Did you know that it takes companies an average of 204 days to identify a data breach and 73 days to contain it? It's a staggering statistic—and one that begs the question: How would your business hold up?

Today's businesses collect and store a wealth of information — from financial records to customer details and everything in between. While this data is critical for smooth operations and growth, it also carries significant risks. A single data breach can shatter customer trust, damage your reputation, and lead to costly financial repercussions.

So, what can you do to protect your data and avoid becoming a statistic? Here are five tips every small business leader should know.

1. Understand the Risks You Face

Before you can protect your business, you need to know what you're up against. Data security threats come in many forms—phishing attacks, ransomware, malware, and even insider threats. Each of these poses a unique risk to your business.

Take the time to educate yourself on these threats and how they can target your business. Stay informed about the latest tactics used by cybercriminals, and regularly review your security protocols to ensure they are up to date.

2. Educate Your Team 

Your employees are your first line of defense—and potentially your biggest vulnerability. Human error is a leading cause of data breaches. This means that even the most robust security measures can be compromised if your team is not properly trained.

Make sure to provide regular training and education for all employees, regardless of their role or level. This should cover topics such as password security, avoiding phishing scams, and how to handle sensitive data. Reinforce these practices with regular reminders and updates to stay on top of the latest threats.

3. Implement Strong Access Controls

Not everyone in your organization needs access to all data. As such, access to sensitive information should be based on roles and responsibilities. Use the principle of least privilege (PoLP), which ensures employees have only the access necessary to perform their jobs. Doing so can help prevent insider threats and limit the potential impact if a breach does occur.

Additionally, consider implementing multi-factor authentication (MFA) for all accounts and systems. This adds an extra layer of security by requiring users to provide more than one form of identification, such as a password and a code sent to their phone.

4. Backup Your Data Regularly

Data backups are a crucial safety net for your business. Regularly backing up your data ensures that even if you fall victim to a cyberattack or hardware failure, your critical information can be restored.

Set up automatic backups for your systems and store them securely in multiple locations. This includes off-site or cloud-based solutions that are protected by encryption and access controls. Additionally, test your backups periodically to confirm they are working correctly and can be restored in an emergency.

5. Keep Your Software Updated 

Outdated software is a hacker's playground. Cybercriminals often exploit known software vulnerabilities that haven't been updated or patched. To protect your business, make sure all software—including operating systems, applications, and antivirus programs—is updated regularly.

Consider enabling automatic updates wherever possible to minimize the chances of missing critical patches. For business-critical systems, establish a routine for manually checking and applying updates if automation isn't feasible.

6. Create an Incident Response Plan 

Even with the best preventative measures, breaches can still occur. A solid incident response plan can help minimize the impact and get your business back on track quickly. Your plan should outline the steps to take in the event of a breach, including identifying the source of the issue, containing the damage, and notifying affected parties.

Make sure all employees understand their roles in the response plan. Conduct regular drills to ensure everyone knows what to do and can act swiftly if the worst happens.

7. Partner with a Trusted IT Provider 

As a small business owner, you may not have the time or expertise to handle every aspect of data security on your own. Partnering with a managed service provider (MSP) can provide the support and expertise you need to safeguard your business.

A trusted IT partner can help with everything from monitoring your systems for suspicious activity to implementing advanced security measures. They can also keep you informed about emerging threats and best practices, ensuring your business stays ahead of the curve.

Stay Proactive, Stay Secure 

Data security isn't a one-time effort—it's an ongoing commitment. By understanding the risks, educating your team, and investing in the right tools and strategies, you can safeguard your company's future.

Need help getting started? Consider enlisting the help of a Managed Service Provider (MSP) who specializes in data security for small businesses. They can assist with risk assessments, developing a tailored security plan, and implementing necessary tools and protocols to keep your company's data safe.