At the midyear mark, most businesses take the time to assess their sales targets and operations. It’s also a good time to review whether your business’s cybersecurity is at risk. Given how cyberthreats continue to evolve faster than ever, it would be prudent to conduct a cybersecurity risk assessment periodically to make sure your business isn’t leaving any digital doors wide open for intruders.
What does a cybersecurity risk assessment involve? And why do small and medium-sized businesses (SMBs) need one?
What is a cybersecurity risk assessment?
Think of it like a medical examination, but for cybersecurity. It helps identify the following:
- The assets you need to protect (e.g., customer data, financial records, internal communication systems)
- The threats you may face (e.g., phishing scams, ransomware attacks)
- How vulnerable your current systems are
- The impact of such threats on your business
It’s like a blueprint to make smarter, more effective security decisions. You proactively prepare for possible threats, not just react to them when they’re right in your face.
Why midyear is the right time
If a midyear financial review helps your business stay on track for Q3 and Q4, then a midyear cybersecurity assessment gives you time to shore up your security before things get busier.
Many SMBs don’t have full-time cybersecurity teams in place. So, making time for a cybersecurity assessment in the middle of the year can help alleviate any potential risks and vulnerabilities that may have gone unnoticed.
Key cybersecurity areas every SMB should review
Regardless of whether you’re a local accounting firm, a retail store, or a logistics company, you should check the following during your midyear cybersecurity check:
1. Asset inventory
Take stock of all your business assets that need protecting, which includes:
- Computers and servers
- Cloud applications (e.g., Microsoft 365 or Google Workspace)
- Customer databases
- Devices of remote employees
If your inventory is outdated, you may miss out on securing a critical part of your infrastructure.
2. Access controls
Access to sensitive data should be strictly limited to those who need it. That’s the principle of least privilege, which in practice goes like this: someone in marketing doesn’t need access to financial records, so don’t allow them access.
Plus, verify if multifactor authentication (MFA) is turned on across accounts. MFA is one of the simplest protections against unauthorized access.
3. Vulnerability scanning
Hackers often exploit the vulnerabilities of old versions of apps and operating systems. Thus, your systems and software must be constantly updated. Vulnerability scans help you find unpatched software or unprotected configurations before attackers do.
4. Employee awareness
When it comes to causes of data breaches, human error continues to top that list. Midyear is a perfect time to schedule a refresher cybersecurity training session.
Pay particular attention to phishing, which remains a common threat for SMBs. And as SMBs adopt hybrid workforces, this means more devices and apps are used remotely, which leads to more opportunities for cybercriminals to exploit. So, it’s best to keep your staff always informed and alert.
5. Incident response plan
Your employees should know what to do in case of a cybersecurity incident or emergency. You don’t want to be caught flat-footed during a crisis.
With a midyear review, you can do the following:
- Incident response plan review or update
- Breach simulation exercise for your staff
- Contact list and roles update
Common cybersecurity mistakes businesses make
Here are three mistakes that businesses often commit when it comes to cybersecurity:
- Assuming their company is “too small” to be a target: In reality, around 43% of cyberattacks in a year target SMBs.
- Overlooking third-party risks: Vendors and partners with access to your systems can be a weak link in your security.
- Relying only on antivirus: Cybersecurity isn’t just implementing a security software or tool; it requires a layered approach.
Partner with a managed IT services provider
For businesses, especially SMBs, a cybersecurity risk assessment may seem overwhelming. That’s why it pays to partner with a local managed IT services provider like Refresh Technologies. You can let our IT experts handle your cybersecurity instead of you tackling things alone. Get in touch with Refresh Technologies today.