Risk management is crucial for the security and stability of any organization, regardless of its size. While comprehensive risk assessments and audits can be costly, there are simple and effective ways for SMBs to enhance their resilience against threats. Here are six quick wins that SMBs can adopt to improve their security without breaking the bank:

1. Limit Access to Data

Ensure employees only access the information necessary for their jobs. For example, marketing doesn’t need access to financial records. Limiting access reduces the risk of data breaches, respects employee privacy, and helps comply with regulations.

Action Steps:

• Implement role-based access controls.

• Regularly review access permissions.

• Educate employees on data access policies.

2. Data Encryption

Ensures that even if your data is intercepted or accessed by unauthorized parties, it remains unreadable and secure. Data encryption is often easy to turn on, adding an extra layer of security with minimal effort.

Action Steps:

• Enable data encryption on all devices and storage.

• Educate employees on the importance of encryption.

• Regularly review and update encryption protocols.

3. Backup and Recovery Plans

Regularly back up critical data and test data restoration procedures to ensure they work effectively. Automated backup solutions and offsite storage can help protect your business from data loss due to hardware failures, cyber-attacks, or natural disasters.

Action Steps:

• Implement regular automated backups.

• Encrypt backup data to protect against unauthorized access.

• Regularly test data restoration procedures.
  

4. Employee Exit Procedures

When employees leave your company, promptly revoke their access rights to all systems and applications. Ensure that company-owned devices are collected, and all accounts are disabled. Managed services on all devices, including those with access to corporate MS 365 accounts, help prevent security breaches.

Action Steps:

• Revoke access rights immediately upon employee exit.

• Collect company-owned devices.

• Disable all accounts related to the departing employee.

5. Cybersecurity Insurance

It's essential to understand that even if a breach originates from a vendor, their insurance may not cover your losses. Cybersecurity insurance can help cover costs associated with data breaches, ransomware attacks, and other cyber threats.

Action Steps:

• Research and obtain cybersecurity insurance.

• Understand the coverage and exclusions.

• Regularly review and update the policy as needed.

6. Device Monitoring and Patching

Implement ongoing monitoring and patching for ALL devices accessing your systems. This includes computers, smartphones, and tablets. Continuous monitoring provides security updates, patches, and support to safeguard against potential malware and cyber-attacks. Leaving a device unmanaged is akin to leaving a door unlocked in your office—it becomes an easy entry point for cyber threats. Without regular monitoring and patching, devices can become weak links, exposing your entire network to potential attacks.

Action Steps:

• Set up continuous monitoring and patching protocols.

• Ensure all devices are covered, including personal devices.

• Regularly update and review monitoring systems.

Conclusion

By implementing these six quick wins, SMBs can take meaningful steps toward improving their security and resilience. While these measures are not a substitute for comprehensive risk assessments and audits, they provide a practical starting point to protect your business from threats. Remember, even small changes can make a big difference in safeguarding your organization's future. 

Author: Jean Prejean is an ISACA Certified Information Systems Auditor with extensive experience in cybersecurity and risk management.