In today’s rapidly evolving digital landscape, small and medium-sized enterprises (SMEs) are no longer under the radar of cybercriminals. These businesses are often seen as attractive targets due to perceived weaker defences compared to large corporations. The consequences of a cyberattack can be devastating, from financial losses to long-lasting reputational damage. However, by adopting a proactive approach to cybersecurity, SMEs can significantly reduce their risk of falling victim to such threats.

This blog outlines 10 essential cybersecurity best practices that every SME should implement. These actionable steps can help you strengthen your organisation’s cyber resilience, protect sensitive data, and ensure business continuity.

1. Employee Training and Awareness
The most common entry point for cyberattacks is not some sophisticated hacking tool but the employees themselves. Phishing, social engineering, and inadvertent downloads of malware all stem from human error, which is why employee training is critical. Cybercriminals know this and increasingly target SMEs through schemes that exploit untrained or unaware staff.

Action Steps:

• Conduct Regular Training: Training should not be a one-time affair. Cyber threats are constantly evolving, so your staff must receive up-to-date information about new scams and vulnerabilities. Tailor your training to different roles within your organisation. For example, your finance team may be more prone to business email compromise scams, while your marketing team may encounter phishing attempts through social media.
• Phishing Simulations: Consider running phishing simulations to test your staff’s response to phishing emails. This not only highlights potential areas for improvement but also makes employees more vigilant in their day-to-day activities.
• Clear Reporting Channels: Ensure that there are clear channels for reporting suspicious activity. Often, employees may be unsure of whom to contact or may be afraid of reporting a potential mistake. Encourage an open and blame-free environment where cybersecurity concerns are taken seriously.

In addition to this, fostering a company-wide culture that prioritises cybersecurity can reduce risks. When employees recognise their role in defending the company, they’re less likely to make mistakes that can lead to costly breaches.

2. Implement Strong Password Policies

Weak passwords are akin to leaving the front door to your business unlocked. Cybercriminals often use automated tools to guess passwords, known as brute force attacks, or simply gain access through poor password hygiene. For SMEs, password strength must be a cornerstone of your cybersecurity strategy.

Action Steps:

• Enforce Password Complexity: Require passwords to be at least 12 characters long and include a mix of upper- and lowercase letters, numbers, and special characters. Simplicity is the enemy of security, and passwords like ‘123456’ or ‘password’ should never be allowed.
• Password Manager Implementation: Encourage the use of a password manager. These tools generate and store complex passwords securely, eliminating the need for employees to memorise multiple passwords or, worse, write them down.
• Multi-Factor Authentication (MFA): Two-factor authentication adds a second layer of security, often in the form of a one-time code sent to a mobile device. This ensures that even if a password is compromised, a second factor is required for access.

Furthermore, you should implement a policy that requires periodic password changes, especially for critical systems. Though some argue that frequent password changes can lead to poor practices (such as choosing weaker passwords), pairing this with MFA and using a password manager mitigates these risks.

3. Use Firewalls and Antivirus Software

Think of a firewall as your first layer of defence against external threats. It acts as a gatekeeper, monitoring incoming and outgoing network traffic and blocking potentially harmful data from entering your system. Paired with antivirus software, firewalls help ensure that malware and other malicious activities are stopped before they cause damage.

Action Steps:

• Set Up Network Firewalls: Ensure your company has a firewall in place to protect the network perimeter. It’s also important to configure internal firewalls to separate sensitive data and systems, reducing the potential damage if a breach occurs.
• Use Endpoint Protection: Equip all devices, from workstations to mobile devices, with endpoint security solutions. These solutions typically include antivirus, anti-malware, and firewall protections, which provide an additional security layer for individual devices.
• Regular Updates and Patching: Both firewalls and antivirus software need regular updates to keep up with new threats. Malware evolves constantly, and outdated security software can leave your systems vulnerable.

