Secure It: Tips to make your business more secure
Cybersecurity
Here’s a bit of sobering news: According to the FBI, Florida ranks No. 3 in the nation for cybercrime incidents.
Now if you think your business is too small to become the next victim or that you don’t have anything worth stealing, think again. According to a 2016 report by Symantec, 43% of all such attacks worldwide were targeted at small businesses with fewer than 250 employees. Perhaps even more concerning, the U.S. National Cyber Security Alliance found that 60% of small companies are unable to sustain their business over six months following a cyberattack.
Still think your small business is safe? The Florida Small Business Development Center Network doesn’t think so either. Which is why FSBDC has launched a new cybersecurity initiative.
Introducing Byte-Size Small Business Cybersecurity
While no single technology or program can stop every attack, taking basic precautions can reduce a firm’s technical risk and make it a less attractive target. To help small business owners protect their intellectual and fiscal assets against online attacks, the Florida SBDC Network has partnered with the cybersecurity and risk management firm Ridge Global to create its “Byte-Size Small Business Cybersecurity Program,” a three-pronged approach to providing small businesses with ready access to no-cost training, consulting and resources for the purpose of deflecting cyberattacks.
TRAININg Aimed at helping small business owners understand the risks of cyber-attacks and how to safeguard their companies against them, FSBDC’s “Byte-Size” workshops are conducted by cybersecurity professionals and offered at no cost to participants. In class, attendees learn about basic cybersecurity threats and security remediation from experts in the field, then take home an in-depth resource guide, which includes additional information about common threats, regulatory concerns, detecting attacks, reducing vulnerabilities and crafting appropriate responses.
ONE-ON-ONE CONSULTING FSBDC professionally certified business consultants, skilled in cybersecurity issues, are available to help small business owners evaluate their firm’s potential risk, identify the cyber threats they are most likely to experience and learn best practices for proactively guarding against them. End result: a comprehensive cybersecurity plan tailored to your business at no cost.
RESOURCES The Florida SBDC Network works in partnership with various federal, state and local agencies and other organizations to provide practical resources to help small businesses meet the challenges of doing business in cyberspace. “Byte-Size” program participants enjoy access to a variety of helpful tools, including:
• Small Biz Cyberplanner from the FCC that allows you to create your own customized cybersecurity plan
• Cyber Resilience Review: Self-Assessment Package from the Department of Homeland Security
• Cyber Security for Small Businesses SBA online course
For additional information about these and other online resources, visit www.sba.gov/managing-business/cybersecurity
5 Ways to Improve Cybersecurity
1. Be proactive. Equip all computers with antivirus software/antispyware and update often. Safeguard your Internet connection with a firewall and encrypting information. Password protect router access on your Wi-Fi network.
2. Educate employees. Establish written policies for handling/protecting sensitive data, using social networking sites and reporting lost or stolen equipment; hold employees accountable if they violate these policies.
3. Limit entry to information and machines. Create a separate user account for each employee and restrict administrative privileges to trusted IT staff and key personnel. Use multifactor authentication (password + additional information) to gain entry, and change passwords often.
4. Create backups. Back up critical data automatically; store copies offsite or on the cloud.
5. Control physical access. Lock computers when unattended; require employees to password protect personal mobile devices that access your business network and install security apps to prevent data theft.
Disaster Preparedness and Recovery
Disasters can happen anytime, anywhere, and they don’t have to be as catastrophic as a flood or a fire to seriously impact your business. Something as seemingly trivial as a half-day power outage or a dozen employees out sick with the flu can wreak havoc on daily operations. And if the disaster is a major one — say a Category 3 hurricane — 25% of the businesses affected will likely never reopen at all.
Little can be done to keep major disasters from occurring, but two important steps can be taken in advance to mitigate the results:
Step 1. Prepare for the Worst.
Think of disasters in light of the familiar adage “better to be safe than sorry,” and take these precautions in advance:
• Review your insurance policies now. At least once a year, consult with your agent to be sure you remain adequately covered; understand your deductibles, then adjust coverages as needed.
• Meet with your accountant, attorney, banker and other professional advisors. Know where all of your important records are located and how to access them quickly.
• Diversify your customer base geographically. If one area you serve is severely impacted by a disaster, you can continue business as usual in another that isn’t.
• Develop relationships with backup suppliers. In the aftermath of a disaster, everyone is looking for help. To avoid being put on a waiting list for repairs, become a “preferred customer” by building a network of reliable repair services you can call on anytime.
Step 2. Be Ready for Recovery.
