Recent news about large companies being hit by cyberattacks, like Jaguar Land Rover, can make it feel like only the “big players” are at risk. But in reality, small businesses are often the easier target. Criminals know that many sole traders and small firms don’t have big IT teams or advanced security systems in place.
When your business relies on digital tools for banking, accounting, and tax submissions, a cyberattack can quickly become overwhelming. Not just financially, but also in terms of reputation and stress.
Here are some simple, practical steps that every small business can take to keep their finances safe:
1. Lock Down Your Financial Accounts
- Turn on multi-factor authentication (MFA): This adds an extra step (like a code sent to your phone) when logging in to your bank or accounting software. It’s one of the easiest and most effective defences.
- Use strong, unique passwords: A password manager makes this painless and prevents the temptation of reusing the same login everywhere.
2. Protect Your Accounting System
- Limit access: Only give your accountant or bookkeeper the permissions they need. Remove access promptly if a role changes.
- Stay updated: Keep accounting apps, plugins, and connected devices updated — updates often patch security flaws.
- Check activity logs: Many platforms like Xero or QuickBooks let you review login activity, so you can spot anything unusual.
3. Be Wary of Phishing & Invoice Fraud
- Double-check payment requests: If you get an email asking you to change bank details, always verify with a phone call or trusted contact.
- Protect your business email: Set up domain protections (SPF, DKIM, DMARC) or at least use a professional business email provider.
- Train your team (or yourself): Learn to spot suspicious emails — poor grammar, unexpected attachments, or odd sender addresses are red flags.
4. Secure Your Devices & Backups
- Install antivirus software: Even basic versions can block common malware.
- Encrypt laptops and phones: If devices are lost, this keeps data safe.
- Back up regularly: Store financial data securely in the cloud or on an external hard drive that’s not always connected to the internet.
5. Plan for the Worst (and Hope for the Best)
- Cyber insurance: Even a basic policy can help cover costs of data loss or fraud.
- Talk to your accountant at Accountants247 Golders Green: Know who to call and what steps to take if something goes wrong.
You don’t need a big IT budget to stay safe. With a few smart changes such as stronger passwords, MFA, regular backups and a healthy dose of caution you can dramatically reduce your risk of being caught out.
Cybercrime is always evolving, but so are the tools to protect your business. Start with the basics today, and you’ll be in a much stronger position tomorrow. Speak to our friendly team today if you need a guiding hand.
