Nigeria’s economy depends largely on small and medium-sized businesses, or SMEs. They sustain communities, provide employment, supply our goods and services, and fuel our economy. While many SME owners are working hard to keep their businesses successful, cybercrime is a silent threat that is becoming increasingly prevalent.
It makes no difference to malicious actors if you are a startup company or an established business. In reality, SMEs are often more appealing targets to cyber criminals because of their weaker defenses, inability to purchase advanced security tools, or hire professionals. A single phishing email, a leaked database, or a single hack might destroy an entire organisation.
Unfortunately, until something goes wrong, many business owners don’t take cybersecurity seriously. By then, the harm has been done, money has been lost, customer trust is gone, and the company’s reputation is in ruins. The truth is that startup firms are more vulnerable to cyberattacks than large organisations. Established businesses may rely on influence, cybersecurity insurance, skilled IT departments, and legal teams to help recover from a cyber-attack, but the majority of SMEs don’t have this financial support and influence. Cybercriminals are also aware that most SMEs lack specialised IT departments, and they use free or unprofessional software and unsecured Wi-Fi to access and transmit sensitive data.
Cybersecurity Best Practices Every SME Can Implement
Here are seven practical steps Nigerian SMEs can take right now to protect their business:
– Enable multi-factor authentication (MFA)
Phishing emails can be used to steal, or manipulate you to disclose your login details. By requiring a second form of verification, such as a code sent to your phone, email or an authenticator app, MFA provides an additional layer of security. A hacker won’t get access without that extra step, even if they manage to steal your password.
– Secure your Wi-Fi with strong encryption and network segmentation
Many SMEs conduct their whole operations over a single open Wi-Fi connection, which is a gift for hackers. Always use strong, unique passwords for your routers, and update them on a regular basis. Make sure your network is encrypted with WPA2 or WPA3 and create separate VLANs to isolate your internal systems from public-facing websites, emails, or printers.
– Train your staff to spot scams
Cybersecurity is more than simply installing software; it is about people. Many attacks begin with a single click on a link. It is important to conduct frequent security awareness training sessions so that employees and business executives understand how to identify phishing emails, suspicious attachments, and fraudulent requests.
– Back up your data regularly
Backups might come in handy if data is stolen, damaged, or encrypted in a ransomware attack. The use of both cloud backups and external storage should be encouraged. In this manner, even if there is an attack, you can immediately recover your data and ensure business continuity with minimal disruption to business activities.
– Limit access to sensitive information
Not every employee requires access to your business data. Use role-based permissions to ensure that employees only see information relevant to their tasks. This decreases the likelihood of both unintentional disclosures and insider threats.
– Keep your systems updated
Software upgrades do more than add new functionality; they also patch security problems. Hackers frequently attack organisations using outdated software. To ensure your security, enable automatic updates on all of your devices and programs.
– Use trusted security tools
You do not need the most expensive software. Even affordable antivirus and firewalls can provide enough security. Better still, Nigerian companies can invest in indigenous research and solutions tailored to our environment.
One reason many SMEs delay cybersecurity investment is the cost. But the cost of prevention is less than the cost of recovery. In order to reduce the cost of purchasing and obtaining licenses for foreign software and cybersecurity solutions, Nigerian businesses should look at developing indigenous cybersecurity solutions, which will be more affordable and adapted to our market, thereby decreasing reliance on expensive imported solutions. Cybersecurity is more than simply technology; it is about culture. Business owners or executives must approach it as an integral component of their everyday operations, rather than as an afterthought. Make it a habit to evaluate system security, reset passwords, and assess who has access to company data.
In a country where SMEs contribute significantly to economic growth, safeguarding these enterprises from cyber threats is not an option; it is essential. Every naira spent on prevention is an investment in stability, customer trust, and long-term growth. Nigerian SMEs have a choice to make: defend their businesses now or risk paying a far greater price later.
. Adesola, Security+
Cybersecurity Analyst
Email: yemiadesola@gmail.com
