Social media has become an essential tool for small businesses, which can leverage these platforms to build brand awareness, engage with customers and drive sales in new and exciting ways. However, with said opportunities come several risks inherent to its online nature, namely cybercrime.
Cybercriminals are increasingly targeting businesses through their social media accounts, leading to security breaches, financial losses and damage to their reputation. This means small business owners — who may not be able to afford a dedicated social media management team — must be savvier than ever before when it comes to online security measures.
Read on to find out how social media can help your business grow and how to safeguard your small business against the most common cybersecurity threats.
The importance of social media for small businesses
Social media is important for small businesses mostly because it helps them increase their visibility and connect with a broader audience. Businesses can engage directly with customers, build relationships and promote their products or services. Additionally, social media can drive growth by creating opportunities for brand recognition and customer loyalty.
Building brand awareness
Social media platforms provide small businesses with the ability to reach a global audience, something that normally only multinationals would be able to accomplish. Consistent and strategic posting helps build a strong online presence and establish your brand as a trusted authority in your industry.
Engaging with customers
Social media allows for direct interaction with your audience, whether through comments, direct messages or live chats. You can build relationships, answer questions and resolve issues in real-time. This level of engagement fosters customer loyalty and encourages word-of-mouth referrals.
Driving sales and growth
By promoting products and services, running targeted ads and offering exclusive deals, you can convert followers into paying customers. These make social media a powerful tool for driving sales. Moreover, the data collected from online interactions might provide valuable insights into customer preferences and behavior, helping you refine your existing marketing strategies.
Common security risks associated with social media
Being on social media can be helpful, but it also exposes you to all sorts of cyberattacks that can cause long-lasting damage to your brand and business. Below, we list some of the most common security risks for small businesses on social media.
Social engineering
Social engineering is when individuals are manipulated into revealing login information or granting unauthorized access. Cybercriminals may pose as employees, customers or service providers to gain access to your social media accounts. Once inside, they can steal data, defraud your business or damage your brand’s reputation.
Phishing attacks
Phishing scams are a type of social engineering and a common tactic used by cybercriminals to sabotage organizations. They often come in the form of fake emails or messages that appear to be from legitimate sources but instead contain malicious links or malware.
For example, an employee might receive an email that appears to be from Facebook or LinkedIn asking that you log into your company’s account to fix an issue. If the message is actually fraudulent, doing so could leave any confidential data and records in your social media at the mercy of the criminal responsible for the attack.
Account hacking and data breaches
Weak passwords, outdated software and unprotected devices are all vulnerabilities that can leave your social media open to hacking. A hacked account can lead to a data breach, exposing your business and customer information to even more fraudulent activity. The consequences of such breaches can be devastating for your finances and reputation.
Brand impersonation
Cybercriminals may create fake social media profiles that mimic your brand. These impersonation accounts can deceive your customers into sharing sensitive information or making fraudulent purchases.
Best practices for securing your small business’s social media accounts
The best practices to keep your business social media accounts safe involve monitoring and updating your accounts, using well-established security tools like two-factor authentication (2FA) and educating your employees on cybersecurity.
Use strong, unique passwords
Make sure that each of your social media accounts has a strong, unique password that includes a mix of letters, numbers and special characters. A password manager can generate and store these for you (Take a look at our list of the best password managers if you’re interested). Don’t forget to regularly update your passwords to reduce the risk of unauthorized access.
Enable two-factor or multi-factor authentication
2FA adds an extra layer of security to your accounts by asking for a second form of verification, such as via text message or an authentication app. This can help prevent unauthorized access even if your password is compromised. Multi-factor authentication (MFA) takes this one step further, allowing a user to use more than two types of authentication methods.
Limit account access
Restrict access to your social media accounts to only those employees who need it. Within that group of employees, use role-based permissions to ensure that users only have access to the features they need. This minimizes the risk of accidental or malicious activity leading to a compromised account.
Regularly update privacy settings
Review and update your social network privacy settings regularly. Ensure that your accounts are configured to protect your business information and limit the visibility of sensitive data. Moreover, think twice about sharing location data and other details that could be exploited by hackers.
Monitor account activity and security alerts
Keep an eye on your social media accounts for any suspicious activity. Many platforms offer security alerts that notify you of suspicious login attempts or changes to account settings. Act quickly to secure your accounts if you receive such alerts.
Train your employees on social media security
Educate your employees on the importance of social media policy and security. Regular training sessions can help them recognize phishing attempts, avoid social engineering traps and follow best practices for account management. A well-informed team is your first line of defense against security threats online.
Social Media Security for Small Business FAQs
What should I do if my social media account is hacked?
If your company’s social media account is hacked, immediately change its password, enable two-factor authentication and report the incident to the platform. Notify your followers of the breach so they aren’t taken by surprise if the issue escalates. Then, take steps to secure any other linked accounts.
How can I protect my brand from impersonation on social media?
The best way to protect your brand from impersonation is to regularly monitor social media platforms for fake accounts. Report and take down any impersonation accounts you find, and consider verifying your business account on social networking platforms. Alternatively, you can pay a cybersecurity company with social media management services to do this for you.
Is it safe to share my business location on social media?
Be cautious when sharing your business location online. While it’s important for customers to find you, avoid revealing too much information that could be used for malicious purposes, such as to find and gain access to your local Wi-Fi network or intercept physical mail.
Summary of Social Media Security for Small Business
Social media is a powerful tool for small businesses, but it comes with inherent security risks. By implementing best practices such as using strong passwords, enabling 2FA or MFA and educating your employees, you can protect your business from cyber threats.
Staying vigilant and proactive will help you enjoy the benefits of social media without compromising your small business’s security.