Staying Secure While Managing Your Online Business: Top Tips and Tricks

Ensuring the protection of organizational resources and data must be a top priority for all companies, but it’s particularly crucial for businesses operating online. That’s because cyberattacks are on the rise and they’ve increased by 38% in the last year.

In this article, we’ll discuss the top tips and tricks that online businesses can use to maintain the security of their online presence and safeguard against cyber threats.

By implementing these measures, you can ensure the protection of your resources and customer data, and maintain a strong online reputation.

Select a Secure Hosting Service

As a business leader, it's vital to prioritise the security of your online platform and website. Opting for a free hosting service may seem tempting, but it comes with serious security risks and limitations, making it unsuitable for businesses.

So, you must select a reliable and PCI-compliant web hosting service. It’ll ensure that your payment and checkout processes are protected from potential cyberattacks.

It’s also important to look for a secure hosting provider that offers an SSL certificate, encrypted communication through HTTPS, and daily backups. It’ll help you protect your valuable assets and give your customers peace of mind.

Install a Firewall on Your Network

Installing a firewall is crucial for protecting your online business from cyber threats. A firewall acts as a barrier that blocks unauthorised access to your network and sensitive information.

It’ll monitor incoming and outgoing network traffic, detect suspicious activity, and prevent malware from infecting your system.

Install an Antivirus

Antivirus software is another crucial component in securing your network and protecting your business’s confidential information. Not only does it prevent harmful viruses from infiltrating your system, but it also protects against spyware, adware, and other malicious software.

When choosing antivirus software, make sure to pick a reputable provider that has a proven track record of effectively protecting its users against cyberattacks.

Additionally, make sure that you install the antivirus in all the devices and systems that you and your employees use to access your company data.

Use a VPN Service

If your business involves remote work, then you must have work-from-home security steps and use a VPN to secure your online operations. It’ll create a virtual encrypted tunnel, protecting your internet traffic from malicious actors and prying eyes.

This added security layer will keep sensitive information and business data confidential, even when access is provided to remote employees, even on public Wi-Fi networks.

Keep Your Software Updated

Software updates are often rolled out to fix bugs and security vulnerabilities. Neglecting to install these updates leaves your devices, programs, and software exposed to potential cyber threats.

Here are some tips for ensuring that your software is always up-to-date:

• Set your software to automatically update: Many programs offer an option to automatically install updates. Take advantage of this feature to save time and effort.
• Check for updates regularly: If your software doesn't have automatic updates, be sure to check for updates at least once a month.
• Update all software: It's important to keep not only your operating system updated, but also any other software you have installed on your devices, including anti-virus solution, VPN, firewall, browsers, and productivity tools.

By keeping your software updated, you can minimize the risk of a security breach and ensure that your data and systems are protected against potential threats.

Utilize the Power of Strong and Unique Passwords

When it comes to securing your online business, one of the most important things you can do is to make sure that you have unique and strong passwords for each account related to your company.

Remember, if even one of your accounts/sites is hacked, the hacker will have access to all the other ones with the same login credentials.

This could result in a security breach that could compromise sensitive information and damage your reputation significantly. To avoid this, use unique and complex passwords for each of your logins, and store them securely.

Here are some best practices for creating strong passwords:

• Use a combination of letters, numbers, and symbols
• Avoid using easily accessible information such as birth dates or names
• Create a long password, at least 12 characters
• Use a unique password for each login or account
• Avoid using common words or phrases

To further strengthen your security, you can also enable two-factor authentication. This requires users to enter a one-time code that is sent to their phone or email address, in addition to their password, to access the website. 

This way, even if your password is compromised, your data remains protected.

Pro Tip: You can use a reputable password manager to generate strong and unique passwords and store them safely.

Use a Separate Network for Your Payment Terminal

Protecting your payment terminal should be a top priority for your online business and one effective way to achieve that is to use a separate network for it. Keep in mind that hackers often exploit vulnerabilities in an employee's computer to access the company network.

But when you have a separate network, with limited authorized personnel, you’ll create a more secure environment for your payment terminal and minimize the risk of successful cyberattacks.

Protect the Data of Your Customers

Protecting the data of your customers is critical for building trust and maintaining a loyal customer base. With numerous data breaches making headlines, consumers have become more conscious of their personal data and its security.