As soon as the immediate disaster is over, the rebuilding process can begin. Florida businesses affected by disaster can find the help they need to recover through the Florida SBDC Network’s business disaster recovery services. The Network’s business consultants — many of whom are Disaster Recovery Institute (DRI) Certified Business Continuity Professionals — stand ready to provide no-cost consulting services aimed at minimizing losses and increasing business survivability in two broad areas:
FINANCIAL ASSISTANCE
Immediately following a disaster, funds are made available at the state and federal level to help affected businesses get up and running as quickly as possible. FSBDC consultants can help owners understand the options available and assist them in navigating the application process for securing Florida Small Business Emergency Bridge Loans, SBA Physical Disaster Loans and SBA Economic Injury Disaster Loans.
For businesses that do not qualify for these state or federal disaster loan programs, FSBDC consultants may be able to suggest additional options and can assist in determining eligibility for other loan programs, including SBA’s 7(a) Loans, Real Estate and Equipment Loans and Microloans.
ON-SITE RECOVERY ASSISTANCE
In times of disaster, the Florida SBDC Network deploys its Disaster Mobile Assistance Centers into communities with greatest need so that affected business owners can receive on-site assistance quickly and close at hand. These assistance centers are staffed by FSBDC consultants who can help business owners recover more quickly by answering questions, creating short-term recovery plans and assisting with the completion of loan applications.
Be Proactive
The best defense against disasters large and small is a ready offense. Don’t wait until the lights are out or a hurricane is bearing down to start thinking about what you’ll need to do first. Make a detailed plan now. The Insurance Institute for Business and Home Safety offers handy tips and worksheets at www.disastersafety.org.
Create a "Records-to-Go" Box
Place important documents and supplies in a water- and fire-proof box you store in a safe, off-site location. If you must evacuate the area, bring the box along.
Suggested records/items to include:
• Business continuity, emergency preparedness and disaster recovery plans
• Emergency contact list of employees and key customers
• List of suppliers and vendors
• Insurance policies and agent information
• Backup computer systems and data files
• Bank records
• A list of bills that regularly need to be paid
• Emergency cash
Advanced Protection
Insurance is available to protect almost any business risk. Consult with an insurance agent to determine which of the following types you’ll need, then compare terms and prices to find what’s right for you:
For Your Property
• General Liability Protects a business against financial loss resulting from bodily injury, property damage, medical expenses, libel, slander, lawsuits and settlement bonds or judgments.
• Product Liability Protects against financial loss resulting from a defective product that causes injury or bodily harm.
• Professional Liability Protects against financial loss resulting from malpractice, errors and negligence.
• Commercial Property Protects against loss and damage of company property due to events such as fire, smoke, wind and hail storms, civil disobedience and vandalism.
• Home-based Business Insurance A rider added to your homeowner’s insurance that offers some protection for business equipment and liability coverage for third-party injuries.
• Business Owner’s Policy Combines all of the typical coverage options in a single package at a reduced price; generally available only to businesses with fewer than 100 employees.
• Additional Options Considering recent catastrophic weather events in Florida, you may also want to investigate the following:
» FLOOD Property insurance does not cover damage from floodwaters, whether from rivers, lakes or oceans; however, business owners may insure their building and contents for up to $500,000 each through the federal government’s National Flood Insurance Program (NFIP).
» WINDSTORM Available through Citizens Property Insurance Corp., the state-created insurance provider, or private insurers; type of construction, size, location and proximity to water determine cost and availability.
» BUSINESS INTERRUPTION Pays ongoing expenses such as rent, utilities and, in some cases, payroll when a business must close due to an insured property loss — i.e., in the aftermath of a hurricane.
For Your People
• Directors and Officers Liability Protects the company and individual executives should employees, shareholders, government agencies and/or others sue directors and officers over financial losses due to alleged company mismanagement.
• Key Employee Protects a business following the death of an individual considered vital to the firm’s success. Similar to a life insurance policy, except the death benefit is paid to the company rather than to the individual’s family.
• Workers’ Compensation Florida law requires employers with four or more full- or part-time employees to have workers’ compensation coverage for their employees. Sole proprietors and partners are not considered employees; corporate officers are, unless designated exempt.
For Your Ideas
Intangible assets — your company’s reputation, name recognition, know-how and/or creative ideas — have no physical existence, but they have commercial value and should be protected in one of three ways:
• Patents A patent is a property right granted by the U.S. Patent and Trademark Office to an inventor to exclude others from making, using or selling the invention without permission for a specified period of time. Visit www.uspto.gov for information and filing instructions.
• Trademarks Words, symbols, names, Internet domain names, packaging and labeling that distinguish one company’s products from another’s may be registered as trademarks through the U.S. Patent and Trademark Office or, for more limited state protection, through the Florida Department of State, Division of Corporations.
• Copyrights An author’s exclusive right to use his or her original writing, musical compositions, artistic designs and other works of expression is automatic when a work is created, and lasts 70 years after death. Official registration is optional in most cases; for protection, simply add the word “copyright” or © symbol, first year of publication and name of copyright owner(s) at the top of the page.