Encryption for Small Business - What Is It and Why Do I Need It

If you’re thinking your business is too small to attract hackers, you’re wrong.

Small businesses are their favorite prey because they often lack enterprise-grade level security, and they have fewer resources to protect themselves against attack.

You’ve probably heard about encryption. If you’re a small business looking to improve your cybersecurity, encryption is a valuable tool—and one that isn't too difficult to grasp.

Here's a quick rundown of what encryption is, and why you need it.

What is encryption?

Encryption is the process of converting data to a code that allows it to be accessed secretly.

It is a simple method of ensuring that information in a computer system is inaccessible to anyone who intends to use it maliciously. An encryption scheme is created with the help of an encryption algorithm and is resistant to security threats.

You will be less concerned about privacy if you encrypt your data. Security and safety will kick in, preventing unauthorized users from accessing your data.

3 reasons why small businesses need encryption

Encryption has emerged as a critical component of protecting data from malicious outsiders or employee carelessness.

But there are instances where some organisations are hesitant to implement encryption due to a lack of understanding of its utility or a fear that its implementation will clog networks and reduce employee efficiency and productivity.

These SMBs should know better than that. Encryption is still one of the most potent and useful tools in a data security arsenal.

The following are the TOP reasons:

1. Encryption is a powerful last line of defense

When it comes to cyberattacks, businesses can’t always stop them. Particularly when they happen because of phishing or social engineering, in which employees unwittingly click malicious links, download malware-infected attachments, or reveal their credentials to outsiders.

Ransomware, crypto malware, and other data security attacks keep an increasing number of small business owners awake at night. As a matter of fact, more than 80% of UK organisations experienced a successful attack in 2020-2021.

It's becoming increasingly difficult to stay one step ahead of this ever-changing and expanding threat. However, encryption can help by acting as a powerful last line of defense, rendering data indecipherable to all but those who have the key to decode it.

If someone in your organisation accidentally clicks on a malware link in an email, allowing malware senders access to your data, the malware senders won't be able to read what they find.

Once inside the network, attackers have easy access to sensitive data. If the data is encrypted, they won't be able to access it unless they have a decryption key, preventing the data from being compromised

2. Encryption protects data on the go

Data on the move is one of the most serious security threats that businesses face. It means that portable devices containing sensitive data, such as laptops, tablets, or mobile phones, leave the company network's physical and digital security.

An increasing number of employees use their devices outside of the workplace today, whether for meetings, conferences, or remote working.

These devices are particularly vulnerable to theft or employee negligence.

A misplaced USB, a phone left in a taxi, or a laptop left unattended for an extended period of time can all lead to disaster, and a lot of setbacks for the company.

Encryption ensures that the data on these devices is useless to anyone who tries to access it without a decryption key, whether they are lost, stolen, or forgotten.

3. Your business reputation is on the line

When customers or clients entrust you with their data and information, a single data breach can destroy your business, your credibility, and lose your client’s trust.

Most people are already skeptical of doing businesses online especially when they need to purchase something using personal information, card numbers, etc. Assure them that their data is secured and protected all the time.

If your company collects personally identifiable information, or PII, such as customer names, birth dates, financial information, and so on, you're already aware of the importance of protecting sensitive data. Encryption improves your ability to do so.

4. You’re STILL vulnerable in the cloud

The benefits of storing data and files in the cloud are numerous: You will not clog your computer. You'll still be able to access your files if your laptop, tablet, or smartphone crashes. And it will take a long time to use up all of the storage space provided by most cloud providers.

But there are still concerns about cloud computing, such as data security, security threats, and potential data loss. Your videos, photos, data, reports, and so on, are vulnerable to data breaches and hackers breaking into your cloud provider's servers.

Encryption is essential. Encryption converts data and text into encrypted algorithms, which are then stored in the cloud. This can help to ensure data security. Even if the information is stored by a third party provider, it can be accessed safely using encryption and decryption keys.

Strong encryption adds an extra layer of security.

5. Encryption helps you with compliance

Data security is no longer an option. Encrypting sensitive data, whether you’re at home, in transit, or on the move, is an effective step toward General Data Protection Regulation (GDPR) compliance.

Companies can be fined under GDPR not only for data breaches, but also for failing to respect the new rights granted to data subjects.

Indeed, the GDPR recommends encryption as an effective data protection tool, as do data protection standards such as the CIS Controls, which advocate a data security strategy based on a combination of encryption, integrity protection, and data loss prevention techniques.

Are you ready in case of an cyber attack?

The rate at which data losses and breaches have occurred in recent years has been alarming. The majority of these breaches are possible because organisations are simply not prepared for them.

Ransomware attacks on a global scale are still successful because employees continue to click on malicious links in emails, because they don't know who to contact , they are not sure what to do when their website goes down, businesses lose their online ordering capability for days rather than hours.

All of this can be easily mitigated with encryption, backups, and a little system knowledge

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