Top 6 ways to strengthen your business’s cyber defences without breaking the bank

Cybersecurity threats are becoming increasingly sophisticated, and small to mid-sized businesses are among the most vulnerable. A report by the UK government found that 39% of businesses experienced a cyber attack in 2023, with phishing and ransomware being the most common threats. Despite this, many companies hesitate to invest in cybersecurity due to budget constraints.

However, improving your business’s security does not have to come with a hefty price tag. By implementing these six affordable strategies, you can significantly reduce your cyber risk while keeping costs under control.

1. Train your employees on cybersecurity best practices

Human error is one of the leading causes of security breaches. A 2022 report by IBM found that 95% of cybersecurity incidents involve human mistakes. Without proper training, employees may fall victim to phishing emails, use weak passwords, or unknowingly expose sensitive data.

Providing regular cybersecurity awareness training can help employees recognise and prevent common threats. Focus on:

• Identifying phishing scams and suspicious emails
• Creating and managing strong passwords
• Securely handling company data and devices

Online training platforms and free resources from the National Cyber Security Centre (NCSC) can help businesses educate their teams without high costs. Learn more about essential cybersecurity habits for employees.

2. Use strong passwords and enable multi-factor authentication (MFA)

Weak or reused passwords are an easy entry point for cybercriminals. Implementing strong password policies and requiring multi-factor authentication (MFA) can drastically improve security.

Best practices for password security include:

• Using passwords of at least 12 characters, including numbers, symbols, and mixed-case letters
• Avoiding common passwords like "password123" or "qwerty"
• Using a password manager to generate and store credentials securely

MFA adds an extra layer of protection by requiring an additional verification step, such as a one-time code sent to a mobile device. Even if an attacker steals a password, MFA prevents them from gaining access.

For more in-depth strategies, check out our guide on secure password management.

3. Keep software and systems up to date

Many cyber attacks exploit vulnerabilities in outdated software. If your business fails to apply security updates, hackers can take advantage of weaknesses in operating systems, applications, and firmware.

To minimise risk:

• Enable automatic updates for software and operating systems
• Regularly check for security patches and install them promptly
• Use up-to-date antivirus and endpoint protection solutions

Even free and low-cost security tools can help prevent malware infections and keep your business safe. Learn more about essential cybersecurity tools for businesses.

4. Implement access controls and least privilege principles

Not every employee needs access to all company data. Implementing role-based access controls (RBAC) and following the principle of least privilege (PoLP) ensures that employees only have access to the information necessary for their roles.

Key steps to strengthen access control include:

• Restricting access to sensitive files and systems
• Using unique logins for all employees instead of shared credentials
• Regularly reviewing and revoking unnecessary access permissions

Limiting access reduces the risk of insider threats and minimises damage in the event of a security breach.

5. Secure your business’s Wi-Fi and network

Unsecured networks are an easy target for hackers looking to intercept business communications or launch attacks. To protect your network:

• Ensure your Wi-Fi is encrypted with WPA3 or WPA2 security
• Change default router passwords to strong, unique credentials
• Set up a guest Wi-Fi network separate from internal business systems

For an added layer of protection, consider using a firewall and a Virtual Private Network (VPN) to secure remote connections.

Learn more about strengthening your cyber defences in our guide: how to strengthen business cybersecurity.

6. Have a cybersecurity incident response plan

Even with the best security measures in place, no system is immune to cyber threats. Having a cybersecurity incident response plan helps businesses react quickly and effectively to minimise damage.

A solid incident response plan should include:

• Steps for identifying and containing security breaches
• Contact details for reporting incidents internally and to regulators
• A clear recovery process to restore affected systems and data

Regularly testing and updating the plan ensures your team knows how to respond to a cyber attack efficiently. Find out more about cybersecurity incident response services.

Final thoughts

Cyber threats are a growing concern for businesses of all sizes, but robust security doesn’t have to come with a huge price tag. By investing in employee training, enforcing strong password policies, keeping systems updated, restricting access, securing networks, and preparing for incidents, you can create a more secure business environment without breaking the bank.

Cybersecurity is an ongoing process, and small, proactive steps can go a long way in preventing costly breaches. Businesses that prioritise security now will be better prepared to handle evolving threats in the future.