Cybersecurity Crisis: What Every Business Must Do To Survive

Cybersecurity Awareness Month is here, and it’s more than just another event on the calendar—it’s a wake-up call. Whether you’re running a small business or managing a large enterprise, the threats are real, and no organization is immune. In today’s interconnected world and with the help of AI, cyberattacks are increasing, with smaller companies, schools, and hospitals often seen as easy targets. Now is the time to evaluate your defenses and strengthen your cybersecurity posture. There’s a digital battlefield out there, and your data is the prize. How prepared are you to defend what matters most?

Cybersecurity: It’s Everyone’s Responsibility

For too long, cybersecurity has been viewed as an IT department issue. That mindset is dangerous. Cybersecurity needs to be part of the fabric of your business, embraced by everyone from the CEO to the newest hire. Cybercriminals exploit the smallest vulnerabilities, and often, it’s human error that opens the door.

Cybersecurity Awareness Month is a rallying cry for businesses to stop being reactive and start being proactive. If you’re not sure where to start, here are critical steps any business, no matter the size, can take to ensure they’re not the next headline.

Your Practical Cybersecurity Checklist

Cybersecurity is about much more than firewalls and antivirus software. You need a holistic, top-down approach that touches every aspect of your business. As CEO, board member, or IT executive, you can use this simple checklist to evaluate where you stand—and where you need to improve.

1. Automated Updates And Patching

Outdated systems are one of the easiest ways for hackers to infiltrate your network. Are your operating systems, software, and hardware set to update automatically, or do you have a robust, timely process in place for manual patching updates? If not, you’re sitting on a ticking time bomb. In 2024 alone, thousands of businesses fell victim to vulnerabilities that could have been easily prevented with routine patching and updates.

2. Prioritize Multi-Factor Authentication And Strengthen Passwords

Relying solely on passwords, even strong ones, leaves your business vulnerable. Hackers are increasingly adept at cracking passwords. Implementing multi-factor authentication is a critical step to bolster security. This approach requires not just something you know, like a password, but also something you have, such as a mobile device or security key, significantly reducing unauthorized access risks.

3. Data Encryption: Don’t Let Your Information Walk Out the Door

Is your data encrypted, both at rest and in transit? If not, it’s like sending your sensitive information out into the world without protection. Any data that leaves your office—whether it’s employee details, financials, or intellectual property—needs to be encrypted. Cyberattacks thrive on unencrypted data, making encryption a vital layer of protection.

4. Employee Training: Your First Line of Defense

Employees are either your greatest asset or your biggest liability when it comes to cybersecurity. If you’re not conducting regular security awareness training, your business is exposed to phishing attacks, malware, and other cyber threats. Make cybersecurity training mandatory, and ensure policies are reviewed and updated regularly. Incorporate planned phishing exercises to identify vulnerable individuals or teams and provide targeted training to strengthen their defenses.

5. Secure Email Communication: Protect the Most Common Attack Vector

Email is one of the primary ways cybercriminals infiltrate organizations. If your business is sharing sensitive information, such as Personally Identifiable Information or confidential details, without encryption or secure email protocols, you're leaving the door open for attackers. Implement end-to-end encryption and secure sending features. Regularly audit your email security settings and train employees on best practices to prevent phishing attempts.

6. Advanced Threat Detection: Implement EDR, XDR, And Managed SOC

Modern cyberattacks are increasingly sophisticated, and traditional defenses aren't enough. Every business should have advanced threat detection capabilities like Endpoint Detection and Response and Extended Detection and Response. These tools monitor and respond to threats across endpoints, networks, and cloud environments in real time. Managed Security Operations Centers ensure continuous oversight by experts who can rapidly detect and respond to incidents. Require the same level of vigilance from your suppliers and partners.

7. Background Checks And Supply Chain Security: Trust But Verify

Thorough background checks are essential, not just for your employees and contractors, but also for your suppliers. Insiders, whether intentionally or inadvertently, are often at the center of data breaches. In today’s interconnected world, your supply chain can be just as vulnerable. Vet any third-party vendors with access to your systems or sensitive data. A weak link in your supply chain is a direct threat to your business. Don’t just trust—verify.

8. Annual Policy and Compliance Reviews: Evolve Or Get Left Behind

When was the last time you updated your cybersecurity policies? If it’s been more than a year, you’re already behind. Cyber threats evolve rapidly, and so do compliance requirements. Security and compliance are deeply interconnected, and falling short in either area can leave your organization vulnerable. Regularly review and update your IT policies, security protocols, and training programs, and stay current with compliance standards to avoid costly fines and risks.

A Breach Could Destroy Your Business

The days of thinking “it won’t happen to us” are long gone. Cyberattacks are not a matter of if, but when. The average cost of a data breach in the U.S. has skyrocketed to over $9 million. The reputational damage, legal ramifications, and lost trust can take years to recover from—if recovery is even possible.

If you don’t have a solid cybersecurity framework in place, you’re leaving the door open for bad actors. The good news? You don’t need a massive IT budget to implement effective defenses. It’s about building a culture of security, taking practical steps, and keeping your systems up to date.

Don’t Wait Until It’s Too Late—Take Action Now

Cybersecurity Awareness Month is the perfect time to take a hard look at your organization’s security posture. The checklist above is just the starting point. The key is to be proactive, not reactive. Cybercriminals don’t rest, and neither should your efforts to protect your business.

By updating your software, enforcing strong password policies, encrypting your data, training your employees, and regularly reviewing your policies, you can significantly reduce your risk of falling victim to cyberattacks.

The bottom line? No matter how big or small your organization is, cybersecurity should be a top priority. Cyber threats are only getting more sophisticated, and the time to act is now.

Remember: In the digital age, security is never 'set it and forget it.' It’s a continuous process of vigilance and improvement. Every business, from one to 100,000 employees, must take it seriously.

This article was originally published in Forbes by Emil Sayegh on October 14, 2024: https://www.forbes.com/sites/emilsayegh/2024/10/14/cybersecurity-crisis-what-every-business-must-do-now-to-survive/