In addition to traditional firewalls, SMEs can also benefit from Web Application Firewalls (WAFs), especially if they host websites or web applications. These firewalls help protect against common web-based attacks such as SQL injections and cross-site scripting.

4. Regular Data Backups

Data loss can happen for many reasons—ransomware attacks, hardware failures, or even human error. When it does, the consequences can be dire, especially if your business relies on this data for daily operations. Having a robust backup strategy ensures that even if data is lost, your business can recover with minimal disruption.

Action Steps:

• Backup Frequency: Aim to back up your business-critical data daily. If daily backups aren’t feasible, establish a schedule that ensures minimal data loss in the event of a breach. Weekly full backups combined with daily incremental backups can offer a good balance between resource use and recovery needs.
• Offsite and Cloud Backups: It’s important to store backups in more than one location. Use both onsite (e.g., external hard drives) and offsite solutions, such as cloud-based storage, to ensure redundancy. Cloud backups are particularly useful as they offer rapid recovery options and are often encrypted for extra security.
• Test Your Backups: Regularly test your backups by performing a full restoration to ensure they’re functioning properly. A backup is only useful if it can be restored quickly and completely in the event of a disaster.

An often overlooked aspect of the backup strategy is ensuring that the backup data itself is secure. Implement encryption and access controls to ensure that even if the backup is compromised, the data cannot be easily accessed by attackers.

5. Keep Software and Systems Updated

Outdated software is a hacker’s dream. Unpatched vulnerabilities provide cybercriminals with an easy way into your systems, making regular software updates one of the most basic but effective ways to enhance your security posture. For SMEs, who may not have the resources for dedicated IT staff, this is especially important.

Action Steps:

• Automate Software Updates: Enable automatic updates for all software, including operating systems, web browsers, and applications. This ensures that your systems are always protected against the latest threats.
• Patch Management Strategy: Implement a formal patch management process to track and apply critical updates. This includes not only operating systems but also third-party applications, plugins, and hardware firmware.
• Update Legacy Systems: If your business relies on legacy systems that are no longer supported by the vendor, consider replacing them or isolating them from the rest of the network. Unsupported systems are particularly vulnerable because they no longer receive security patches.

Furthermore, it’s important to stay informed about vulnerabilities in widely used software. Cybercriminals are quick to exploit known vulnerabilities in popular software like Microsoft Office or Adobe products, so prompt patching is key to mitigating these risks.

6. Encrypt Sensitive Data

Encryption is a fundamental tool for protecting your company’s sensitive information. Whether it’s customer data, financial records, or intellectual property, encryption ensures that even if your data falls into the wrong hands, it cannot be easily read or misused.

Action Steps:

• Full-Disk Encryption: Implement full-disk encryption on all company devices, including laptops and mobile phones. This ensures that if a device is lost or stolen, the data remains inaccessible without the correct decryption key.
• Encrypt Data in Transit and at Rest: Use encryption protocols such as SSL/TLS to protect data being transmitted over the internet, whether via email, cloud storage, or internal networks. Similarly, ensure that data stored on servers or backup systems is encrypted.
• Encryption Key Management: Properly manage your encryption keys, ensuring they are securely stored and regularly rotated. A compromised key can render your encryption useless, so keys must be handled with care.

In addition to encrypting sensitive business data, SMEs should also consider encrypting employee communications. Using secure email services or encrypted messaging platforms can protect sensitive conversations from being intercepted by attackers.

7. Develop an Incident Response Plan

No cybersecurity strategy is complete without an incident response plan. This plan outlines the steps your business will take in the event of a cyberattack or data breach, ensuring that your team can act swiftly to mitigate damage and recover quickly.

Action Steps:

• Document Roles and Responsibilities: Your incident response plan should clearly define the roles and responsibilities of key personnel during a cybersecurity incident. This includes who will communicate with stakeholders, who will handle technical remediation, and who will contact law enforcement if necessary.
• Regular Drills: Run regular incident response drills to simulate real-life cyberattacks. This helps employees become familiar with their roles and responsibilities during an incident, reducing panic and confusion when a real attack occurs.
• Post-Incident Review: After an incident has been resolved, conduct a post-mortem analysis to identify what went wrong, what was handled well, and how your response plan can be improved in the future.

