Cybersecurity measures can often be expensive, and small businesses may not have the budget to invest in expensive security solutions, but they still need to make sure their business is protected.

In this blog post, we explore cybersecurity options at different budget points, including quick wins at low prices and more expensive options that are worth the investment. No matter the size of your business, you should opt for cybersecurity measures that will end up saving you money in the long run from data breaches or other malicious attacks.

Small businesses can implement several cyber security measures that are relatively inexpensive but can still provide some level of protection against cyber threats. These measures include:

1. Passwords are the first line of defence against cyber threats, and small businesses can implement password management tools to ensure strong passwords are used by all employees. Tools such as Bitwarden, NordPass and Keeper allow businesses to create and manage complex passwords across different accounts.
2. Antivirus software is an essential tool for protecting computers from malware and viruses. Basic antivirus software such as Avast and AVG are free to use and provide sufficient protection for small businesses.
3. Two-factor authentication provides an extra layer of security by requiring users to verify their identity using a second form of authentication. Two-factor authentication is free to implement on most platforms, including Google and Microsoft accounts.
4. If you are using a version of Windows more recent than XP (Vista – Windows 11), then you will have a built-in firewall called Windows Defender, which is active by default, unless you turn it off.

For businesses with a larger budget, the following cyber security measures can provide greater protection against cyber threats:

1. A firewall is a network security device that monitors and controls incoming and outgoing network traffic. Firewalls can help block malicious traffic and prevent cyber attacks. Firewall appliances such as Cisco ASA and Fortinet FortiGate are paid options for those with a budget for cybersecurity.
2. Encryption is the process of converting data into a coded language to prevent unauthorised access. Businesses can use encryption to secure sensitive data and communications. Encryption software such as VeraCrypt and BitLocker are available at a mid-range price point.
3. Employee training is a crucial aspect of cyber security. Educating employees on cyber threats and best practices for handling sensitive data can help prevent cyber attacks. Businesses can hire cyber security consultants to provide training for employees.

For businesses that handle large amounts of sensitive data, high-end cybersecurity solutions are worth the investment. These solutions include:

1. Security Information and Event Management (SIEM) solutions provide real-time analysis of security alerts generated by network hardware and applications. SIEM solutions can help businesses detect and respond to cyber threats quickly. SIEM software such as Splunk and IBM QRadar are available at a high-end price point.
2. Penetration testing involves testing a company’s IT infrastructure to identify vulnerabilities that could be exploited by cyber attackers. Penetration testing can help businesses identify and fix security flaws before they are exploited. Penetration testing services are available from cyber security consultancies.
3. Cyber insurance can help protect businesses against financial losses resulting from cyber-attacks. Cyber insurance policies can cover losses related to data breaches, cyber extortion, and business interruption. Cyber insurance policies are available from insurance companies.

Small businesses can start with low-budget solutions such as password management and antivirus software, or mid-range solutions such as firewalls and encryption. For businesses that handle sensitive data, high-end solutions such as SIEM and cyber insurance are worth the investment. Whatever the budget, it is important for businesses to take cyber security seriously and implement appropriate measures to protect against cyber threats. For more information on how Lincoln Be Smarter can help you improve your cybersecurity, get in touch with us at lincolnbesmarter@lincoln.ac.uk, or book an online chat by clicking the button below.