Is Your Nashville Business Cyberattack-Ready?

Why Cybersecurity Matters for Nashville Businesses

Cyberattacks are on the rise, especially against small and medium-sized businesses (SMBs) that often lack the resources of larger corporations. Nashville’s businesses, whether tech-focused or not, are just as vulnerable. According to a recent report by IBM, the average cost of a data breach for SMBs in 2024 reached $4.88 million, an increase from the previous year (source: IBM Cost of a Data Breach Report 2024). This statistic highlights just how costly a cyberattack can be for businesses without strong defenses.

The State of Cybersecurity for Nashville’s SMBs

As Nashville businesses embrace SaaS tools and cloud solutions, cybersecurity can become complex. The Cyber Readiness Report found that 43% of small businesses reported some form of cyberattack, with ransomware topping the list (source: Hiscox Cyber Readiness Report). To protect your business, it’s essential to evaluate your cybersecurity readiness regularly. Below is a comprehensive checklist to help Nashville businesses assess and improve their defenses.

Step 1: Conduct a Cybersecurity Risk Assessment

The first step in bolstering cybersecurity is understanding where your vulnerabilities lie. This security assessment can be performed internally or with the help of a Nashville-based cybersecurity provider. Here’s how to get started:

• Identify Assets: List the critical assets of your business, such as customer data, financial records, and intellectual property.
• Assess Threats: Identify potential threats, including ransomware, phishing, and insider threats.
• Evaluate Risks: Assess how vulnerable each asset is to a cyberattack and determine the impact on your business if compromised.

Local Tip: The Nashville Technology Council provides resources and connections to cybersecurity experts who can help with risk assessments.

Step 2: Develop a Cyber Incident Response Plan

An incident response plan (IRP) is a structured approach to managing cyberattacks. When a data breach or cyber incident occurs, a clear IRP can minimize damage and speed up recovery.

• Assign a Response Team: Identify key personnel to manage different aspects of the incident.
• Define Response Steps: Outline steps to detect, contain, eradicate, and recover from the incident.
• Communication Protocols: Define how and when to communicate with stakeholders, employees, and possibly the public.
• Test the Plan Regularly: Conduct “tabletop” exercises where the team simulates an attack to ensure everyone knows their role.

Local Resource: The Nashville chapter of InfraGard, in partnership with the FBI, offers information-sharing opportunities and may provide insights into regional cybersecurity threats.

Step 3: Strengthen Your Defensive Technology

Investing in the right cybersecurity tools can help prevent attacks. Here are some top technologies to consider:

• Firewall and Antivirus: Basic but essential; firewalls prevent unauthorized access, while antivirus software blocks malicious software.
• Advanced Threat Detection: Solutions like Intrusion Detection Systems (IDS) and Security Information and Event Management (SIEM) can provide real-time insights.
• Endpoint Security: With many businesses adopting remote work, protecting every device that connects to your network is crucial.

Step 4: Train Employees on Cybersecurity Best Practices

Employee awareness is one of the most effective ways to reduce cyber risk. Many cyberattacks, particularly phishing, target employees directly.

• Regular Training: Conduct training on spotting phishing emails, safe browsing, and password security.
• Simulate Phishing Tests: Send test phishing emails to employees to see how they respond. This helps gauge the effectiveness of training.
• Password Management: Encourage the use of password managers and multi-factor authentication (MFA) to strengthen password security.

Local Support: The Nashville Cybersecurity Collaborative hosts events and workshops that focus on employee security awareness.

Step 5: Back Up Data Regularly and Securely

Data backups are your lifeline after a cyber incident. Without a secure, recent backup, data loss can cripple your business.

• Use the 3-2-1 Rule: Keep three copies of your data, on two different media, with one copy stored offsite.
• Test Restores: Periodically test your backup restores to ensure they function correctly.
• Encrypt Backup Data: Encrypting your backups adds an extra layer of security, making it difficult for cybercriminals to access your data.

Step 6: Leverage Local and National Cybersecurity Resources

Nashville businesses can benefit from local organizations and national resources designed to support SMB cybersecurity.

• Nashville Technology Council: Connects businesses with tech providers and resources, including cybersecurity support.
• InfraGard: A national, FBI-affiliated organization with a Nashville chapter that offers information-sharing for businesses.
• CISA (Cybersecurity and Infrastructure Security Agency): Provides free resources and toolkits for cybersecurity readiness and response.

The Benefits of Being Cyberattack-Prepared

Building strong cybersecurity defenses is more than just protecting assets; it enhances trust among customers and stakeholders. A well-prepared business can recover more quickly and reduce the impact on customers.

Nashville Businesses, It’s Time to Act

Cybersecurity is not a one-time fix; it’s an ongoing process. Whether you’re a startup in East Nashville or an established business downtown, taking these proactive steps will ensure that your company is ready for any potential cyber threats. Remember, cybersecurity is a shared responsibility across your organization, so keep the conversation active, stay updated on new threats, and regularly assess your preparedness.