SBA’s Cyber Summit Boosts Small Business Security

As cyber threats continue to evolve and increase in sophistication, U.S. small businesses are taking significant steps to bolster their cybersecurity defenses. Recognizing the urgency of the situation, the U.S. Small Business Administration (SBA) has announced that it will host its 2nd Annual Small Business Cyber Summit in October 2023, during Cybersecurity Awareness Month.

The SBA’s initiative comes at a critical time when cyberattacks are costing the U.S. economy billions of dollars annually. Small businesses, often seen as attractive targets due to their valuable data and typically less robust security infrastructure, are particularly vulnerable. Surveys indicate that a majority of small business owners feel their businesses could fall victim to a cyberattack, yet many struggle with limited resources and knowledge to effectively counter these threats.

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Goals of Cyber Security Summit 

The upcoming Cyber Summit aims to address these challenges by providing a platform for small businesses to learn about common cybersecurity best practices, understand prevalent threats, and dedicate resources to improve their cybersecurity. The event is expected to bring together industry experts, government officials, and small business owners, fostering a collaborative environment to discuss and share insights on cybersecurity.

In addition to the SBA’s efforts, other government agencies like the Cybersecurity and Infrastructure Security Agency (CISA) and the Federal Communications Commission (FCC) are also offering resources and guidance to small businesses. CISA provides a wealth of resources, including cybersecurity awareness programs and guidance for small businesses. Similarly, the FCC offers cybersecurity tips for small businesses, emphasizing the importance of creating a culture of security.

Best Practices Against Cyber Attacks

Small businesses are encouraged to adopt several best practices to prevent cyberattacks. These include training employees on internet usage best practices, securing networks, using antivirus software, enabling Multi-Factor Authentication (MFA), and regularly backing up sensitive data. Businesses are also advised to control physical access to their computers and create user accounts for each employee.

Despite these preventative measures, business owners must remain vigilant as cyber threats continue to evolve. Common threats include malware, viruses, ransomware, spyware, and phishing. Understanding these threats and how they operate is a crucial part of any cybersecurity strategy.

To further support small businesses, the SBA provides a range of planning and assessment tools. These include the FCC’s cybersecurity planning tool, the Cyber Resilience Review (CRR) from the Department of Homeland Security (DHS), and free cyber hygiene vulnerability scanning services from CISA. These tools are designed to help businesses understand their risk of an attack and where they can make improvements to safeguard their data and systems.

The upcoming Cyber Summit, coupled with the resources and tools provided by various government agencies, signifies a concerted effort to equip small businesses with the knowledge and tools they need to protect themselves against cyber threats. As we move further into the digital age, the importance of cybersecurity for small businesses cannot be overstated. With the right resources and a proactive approach, small businesses can fortify their defenses and ensure their digital systems are secure.

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Secured Payment Processing 

In addition to the resources provided by government agencies, small businesses are also encouraged to manage their Cloud Service Provider (CSP) accounts effectively. Utilizing a CSP can offer enhanced security for information, applications, and collaboration services, especially for businesses adopting a hybrid work structure. Software-as-a-Service (SaaS) providers for email and workplace productivity can help secure data being processed.

Moreover, the SBA emphasizes the importance of securing payment processing. Businesses are advised to work with their banks or card processors to ensure the use of the most trusted and validated tools and anti-fraud services. Isolating payment systems from less secure programs and not using the same computer for processing payments and casual internet browsing can further enhance security.

Lastly, for businesses involved with the Department of Defense (DoD), maintaining compliance with the Cybersecurity Maturity Model Certification (CMMC) program is crucial. This program safeguards Controlled Unclassified Information (CUI) and requires companies to meet specific cybersecurity standards and requirements.