must. To make your work easier, consider investing in automatic data backup systems or, better yet - invest in a cloud data backup solution.
Smart business owners understand the risks of having all their data in a single location. You could lose data due to a natural disaster, theft, or fire. You can store data in physical hard drives, a trusted online cloud service, off-site server, or outsource the data backup service to save costs. Encryption is vital when storing confidential data.
Beware of Internal Threats
One of the biggest cybersecurity threats that businesses face today is internal threats. You’re more likely to lose private data from an internal threat than a cyber attack - up to 95% of all security incidents in businesses involve human error. Such threats are mostly caused by negligent behavior or a lack of a data security policy that defines data access protocols.
To protect your new business from internal threats, especially when you have new employees, you need to monitor them carefully and limit access to critical data. You should also train and educate your employees about data security and why it’s a crucial part of your operations.
Conclusion
Small businesses that take every step to ensure data security can reduce the risks of costly data breaches. But it doesn’t stop there - you have to constantly update your security policies.
