10 Tips to Help Small Businesses Get Ready for the Unexpected

July 10, 2023

 What would you do if your business suffered a ransomware attack tomorrow? Do you have a contingency plan in case of a tornado, hurricane, or earthquake? The unexpected can happen anytime, and small businesses can get hit particularly hard.

Small businesses are the backbone of many economies. They are critical for job creation, innovation, and community development. But running a small business comes with significant risks. This includes financial uncertainty, market volatility, and natural disasters.

60% of small businesses fail within 6 months of falling victim to a cyber-attack.

Thus, small business owners must prepare for the unexpected. This is to ensure their longevity and success. In this article, we will discuss some tips to help small businesses get ready for anything.


1. Create a Contingency Plan


One of the most critical steps in preparing for the unexpected is to create a contingency plan. A contingency plan is a set of procedures that help a business respond to unforeseen events. Such as natural disasters, supply chain disruptions, or unexpected financial setbacks.

The plan should outline the steps the business will take in the event of an emergency. Including who will be responsible for what tasks. As well as how to communicate with employees, customers, and suppliers.


2. Maintain Adequate Insurance Coverage


Small businesses should always maintain adequate insurance coverage. This protects them from unexpected events. Insurance policies should include things like:


·       Liability coverage

·       Property damage coverage

·       Business interruption coverage

·       Data breach costs


Business interruption coverage is particularly important. It can help cover lost income and expenses during a disruption. Such as a natural disaster or supply chain disruption.

One of the newer types of policies is cybersecurity liability insurance. In today’s threat landscape, it has become an important consideration. Cybersecurity insurance covers things like costs to remediate a breach and legal expenses.


3. Diversify Your Revenue Streams


Small businesses that rely on a single product or service are at greater risk. Unexpected events can cause them significant harm. Something like a raw material shortage could cripple an organization without alternatives.

Diversifying your revenue streams can help reduce this risk. It ensures that your business has several sources of income. For example, a restaurant can offer catering services. A clothing store can sell merchandise online as well as its physical location.


4. Build Strong Relationships with Suppliers


Small businesses should build strong relationships with their suppliers. This ensures that they have a reliable supply chain. This is particularly important for businesses relying on one supplier for their products.

In the event of a disruption, having strong relationships matters. It mitigates the risk of a supplier bankruptcy or supply chain issue. Having supplier options can help reduce the impact on your business.


5. Keep Cash Reserves


Small businesses should keep cash reserves to help them weather unexpected events. Cash reserves can help cover unexpected expenses. Such as repairs, legal fees, or loss of income. As a general rule of thumb, businesses should keep at least six months' worth of expenses in cash reserves.


6. Build Strong Outsourcing Relationships


If business owners try to do everything in house, they’re at higher risk. For example, if a key IT team member quits. In this case, the company could face major security issues.

Build strong outsourcing relationships with an IT provider and other critical support services. If something happens to a company’s staff or systems, they have a safety net.


7. Check Your Financials Regularly


Small business owners should check their finances regularly. This is to ensure that they are on track to meet their goals and to identify any potential issues early on.


This includes:

·       Tracking income and expenses

·       Creating and reviewing financial statements

·       Regularly meeting with a financial advisor


8. Invest in Technology


Investing in technology can help small businesses prepare for unexpected events. For example, cloud-based software can help businesses store their data off-site. This ensures that it is safe in the event of a natural disaster or cyber-attack. Technology can also help businesses automate processes. Automation reduces the risk of errors and improves efficiency.


9. Train Employees for Emergencies


Small businesses should train their employees for emergencies. This helps ensure that everyone knows what to do in the event of an unexpected event.

This includes training for natural disasters, cyber-attacks, and other emergencies. Businesses should also have a plan for communicating with employees during an emergency. As well as ensure that everyone has access to the plan.


10. Stay Up to Date on Regulatory Requirements


Small businesses should stay up to date on regulatory requirements. This helps ensure that they are compliant with all laws and regulations. This includes tax laws, labor laws, and industry-specific regulations. Non-compliance can result in fines, legal fees, and damage to your business's reputation.


In conclusion, small businesses face many risks. But by following these tips, they can prepare themselves for the unexpected. 


Improve Business Continuity & Disaster Preparedness

Get started on a path to resilience and protect your business interests. We can help you prepare for the unexpected. Give us a call today to schedule a chat.