A well-prepared incident response plan can be the difference between a minor incident and a full-scale disaster. Regular updates and testing of the plan are crucial to ensure it remains effective as new threats emerge.

8. Secure Mobile Devices

Mobile devices have become indispensable tools for business, but they also pose significant security risks. SMEs need to ensure that mobile devices used for work purposes are properly secured, especially if employees are working remotely or using personal devices for work tasks.

Action Steps:

• Implement Mobile Device Management (MDM): Use an MDM solution to enforce security policies on all mobile devices used within the organisation. This includes requiring password protection, encrypting data, and enabling remote wipe functionality.
• Restrict Access to Sensitive Data: Ensure that sensitive data can only be accessed through secure channels, such as VPNs or dedicated apps, rather than via unsecured mobile browsers or public Wi-Fi networks.
• Monitor for Unauthorised Apps: Regularly review the apps installed on work devices to ensure that no unauthorised or potentially malicious software is present. Encourage employees to only download apps from trusted sources.

The risks associated with mobile devices are particularly high due to the ease with which they can be lost or stolen. By implementing strong security policies, SMEs can mitigate these risks and ensure that mobile devices remain a secure extension of their IT infrastructure.

9. Control Access to Data

Not every employee needs access to every piece of company data. By limiting access based on roles and responsibilities, you can minimise the risk of insider threats and reduce the likelihood of accidental data breaches. This principle, known as the principle of least privilege (PoLP), ensures that employees can only access the information necessary to perform their jobs.

Action Steps:

• Implement Role-Based Access Controls (RBAC): Use RBAC to restrict access to sensitive data based on job function. For example, only finance personnel should have access to financial records, and only HR should have access to employee information.
• Monitor Access Logs: Regularly review access logs to track who is accessing sensitive data and when. This can help you detect unusual or unauthorised access attempts and act quickly to mitigate potential risks.
• Review and Update Permissions Regularly: Conduct regular audits of employee access privileges to ensure that permissions are still relevant. As employees change roles or leave the company, their access to sensitive data should be adjusted accordingly.

In addition to RBAC, SMEs can benefit from using multifactor authentication (MFA) to secure access to sensitive data. This ensures that even if login credentials are compromised, additional verification is required before data can be accessed.

10. Monitor and Audit Systems Regularly

A strong cybersecurity posture isn’t something you achieve once—it requires continuous monitoring and regular auditing. Proactively monitoring your systems for suspicious activity helps you detect potential threats before they cause significant damage. Regular audits, meanwhile, allow you to assess the effectiveness of your security controls and identify areas for improvement.

Action Steps:

• Set Up Automated Monitoring Tools: Use automated tools to monitor network traffic, detect unusual behaviour, and flag potential threats in real-time. This could include everything from monitoring login attempts to tracking changes in file integrity.
• Conduct Regular Cybersecurity Audits: Schedule periodic audits of your entire IT infrastructure to assess your security defences. These audits should evaluate whether your firewalls, encryption protocols and other controls are up to date and functioning as intended.
• Review Audit Logs: Keep detailed audit logs of all significant system events, including access to sensitive data, configuration changes, and software updates. These logs provide valuable information in the event of a breach and can help you identify exactly what went wrong.

By combining continuous monitoring with regular audits, SMEs can stay one step ahead of cyber threats. Rather than reacting to attacks after they occur, proactive monitoring allows businesses to identify and mitigate risks before they cause harm.

Implementing these 10 cybersecurity best practices is essential for protecting your SME against the ever-growing range of cyber threats. From employee training and strong password policies to encryption and incident response planning, these steps will go a long way in ensuring the security of your business data and systems.

