Digital technologies have become essential to modern life in this rapidly evolving world. The ecology is volatile. Cybercrime is more exposed. Recently, a sophisticated cyber attack was discovered on the All India Institute of Medical Sciences (AIIMS) servers, India's topmost public medical research facility and hospital in New Delhi, India. Several patient care services were rendered unavailable as a result of the incident, including registration, admission, billing, and discharge. The AIIMS's e-services were down for seven hours due to this cyber intrusion, which was of the ransomware variety, according to reports. This is not a single instance; cyber criminals defraud millions of small businesses daily. According to reports, during the first quarter of 2023, India's average weekly attacks rose by 18 percent in comparison to the corresponding period in 2022, with each organization facing an average of 2,108 weekly attacks per organization. To safeguard themself from cyber attacks, here are the five Cyber security practices every small IT business should adopt.

Secure Smart Contracts Transactions in Blockchain

A new era of internet connectivity and interconnectedness has been birthed thanks to blockchain technology, the Metaverse, and Web 3.0. The concept of a public ledger has helped companies cut expenses by getting rid of middlemen. The most significant benefit of blockchain technology, however, is its complex coding and decentralized methodology, which give businesses the much-needed complete security to transactions and critical data.

As more small firms use blockchain technology, employing smart contracts to secure blockchain transactions has become essential. Even while these self-executing contracts offer more immutability and transparency, programming mistakes and insider threats can make smart contract security vulnerable to compromises that could weaken the fundamental foundation on which they were constructed. The integrity and security of blockchain transactions can be guaranteed by implementing secure coding practices and going through stringent smart contract audits. Additionally, make sure that any external data sources or oracles that smart contracts use are reliable and safe. Cryptographic methods such as data signing and verification could confirm the accuracy and legitimacy of the received data.

Implementing Strong Access Control

Small and medium-sized enterprises have adopted cutting-edge security policies to protect their digital assets in light of the constantly evolving threat landscape in today's corporate digital ecosystems. Despite these extreme precautions, we must acknowledge that insider threats and human mistakes continue to pose serious security risks. According to the most recent data, insider threats affected more than half of the organizations in 2022, and those percentages are predicted to climb.

In spite of the horrifying figures, insider risks can be simply reduced by putting in place reliable access control solutions. Based on the principle of least privilege, a strong access control system restricts employee access to sensitive data, network systems, and private organizational information. Stronger access restrictions can also assist small organizations in enforcing strong, complicated password policies and guaranteeing that users and workers have individual login credentials.

Moreover, 2-factor authentication or multi-factor authentication (MFA) gives a complementary layer of security to an already intricate access control system, making it uneasy for attackers to gain unauthorized access to sensitive data.

 Regulatory Performance Audit Trials

While technological development has given organizations new opportunities, hackers and cybercriminals also use cutting-edge technology to develop new strategies for breaching corporate networks and gaining unauthorized access to critical data. To reduce security risks and effectively thwart active or passive attacks, small businesses should keep up with the most recent security patches and software updates.

For data, network, and application security, security patches and upgrades are crucial. If you work in a cloud-based environment, your service provider will regularly deliver patches and updates for improved data and application security. Vendors of software and operating systems provide routine system upgrades at the same time. These upgrades frequently include crucial security patches to address known vulnerabilities or the most recent algorithms to combat brand-new cybersecurity problems. Small businesses may lower the chance of being exploited by hackers and protect their network, applications, and crucial data against assaults, misuse, and fabrication with routine patching and security updates.

Maintaining Data Backups and Educating Employees 

Businesses must make sure that all parties involved have constant access to the critical data and business applications when they adopt a digital-first strategy for carrying out routine company operations, connecting with customers, and offering a uniform platform for all employees. Businesses without frequent backups could suffer irreversible harm in the form of financial losses and lost client confidence in the case of a cyberattack. Services are interrupted, and noncompliance with data security laws can result in financial penalties for enterprises or even the temporary cessation of services. Therefore, the need to maintain regular data backups cannot be overstated.

Data backups serve as a lifeline in crisis situations and in the case of a security incident, in addition to being a wise precaution. Small firms should routinely backup their crucial data and systems to external storage devices or the cloud. This procedure guards against data loss brought on by hardware malfunction, calamities, or ransomware attacks. Additionally, it guarantees quick recovery from any active or passive attack without suffering a serious setback. To protect data accessibility in crises, store backups securely, preferably off-site or on cloud storage services.

Human error, both intentional and inadvertent, is a frequent factor in cybersecurity issues. Your employees are much more likely to fall victim to such assaults and give vital information to hackers if they have little or no knowledge of basic cybersecurity issues, including phishing attacks, malware, adware, smishing, and banking Trojans.

 

To reduce security breaches, small firms must regularly teach their personnel about security best practices. It involves spreading knowledge about different types of assaults, the value of secure passwords, secure browsing practices, and maintaining security when using personal devices inside the boundaries of the company. Encourage staff members to report suspicious activity or possible security concerns right away and to contact the IT security division if they get a message or email that requests private information.