Article used with permission from The Technology Press.


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August 7, 2023
In today's digital age, technology plays a significant role in our lives. But along with the rapid advancements and innovations, several myths have persisted. Is it okay to leave your smartphone charging overnight? Do Macs get viruses? And what about those 5G towers? What’s going on with those? At Peterson Technology Solutions, we see a lot of tech myths which can often lead to misunderstandings. They can even hinder your ability to fully use various tools and devices. In this blog post, we will debunk some of the most common tech myths that continue to circulate. We’ll also explore the truth behind them. Myth 1: Leaving your device plugged in overnight damages the battery First is one of the most persistent tech myths. Leaving your device plugged in overnight will harm the battery life. But this myth is largely outdated. Modern smartphones, laptops, and other devices have advanced battery management systems. These systems prevent overcharging. Once your device reaches its maximum charge capacity, it automatically stops charging. This is true even if it remains connected to the power source. In fact, it is often recommended to keep your device plugged in overnight to ensure a full charge by morning. So, feel free to charge your gadgets overnight without worrying about battery damage. Myth 2: Incognito mode ensures complete anonymity. Many users believe that using incognito mode in web browsers guarantees complete anonymity. They feel completely secure while surfing the internet using this mode. But this is not entirely accurate. While incognito mode does provide some privacy benefits, they’re limited. For example, it mainly prevents your device from saving the following items: • Browsing history • Cookies • Temporary files However, it does not hide your activities from your internet service provider (ISP). Nor from the websites you visit. ISPs and websites can still track your IP address. They can also still watch your online behavior and collect data. Do you truly want to remain anonymous online? Then consider using a virtual private network (VPN). Or other specialized tools that provide enhanced privacy protection. Myth 3: Macs are immune to viruses. Another prevalent myth is that Mac computers are impervious to viruses and malware. It is true that Macs have historically been less prone to such threats compared to Windows PCs. This does not make them immune. Some people that tout this myth point to malware statistics. For example, in 2022, 54% of all malware infections happened in Windows systems. Just 6.2% of them happened in macOS. But you also need to factor in operating system (OS) market share. As of January 2023, Windows had about 74% of the desktop OS share. Mac’s OS had just 15%. When you consider this, it turns out the systems aren’t that different when it comes to virus and malware risk. The infection rate per user on Macs is 0.075. This is slightly higher than on Windows, at 0.074. So, both systems have a pretty even risk of infection. This is the case even though Macs have a significantly lower infection count. As the popularity of Macs has grown, so has the interest of hackers in targeting these devices. Malicious software specifically designed for Macs does exist. Users should take proper precautions, no matter the operating system in use. You need to install reliable antivirus software. As well as keeping the operating system and applications up to date. Exercise caution when downloading files or clicking on suspicious links. Being aware of potential security risks and practicing safe browsing habits is crucial. This is true for Mac users, just as it is for any other platform. Myth 4: More megapixels mean better image quality. When it comes to smartphone cameras, savvy marketing sometimes leads to myths. Many people believe that more megapixels equal better image quality. This is a common misconception. Megapixels are an essential factor in determining the resolution of an image. But they are not the sole indicator of image quality. Other factors play a significant role. Such as: • The size of individual pixels • Lens quality • Image processing algorithms • Low-light performance A camera with a higher megapixel count may produce larger images. But it does not guarantee superior clarity, color accuracy, or dynamic range. Manufacturers often strike a balance between pixel count and other image processing technologies. They do this to achieve optimal results. When choosing a smartphone or any camera, consider the complete camera system. Don't only focus on the megapixel count. Separate Fact from Fiction In a world where technology is an integral part of our lives, you must separate fact from fiction. Debunking common tech myths can empower you to make informed decisions. It can also maximize the potential of your digital experiences. An understanding of the truth behind these myths helps you use technology more effectively. It can also help you better protect your privacy. Get the Technology Facts from a Trusted Pro Whether you need help with an infected PC or setting up a corporate network, at Peterson Technology Solutions, we are here for you. We cut through the tech myths to bring you reliable and efficient service. Give us a call today to chat about your technology goals and challenges. Article used with permission from The Technology Press . Image Source
July 31, 2023