While no security system is foolproof, taking proactive measures can drastically reduce your vulnerability to cyberattacks. By fostering a culture of cybersecurity and staying vigilant, you can minimise risks and focus on what matters most: growing your business.

Need Help?

If you don’t know about a threat, you cannot act. SOS Intelligence can be your eyes and ears on the dark web, providing digital risk monitoring to make sure you have the right intelligence, when you need it, to take action to protect your business.

Photos by Andrea De Santis, Ofspace LLC, rc.xyz NFT gallery, Fusion Medical Animation, Photo by Luke Chesser, William Hook, Connor Williams, Samsung Memory, ThisisEngineering on Unsplash.

In today’s fast-paced digital age, businesses are more connected than ever before. While this connectivity has created countless growth opportunities, it has also introduced new vulnerabilities. Cyber threats have evolved in sophistication, making them a critical concern for businesses of all sizes.

Small and medium-sized enterprises (SMEs) are particularly attractive targets for cybercriminals. Unlike larger corporations, which often have dedicated security teams and robust defences in place, SMEs frequently lack the resources to protect themselves adequately. This perception of vulnerability makes them an enticing target for attackers.

According to the Federation of Small Businesses (FSB), cybercrime costs the UK economy around £4.5 billion annually, with the average cost of an attack on a small business estimated to be around £1,300 per victim. For an SME, a cyberattack can lead to not only significant financial losses but also loss of customer trust, reputational damage, and even the risk of going out of business.

As a business owner, it’s essential to be aware of the common types of cyber threats and how to protect your business. In this blog, we’ll explore the top five cyber threats facing SMEs, share real-world examples of businesses that have been impacted, and provide actionable tips on how to identify and prevent these attacks.

1. Phishing Attacks

What is Phishing?

Phishing is a form of social engineering that involves cybercriminals pretending to be trusted entities to trick individuals into revealing sensitive information such as passwords, bank details, or personal data. These attacks are most commonly conducted via email but can also occur through text messages (smishing) or phone calls (vishing).  When such attacks are targeted at a specific person within a company, often someone in a senior or sensitive role, they are referred to as spear phishing.

Phishing emails often contain malicious links or attachments. When an unsuspecting employee clicks on a link or downloads an attachment, they might inadvertently provide access to sensitive company data or install malware on their device.

Real-Life Example: The WADA Attack

In 2016, the World Anti-Doping Agency (WADA) became the target of a sophisticated phishing attack. Hackers posed as WADA officials and tricked employees into revealing login credentials. These credentials were then used to access confidential athlete information, which was subsequently leaked. The damage caused by this breach not only harmed WADA’s reputation but also disrupted trust in global anti-doping efforts.

How to Identify Phishing:

• Suspicious Email Addresses: Phishing emails may appear to come from legitimate sources, but a close inspection of the sender’s email address often reveals small inconsistencies, such as an extra character or unusual domain name.
• Urgency and Fear Tactics: Many phishing emails create a sense of urgency or fear. For example, they may claim your account will be suspended unless you take immediate action.
• Unexpected Attachments or Links: Phishing emails may ask recipients to open attachments or click on links. Always hover over links to verify their destination before clicking.

How to Protect Your SME:

• Implement Two-Factor Authentication (2FA): 2FA adds an extra layer of security by requiring users to provide two forms of identification before accessing accounts. This reduces the risk of compromised passwords.
• Ongoing Employee Training: Regularly educate your employees about the risks of phishing. Make sure they know how to identify suspicious emails and what to do if they receive one.
• Advanced Email Security: Use email filtering tools that block or flag suspicious messages before they reach your employees’ inboxes.

2. Ransomware

What is Ransomware?

Ransomware is a type of malicious software that locks or encrypts a victim’s data, rendering it inaccessible until a ransom is paid. Cybercriminals typically demand payment in cryptocurrencies, which are harder to trace, and often provide a tight deadline for payment to pressure victims.

For SMEs, ransomware can be devastating. In addition to the ransom itself, businesses can face operational downtime, loss of sensitive data, and a hit to their reputation. Moreover, there is no guarantee that paying the ransom will lead to the recovery of your data.

