9 Cybersecurity Best Practices for Your Small Business

February 19, 2025

Cyberattacks cause billions of dollars in business losses every year. Because smaller firms often have limited resources, they’re especially vulnerable to these threats and the financial, reputational, and legal damage that can result. But even with a modest IT budget, you can take crucial steps to improve your business’s cybersecurity. Follow these best practices to help stave off security concerns.

1. Have Robust Security Software

Help protect your business’s systems and data with reputable antivirus, anti-malware, and firewall solutions. Enable automatic updates to help ensure you have the latest protection.

2. Back Up Business Data

Regularly back up your critical business data, ideally with a trusted cloud storage provider. Test backups periodically to help ensure you can quickly recover from a data loss.

3. Create a Companywide Password Policy  

Require employees to create complex passwords of at least 8 to 12 characters with a mix of uppercase and lowercase letters, numbers, and symbols. Passwords should be changed regularly.

4. Enable Multifactor Authentication 

By implementing multifactor authentication, your business can help prevent unauthorized access to company devices and accounts by requiring a second verification factor to log in (such as a code sent to the user’s phone).

5. Secure Your Mobile Devices

If you provide smartphones, tablets, or laptops to employees, ensure they’re secured with strong passwords and mobile device management (MDM) software. This software allows your company to remotely manage a device and wipe sensitive company data if lost or stolen.

6. Stay Vigilant with Your Business Finances

Monitor your bank accounts regularly and review expenses to detect unauthorized transactions or anomalies. Utilize Ridgewood’s Business Online and Mobile Banking to enhance security by tracking account activity, setting up real-time alerts, and reviewing payment history. Staying proactive helps protect your business from fraud and cyber threats.

7. Address Wi-Fi Weaknesses

Change the default password on your router and use strong encryption such as WPA3. Businesses open to the public – such as stores, restaurants, and medical practices – should create a separate guest network to keep visitors off their internal network.

8. Limit Employee Access 

To minimize the risk of data breaches, follow the principle of least privilege: Only let employees access the data and systems they need to do their specific jobs.

9. Boost Employee Awareness  

Educate your team about common threats like phishing emails and business email compromise (BEC) schemes. Teach staff to spot suspicious emails, and reinforce the importance of verifying communications before complying with requests.

Strong cybersecurity measures are critical in today’s highly connected business world. If your budget allows, consider hiring an outside cybersecurity specialist to help you implement these measures effectively. Along with following these best practices, stay informed about the latest risks and conduct regular cybersecurity audits to help your small business prevent or quickly recover from a cyber incident.

Our Ridgewood Savings Bank’s Business Banking team is here to support your business at every stage. Whether you need help with daily banking or planning for the future, our experts can guide you toward the right financial solutions.

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