Cybersecurity threats are becoming increasingly sophisticated and prevalent. In 2022, ransomware attacks jumped by 93%. The introduction of ChatGPT will only increase the potential damage of cyber-attacks. Protecting sensitive data and systems requires a comprehensive approach. One that goes beyond a single security solution. This is where a defense-in-depth cybersecurity strategy comes into play. In this article, we will explore the advantages of adopting a defense-in-depth approach. As well as its benefits for safeguarding your network and mitigating cyber risks. What Does a Defense-in-Depth Approach Mean? First, let’s define what it means to use a defense-in-depth approach to cybersecurity. In simple terms, it means having many layers of protection for your technology. Just like how you might have locks on your doors, security cameras, and an alarm system to protect your home. A defense-in-depth strategy uses different security measures to safeguard your digital assets. Many layers are better than one when it comes to security. A defense-in-depth strategy combines various defenses. This is to make it harder for cyber attackers to succeed. These defenses can include things like: • Firewalls • Antivirus software • Strong passwords • Encryption • Employee training • Access management • Endpoint security A defense-in-depth strategy also emphasizes early detection and rapid response. It involves using tools and systems that can quickly detect suspicious activities. This enables you to catch an attacker early. And take action to reduce any damage. A defense-in-depth cybersecurity strategy provides a strong and resilient defense system. Its several layers of security increase the chances of staying secure. This is especially important in today's dangerous online world. Advantages of Adopting a Defense-in-Depth Approach Enhanced Protection A defense-in-depth strategy protects your infrastructure in many ways. This makes it harder for attackers to breach your systems. Implementing a combination of security controls creates a robust security posture. Each layer acts as a barrier. If one layer fails, the others remain intact. This minimizes the chances of a successful attack. Early Detection and Rapid Response With a defense-in-depth approach, you have many security measures that can detect threats. As well as alert you to these potential dangers.  Some systems used to detect suspicious activities and anomalies in real time are: • Intrusion detection systems • Network monitoring tools • Security incident and event management (SIEM) solutions This early detection allows you to respond quickly. This minimizes the impact of a potential breach. It also reduces the time an attacker has to access critical assets. Reduces Single Point of Failure A defense-in-depth strategy ensures that there is no single point of failure. Such as a single vulnerability that could compromise your entire security infrastructure. Relying solely on one security measure, such as a firewall, could prove catastrophic. Especially if it fails or if attackers find a way to bypass it. It’s better to diversify your security controls. You create a resilient defense system. One where the failure of one control does not lead to a complete breach. Protects Against Advanced Threats Cybercriminals continually evolve their techniques to overcome traditional security measures. A defense-in-depth approach accounts for this reality. It incorporates advanced security technologies. Such as behavior analytics, machine learning, and artificial intelligence. These technologies can identify and block sophisticated threats. This includes zero-day exploits and targeted attacks. They do this by analyzing patterns and detecting anomalies in real time. Compliance and Regulatory Requirements Many industries are subject to specific compliance and regulatory requirements. Such as the General Data Protection Regulation (GDPR) or the Health Insurance Portability and Accountability Act (HIPAA). Adopting a defense-in-depth strategy can help you meet these requirements. By implementing the necessary security controls, you show a proactive approach. It's proof of your efforts to protect sensitive data. This can help you avoid legal and financial penalties associated with non-compliance. Flexibility and Scalability A defense-in-depth strategy offers flexibility and scalability. This allows you to adapt to evolving threats and business needs. New technologies and security measures emerge all the time. You can integrate them seamlessly into your existing security framework. Furthermore, you can scale your security controls as your organization grows. This ensures that your cybersecurity strategy remains effective. As well as aligned with your expanding infrastructure. Employee Education and Awareness A defense-in-depth approach extends beyond technology. It encompasses employee education and awareness. Educating your employees about cybersecurity best practices can significantly reduce risk. Especially those coming from human error and social engineering attacks. Training and awareness programs create a human firewall. This complements your technical controls. It’s also a key component of any defense-in-depth cybersecurity approach. Protect Your Business from Today’s Sophisticated Cyber Threats We are in an era where cyber threats are constantly evolving. They are becoming even more sophisticated with AI. A defense-in-depth cybersecurity strategy is a must. Having many layers of security can significantly enhance your protection against cyber threats. Looking to learn more about a defense-in-depth approach? Give Peterson Technology Solutions a call today 512-489-6801 to schedule a cybersecurity chat. Article used with permission from The Technology Press. IMAGE SOURCE: https://www.pexels.com/photo/person-using-macbook-air-6330644/