In recent years, the majority of ransomware threat actors have moved to a double extortion method, whereby not only do they encrypt your data, but they also threaten to release it to the public through their victim-shaming blogs.  We are now also beginning to see instances where threat actors rely solely on this threat of data publication, rather than data encryption.

Real-Life Example: The WannaCry Attack

In 2017, the WannaCry ransomware attack swept across the globe, affecting more than 200,000 computers in over 150 countries. One of the most notable victims was the NHS in the UK, which faced widespread disruption as critical medical systems became inoperable. WannaCry exploited a vulnerability in older versions of Microsoft Windows, and while a patch had been released, many organisations had not yet applied it.

The total financial impact of WannaCry was estimated to be in the billions, with businesses around the world incurring significant downtime and recovery costs.

How to Identify a Ransomware Attack:

• Files Become Inaccessible: One of the most obvious signs of a ransomware attack is that you are suddenly unable to access your files or data.
• Ransom Note: Ransomware attacks often display a message explaining that your files have been encrypted and demanding payment for their release.
• Unusual Network Activity: You may notice strange spikes in network traffic as ransomware spreads through your system, attempting to encrypt all connected devices.

How to Protect Your SME:

• Backup Critical Data: Regularly back up your data and ensure that backups are stored offline or in a secure cloud service. This way, if a ransomware attack occurs, you can restore your data without paying the ransom.
• Patch and Update Software: Ensure all systems and software are up-to-date. Many ransomware attacks exploit known vulnerabilities that can be patched through regular updates.
• Endpoint Security Solutions: Install advanced antivirus and anti-malware software that can detect and block ransomware before it causes damage.

3. Malware

What is Malware?

Malware is an umbrella term used to describe any malicious software designed to disrupt, damage, or gain unauthorised access to a computer system. Types of malware include viruses, worms, trojans, spyware, and adware.

Once malware infiltrates a system, it can steal data, monitor user activity, install additional harmful software, or even render systems inoperable. For SMEs, a malware attack can result in lost productivity, compromised customer data, and long-term damage to your brand’s reputation.

Real-Life Example: The NotPetya Attack

NotPetya was initially thought to be ransomware, but its true intent was far more destructive. In June 2017, the malware spread across organisations globally, severely impacting businesses like shipping giant Maersk, which faced significant operational downtime and financial losses as its systems were brought to a halt. The attack encrypted critical files and disrupted supply chains, costing Maersk an estimated £300 million.

NotPetya also highlights another significant cyber-security concern: supply-chain attacks.  The malware had originated from the Ukrainian company Intellect Service, which supplied tax software.  Threat actors breached the company and configured their software updater to download the malware to anyone using the software, which occurred when the latest software update was pushed.  This highlights the need to properly consider not only your risk but third-party risk as well.

How to Identify Malware:

• Sluggish Performance: If your computers or network are unusually slow, this could be a sign that malware is consuming system resources.
• Pop-Up Ads: Malware infections are often accompanied by a barrage of unwanted pop-up ads, even when you’re not browsing the web.
• System Crashes: Frequent crashes or the appearance of the “blue screen of death” could indicate that your system has been compromised.

How to Protect Your SME:

• Install and Update Antivirus Software: Ensure that all company devices are equipped with up-to-date antivirus software. Schedule regular scans to identify and remove malware.
• Limit Software Downloads: Only allow trusted employees to install or download software to prevent the introduction of malware from suspicious sources.
• Monitor Network Traffic: Keep an eye on your network for unusual spikes in data usage, which could be a sign of malware communicating with external servers.

4. Insider Threats

What are Insider Threats?

Insider threats come from within your organisation and are caused by employees, contractors, or anyone with legitimate access to your systems. These individuals can either intentionally or unintentionally compromise your data and security. Insider threats can be difficult to detect because they exploit trusted access.