In fact, according to recent statistics, 63% of consumers believe that companies aren’t transparent about how they use the collected data. Additionally, 48% of consumers stop buying from a business due to privacy concerns.

As a business owner, it's your responsibility to secure the sensitive information of your customers. You can do this by being transparent about how you plan to use their data and giving them options to control it.

For example, you can allow customers to opt out of data sharing for marketing purposes. Additionally, you can also allow them to control their data storage, such as whether their credit/debit card and shipping address are saved on your website.

Back-Up Your Data Regularly

Backing up your data regularly is an important step in protecting against data loss. It’ll ensure business continuity in case of an unforeseen event such as a system failure, cyberattack, or natural disaster.

By having multiple copies of your valuable data saved in different locations, you can quickly recover your information and get your business back up and running.

But, just having a backup is not enough, it's also important to verify the backup regularly to ensure that it is complete and can be restored successfully.

Plus, you should also keep an off-site backup stored in a secure location to add an extra layer of protection in case of physical loss, theft, or damage to your primary location.

Make Your Online Business a Legal Entity

As an online business owner, it's essential to protect yourself and your personal assets from any legal trouble that might arise. When starting a business, many entrepreneurs choose the simplest business structure, which is a sole proprietorship.

However, as the business grows, it's important to consider other business structures, such as an LLC (Limited Liability Corporation), that offer more protection and legal separation between the company and the owner.

Making this change can help shield your personal assets from being seized in the event of a lawsuit, bankruptcy, or other legal issues. It’ll ensure a more secure future for both you and your business.

Educate and Train Your Employees

Cybersecurity education is essential to prevent data breaches caused by human error, which is the main cause of 95% of cyberattacks.

By providing ongoing education and training, you can reduce the risk of human error-related data breaches and ensure that your employees understand the importance of cybersecurity.

Here are the steps to take to train and educate your employees effectively.

• Provide Accredited Cybersecurity Training: Encourage your employees to complete an accredited cybersecurity training course. The NCSC (National Cyber Security Centre) offers free e-learning packages that can be easily integrated into your training platform.
• Cover Basic Cybersecurity Awareness: Explain proper data handling procedures and educate your employees on how to identify phishing scams and store and transfer sensitive information securely.
• Offer Regular Refresher Courses: As technology and cybersecurity threats evolve, it is crucial to provide regular training and refresher courses to keep employees up-to-date.
• Make Training a Priority for New Hires: All new employees should undergo thorough training on your company’s cybersecurity policies and procedures.

Important Note: It’s important to note that employee education shouldn't just be confined to your IT department. Cybersecurity is a company-wide concern and every employee should be trained to manage data properly within their respective departments.

Have a Holistic Incident Response Plan in Place

Cyberattacks are a real threat and can happen to any business, even if all preventive measures have been taken. 

Therefore, you must have a plan in place to respond to such incidents effectively.

The following steps will help you create an effective incident response plan.

Diagnosis

• Quickly identify the nature and extent of the breach by answering key questions such as who reported the issue, when it occurred, and what systems are affected.
• Assemble a cross-functional incident response team, including key personnel from IT, management, legal, HR, and PR.
• Appoint an incident and recovery manager to oversee the response efforts.

Response

• Analyze the situation through a technical analysis of the affected systems and a review of public reactions.
• Contain the impact of the incident by disconnecting affected systems, resetting passwords and access credentials, and possibly even shutting down a core system (if necessary).
• Eradicate the threat by removing malware, and securing and updating software/systems.

Recovery

• Restore affected systems and return to normal operations.
• Address any remaining legal or PR issues.

Lessons Learned

• Conduct a post-incident review to identify areas for improvement for future incidents.
• Evaluate the effectiveness of the response, identify any security steps that could have been taken to prevent the incident, and determine if the response could have been executed better.
• Use what you’ve learned to improve your incident plan.

Final Words

Managing an online business can be a challenge when it comes to maintaining the security of sensitive information and customer data.

However, by taking a proactive approach and being informed on the latest threats and best practices, you can protect your online business and reduce the risk of cyberattacks.

Remember, it's not a matter of if, but when a cyberattack will occur, so use the tips and tricks discussed in this guide to ensure you're well-prepared.