Cybersecurity on a budget

September 27, 2024 | 4 minute read

Businesses of every size increasingly rely on digital tools to pay for goods and services, receive payments, deliver marketing messages or interact with suppliers. No matter how many people your company employs or how long it has been in operation, you’re likely conducting some or all of your business online.

 

One consequence of this shift is an increase in cyber risk. Bad actors have more opportunities than ever to target businesses with ransomware, phishing attacks, data breaches and other tactics that have been responsible for billions of dollars in losses and significant reputational damage in recent years. 

All businesses are susceptible

Businesses that lack the capacity to implement some of the robust cybersecurity defenses that large enterprises can adopt are no less vulnerable. Fortunately, there are meaningful ways to help protect your business that don’t require a massive investment.

 

Human error and inefficient or unsafe online processes remain leading causes of cybercrime. So businesses that factor cyber risk into their policies and operations and those with low-cost tools that build in robust security controls can keep many aspects of their operations secure.

 

No matter what stage of development your business is at, or how restricted your budget, the following guidelines can help you manage cyber risk while still reaping the benefits of digital expansion.

Build cyber awareness into your business plan

Every business that uses software, receives email, connects to the internet, sends or receives digital payments or stores data electronically is a potential target for cybercriminals. That’s why your company culture, from day one and from the top down, should emphasize cyber awareness and the necessity of following the company’s security guidelines. 

 

Deploy fundamental (and low-cost) tools

Technology companies have steadily improved security features in their products — but users still need to be proactive to maximize their benefits.  Your business can implement cyber defense basics by:

 

  • Ensuring that all company devices have strong antivirus protections, firewalls and application security monitors and deterrents.
  • Installing security apps on all company mobile devices.
  • Using cloud-based tools when possible.
  • Regularly backing up critical data and storing it on a private cloud or a network-attached storage device.
  • Working with merchant service providers that adhere to Payment Card Industry security standards.

Limit employee access and permissions

Many data breaches begin when criminals gain employee credentials and use them to access sensitive files and data. A simple and cost-effective way businesses can hedge against this risk is by allowing employees access to critical assets only when needed for their jobs. By the same principle, only specific, designated personnel should have permission to download software to company devices. 

 

Partner with cyberthreat-aware organizations

Working with financial institutions that enable multifactor authentication, passkeys and other advanced protections can help your business establish solid protections around transactions. Be ready to ask vendors and suppliers how they prioritize cybersecurity and about their track record of cyber-risk management. Setting high compliance standards with third parties won’t eliminate threats, but can reduce them.

 

Develop a cyber response plan and perform regular cyber-risk assessments

Whether your company has a dedicated IT or security specialist or not, it should appoint one person whose responsibilities include developing, updating and executing a cyber incident response plan. That person should regularly review its most important assets and digital footprint and revise the plan as necessary. Leadership should also consider cyber tabletop exercises and whether changes in the threat landscape justify engaging professional security services. 

Keep payment processes separate and security focused

You should take steps to isolate payments systems from other company operations (i.e., don't perform web surfing, communications or other routine tasks on devices used for financial transactions). Determine thresholds above which transactions (payable or receivable) are considered unusual and require additional approvals. If you pay for goods and services with credit cards, choose cards with strong anti-fraud protections, which can help recover losses from financial scams.

 

Proactively manage employees and security policies

Incentivize new and current employees to learn cyber hygiene basics and the importance of adhering to all company security policies regarding remote connectivity, secure sign-on, sharing permissions and other activities that carry cyber risk. Security protocols should include clear processes for discontinuing access privileges to protect the company from insider threats. 

 

The Global Information Security (GIS) team at Bank of America is made up of information security professionals staffing multiple security operations centers across the globe who work 24/7 to keep data and information safe.

 

1 Bank of America, 2024 Business Owners Report.

2  Ibid.

3 Verizon, 2024 Data Breach Investigations Report.

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