Real-Life Example: Tesla’s Insider Sabotage

In 2018, Tesla faced an insider threat when a disgruntled employee deliberately sabotaged the company’s systems. The employee altered the company’s manufacturing operating system and leaked confidential data to third parties. Tesla’s CEO, Elon Musk, publicly confirmed the damage caused by the incident, which affected the company’s operations and intellectual property.

How to Identify Insider Threats:

• Unusual Access Patterns: If an employee is accessing files or systems they don’t usually use, this could be a sign of an insider threat.
• Data Downloads: Sudden spikes in data downloads, especially involving sensitive information, can indicate malicious activity.
• Employee Behaviour: Employees exhibiting signs of dissatisfaction or frustration could potentially become insider threats.

How to Protect Your SME:

• Role-Based Access Control (RBAC): Limit access to data based on an employee’s role and responsibilities. Employees should only have access to the information necessary for their job.
• Regular Audits: Conduct routine audits of system access and file downloads. This can help identify unusual patterns of behaviour that may indicate an insider threat.
• Encourage Employee Reporting: Create a culture where employees feel comfortable reporting suspicious behaviour, without fear of retribution.

5. Distributed Denial of Service (DDoS) Attacks

What is a DDoS Attack?

A Distributed Denial of Service (DDoS) attack occurs when multiple compromised systems flood a target, such as a website or online service, with an overwhelming amount of traffic. The sheer volume of requests causes the target to become slow, unresponsive, or even crash altogether.

While DDoS attacks don’t typically result in data theft, they can cause significant operational disruptions. For SMEs that rely on online services, even a temporary outage can lead to lost revenue, frustrated customers, and long-term reputational damage.

Real-Life Example: The Dyn DNS Attack

In 2016, Dyn, a major provider of DNS services, was hit by a massive DDoS attack that affected major websites such as Twitter, Spotify, and Netflix. The attack, which was conducted using a botnet made up of Internet of Things (IoT) devices, disrupted services for several hours, highlighting the vulnerability of DNS infrastructure and the far-reaching impact of DDoS attacks.

How to Identify a DDoS Attack:

• Slow or Unresponsive Website: If your website becomes unusually slow or users report difficulty accessing it, this could be the result of a DDoS attack.
• Spike in Traffic: A sudden and unexpected increase in traffic, especially if it comes from unknown or foreign sources, is a common indicator of a DDoS attack.
• Service Outages: Repeated service interruptions or crashes can point to a sustained DDoS assault.

How to Protect Your SME:

• Use a CDN: Content Delivery Networks (CDNs) distribute traffic across multiple servers, reducing the impact of DDoS attacks by ensuring that no single server is overwhelmed.
• Invest in DDoS Mitigation Services: There are dedicated DDoS mitigation tools and services that can detect abnormal traffic patterns and block malicious requests before they reach your network.
• Firewalls and Load Balancers: Use Web Application Firewalls (WAFs) and load balancers to filter incoming traffic, block malicious IP addresses, and distribute the load more effectively across servers.

Conclusion: Building a Resilient Cybersecurity Strategy

The risks of cyberattacks are real, and for SMEs, the consequences can be especially severe. By understanding the top cyber threats—phishing, ransomware, malware, insider threats, and DDoS attacks—business owners can take proactive steps to secure their operations.

Cybersecurity is not just a technical issue but a fundamental part of business resilience. Implementing strong security measures, providing ongoing employee training, and fostering a culture of cybersecurity awareness will go a long way in reducing the risk of cyberattacks.

Ultimately, it’s not about if your business will be targeted but when. Taking the time to assess your vulnerabilities and enhance your security protocols now will save you time, money, and reputation in the long run. The best time to protect your business is today.

Read our first post in this series here > What every SME needs to know.

Need Help?

If you don’t know about a threat, you cannot act. SOS Intelligence can be your eyes and ears on the dark web, providing digital risk monitoring to make sure you have the right intelligence, when you need it, to take action to protect your business. Click here to book a demo.

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