With most budgets aimed at growth instead of defense, many small to mid-sized business owners wear the IT hat themselves. Yet, they don’t have the tools or time to do so effectively, and cybercriminals are well aware of these blind spots.
The fallout from a cyber attack is costly. Revenue decreases, productivity slows, and reputational damage remains. That’s why having a strong cybersecurity strategy has become a front-burner issue. In fact, 86% of small and midsize businesses say they have a prevention plan in place, but only 23% are confident they could spot a cyber threat.
Building a solid cybersecurity strategy doesn't have to be overwhelming or require an enterprise-level budget. Here are six practical steps every business leader can follow to protect their organization from cyber threats.
Cybercrime is a growing threat, projected to cost businesses $16 trillion USD by 2029. And that’s just the representation of immediate financial impact. What’s not accounted for are the hidden expenses of a cyber attack, like productivity loss, stolen data, and broken customer trust.
Small businesses are especially vulnerable to cyber threats, with 43% of cyber attacks targeting them. Many assume they’re too small to be noticed, but hackers often see them as easy targets.
Cybercriminals are also getting smarter, using AI tools to scale attacks on critical systems and bypass traditional security measures. What worked a few years ago may not cut it anymore.
Regulations add another layer of pressure. From HIPAA in healthcare to GDPR in Europe, businesses face strict rules to protect data. The fines for non-compliance are steep, too. GDPR fines can reach up to €20 million or 4% of annual revenue, whichever is higher.
HIPAA violations can also cost millions. And beyond money, non-compliance brings audits, scrutiny, and long-term reputational damage.
Cloud adoption has exploded, and with that has come an increase in cloud-related breaches. Hybrid cloud setups add even more complexity.
Different platforms with varying policies and monitoring tools often don’t line up. Add legacy systems into the mix, and you’ve got outdated tech that can’t always be patched. Breaches spanning multiple environments now cost an average of $5.05 million USD.
Third-party vendors add more risk. Supply chain attacks, where hackers compromise a trusted partner to get to you, are on the rise. These cyber attacks are also the hardest to detect and contain, sometimes taking up to 267 days to resolve.
The foundation of any cybersecurity strategy is knowing your environment. Start by creating an inventory of all your assets–servers, laptops, phones, cloud accounts, and software subscriptions. Don’t forget about legacy systems that might still run quietly in the background.
Many breaches occur because small gaps, like outdated admin accounts or unsupported software, go unnoticed. Keeping an up-to-date inventory helps eliminate vulnerabilities that can catch you off guard.
Next, identify where your data lives. Do you store it on-site, in the cloud, or a combination of both? Who has access to it? Understanding your data and its location provides a clear picture of what needs the most protection.
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Don’t overlook third-party vendors. If they have access to your systems, weak security practices on their end could expose you to a supply chain attack. Conduct your due diligence on your vendors by asking questions like:
- Do they follow industry-standard cybersecurity practices?
- How do they secure their systems and sensitive data?
- Do they regularly update and patch their software?
Not all risks are created equal. Some vulnerabilities pose a bigger threat than others, so it’s important to prioritize. Conduct a risk assessment to identify your most critical assets and the biggest threats to them.
Ask yourself:
This process helps you separate high-risk areas from lower-priority ones, allowing you to focus your time and resources where they’ll have the greatest impact. For example, protecting your customers' sensitive data or intellectual property may take precedence over securing less critical systems.
Once you’ve identified your priorities, develop a plan to address them. Here are a few security measures you can put in place that go a long way in protecting your business from cyber threats:
A cybersecurity strategy isn’t just an IT project. It’s a business-wide initiative that touches all departments. That’s why building cybersecurity awareness into your workplace culture is essential. People are often the weakest link in security, with human error contributing 90% of data breaches.
But with the right training, your employees can become your strongest defense. Teach them to recognize phishing emails, handle sensitive data carefully, and follow cybersecurity best practices.
Keep in mind that a single training session won’t cut it. A strong cybersecurity strategy requires ongoing education and a cross-functional security team with clearly defined roles.
For example, finance can manage vendor risk. IT can handle monitoring and updates. And leadership sets the tone by clearly defining your organization’s security posture and emphasizing that protecting the business is a shared responsibility.
When cybersecurity becomes part of everyday conversations, every team member knows their role in safeguarding the organization. Building a strong cybersecurity strategy requires a collective effort.
Even with the best defenses, your system isn’t bulletproof from cyber threats. That’s why every organization needs a plan for what to do if a cyber attack happens.
Your cybersecurity strategy should have an incident response plan that includes:
Think of it like a fire drill. You hope you never need it, but if the worst happens, you’ll be glad you prepared for a cyber attack.
You wouldn’t wait five years to service your car. The same applies to your cybersecurity strategy. Regular monitoring and testing keep your systems healthy and help you spot red flags before they escalate.
There are different ways to test your environment. Vulnerability scans look for weak points. Penetration tests simulate real-world attacks. Even simple phishing tests for employees can reveal risky behaviors before attackers exploit them.
Monitoring is just as important. Protective monitoring helps keep an eye on unusual activity, like someone logging in at 2 am from another country. It also helps you catch an insider threat, like a compromised employee account, before it escalates.
Finally, schedule regular reviews of your entire cybersecurity strategy. This is also a good time to gather feedback from your team. They are on the front lines and may have valuable insights into what’s working and what's not.
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You don’t need expensive tools to get started. Routine checks can be as simple as reviewing your backups once a month to make sure they actually work or verifying who has access to sensitive data. Whether it’s monthly, quarterly, or twice a year, set a schedule and stick to it.
For years, many small to mid-sized business owners assumed cybercriminals wouldn’t bother targeting them. Unfortunately, reality has caught up, and too many know just how vulnerable their organizations are.
But you don’t have to learn the hard way. You can partner with a managed IT provider like Compass MSP to make your cybersecurity strategy stronger and easier to manage.
We offer expert support and advanced monitoring to give you peace of mind about your systems and sensitive data. Connect with our team to learn how we can help you implement cybersecurity best practices in your business.