Nowadays, it’s easy to get caught up in the daily grind of running a business, constantly reacting to urgent matters as they arise. Many businesses are focused on fixing the issues and not on what they can do to stop cyberattacks BEFORE they become an issue. Many businesses operate this way, tackling problems as they come, but without a clear strategy to mitigate future risks.
This is no longer a risk businesses can take. In 2023, there were 2,365 cyberattacks reported, with each breach costing, on average, $4.88 million in 2024. That’s why taking the time to develop a solid risk management plan can be the difference between surviving a crisis and facing a knockout blow. By proactively identifying potential threats and preparing for them, you can protect your business from the unexpected challenges that put others down for the count.
Why Every Business Needs a Cybersecurity Policy
A well-structured cybersecurity policy is important as the base for all security measures, outlining the rules and practices to guard your business information. But why is it essential?
1. Reducing Risk Exposure
Cyberattacks threaten all businesses, regardless of size or industry. In fact, nearly half of all cyberattacks target businesses with fewer than 1,000 employees, and companies with fewer than 100 employees face 350% more social engineering attacks than larger enterprises. These attacks include phishing scams and ransomware but are constantly evolving. A well-drafted cybersecurity policy can help your organization identify these risks, reduce exposure, and put protections in place.
Outlining clear protocols and practices in your cybersecurity policy can ensure that your business is better equipped to withstand attacks that could otherwise disrupt your business operations or cause severe financial losses.
2. Protecting Sensitive Information
It doesn’t matter what kind of business you run nowadays, you’re probably hosting vast amounts of sensitive data—whether it’s customer information, employee records, or proprietary business details. This data is a prime target for cybercriminals.
A cybersecurity policy can help protect these valuable assets using stringent measures to minimize the risk of unauthorized access or data breaches. Show your employees and clients that you take the protection of this information safely to foster trust.
3. Ensuring Regulatory Compliance
If you run a business that is governed by regulations that require you to implement specific security measures to protect sensitive information, then you need a cybersecurity policy. For instance, sectors such as healthcare and finance are subject to laws like HIPAA or PCI-DSS, which demand robust cybersecurity practices. Failing to comply with these regulations can result in costly fines or legal repercussions.
4. Enhancing Business Reputation
Your customers want to do business with a company that demonstrates they can protect their personal and financial information. Implementing a cybersecurity policy communicates to your clients and partners that you take their privacy and data security seriously. In the event of a cyberattack, having a policy in place shows that your business was prepared and took appropriate measures to minimize damage, which can help preserve your reputation.
5. Reducing Financial Losses
Remember in point 3 when we mentioned costly fines? Let’s talk about other financial losses. From lost revenue to downtime, recovery expenses, and (as we said above) legal fees to potential fines for non-compliance, the financial impact of a cyberattack can be devastating—especially if you’re a small or mid-sized company.
A well-structured cybersecurity policy is a proactive way to minimize these financial risks by reducing the likelihood of a successful attack and preparing your organization to respond swiftly and effectively if one occurs.
6. Promoting Employee Responsibility and Awareness
Human errors are one of the leading causes of cybersecurity breaches. Consider Jim from accounting, who has worked for your company for 30 years. One day, he receives an email from CEO Bob asking him to pay an invoice and send the details through email. Unbeknownst to Jim, the email is a phishing attempt. Trusting the request, Jim processes the payment and inadvertently sends off $100,000. Suddenly, your company becomes a victim of a scam.
Having a cybersecurity policy helps educate the Jim’s of the office about their responsibilities in protecting company data and teaches them best practices. This policy can foster a culture of security awareness within your organization, ensuring that everyone from CEO Bob to Accountant Jim understands the role they play in protecting data. With a clear policy in place, you can minimize the risk of insider threats—whether accidental or malicious—and ensure that employees are trained to identify potential threats before they cause harm.
7. Business Continuity and Crisis Management
Small or large—no business is immune to cyberattacks, but having a cybersecurity policy in place can prepare your organization for when—not if—a breach occurs. Creating a policy framework for how to respond quickly and efficiently in the event of an attack can help minimize operational disruptions and mitigate damage caused by cyberattacks.
What Every Cybersecurity Policy Should Include
A strong cybersecurity policy requires a combination of technical controls, administrative measures, and employee awareness. By implementing the following important aspects, your business can considerably improve its security posture and protect against cyberthreats:
- Access Control and Authentication: Limit system access to authorized individuals by using multi-factor authentication (MFA) and role-based access controls (RBAC), reducing exposure to sensitive information.
- Data Encryption: Encrypt data in transit and at rest to protect against unauthorized access. Even if intercepted, encrypted data is unreadable without a decryption key.
- Regular Software Updates and Patch Management: Keep systems secure by regularly updating software and applying patches to close vulnerabilities that hackers could exploit.
- Endpoint Detection and Response (EDR): Deploy EDR solutions to monitor and protect endpoints such as laptops, mobile devices, and servers. EDR tools detect, analyze, and respond to threats on endpoints, providing real-time visibility and enhancing overall security posture.
- Employee Training: Regularly train employees on safe practices like phishing awareness and password management to reduce human error, a common cause of breaches.
- Incident Response Plan: Establish a clear incident response plan to quickly address breaches, minimizing damage and ensuring timely communication with stakeholders.
- Data Backup and Recovery: Have reliable data backups stored securely off-site or in the cloud, allowing for quick recovery in case of an attack or failure.
- Network Monitoring and Threat Detection: Implement real-time monitoring tools like intrusion detection systems (IDS) and security information and event management (SIEM) platforms to detect unusual activity and respond swiftly to potential threats.
- Regular Policy Reviews and Updates: Regularly review and update your policy to address new threats and changes in technology or regulations.
- Advanced Email Security: Utilize advanced email security measures to detect and respond to phishing, impersonation attempts, and other email-based threats. Email security tools help filter out malicious content, reducing the likelihood of successful phishing attacks.
You can also use a Written Information Security Plan (WISP) to guide your decisions. Look for our upcoming blog to learn more about using a WISP to protect sensitive data and manage cybersecurity risks!
Are you looking to strengthen your company’s security framework? At CMIT Solutions of Metrolina, our experts can help develop and implement effective cybersecurity policies customized to your operations requirements. If you haven’t had these important conversations or need guidance, contact us today to secure your business and protect your valuable assets from cyberthreats.
