Human vulnerabilities play as important a role as software loopholes. Mandate basic security practices and policies for all employees, such as 2-factor authentication, internet use guidelines and create and enforce rules on handling and protecting sensitive data. Conduct frequent training to sensitize employees about opening suspicious emails, encrypting their data, using strong passwords on their devices, installing security apps, and limiting activity over public Wi-Fi.

Implement and enforce incident reporting to help ensure that even the smallest breach is reported to management as well as IT teams.

Business continuity plans: Ensure regular backup of all critical data - whether stored in-house or on the cloud. Run scheduled attack drills and stress tests to identify vulnerabilities and ensure that data restoration and business continuity are executed as planned.

Cyber insurance: After the WannaCry ransomware incidents, small businesses have learnt the potential harm and legal ramifications of an attack. Consider investing in cyber liability insurance to help cover liabilities arising from theft, loss of data, breach of security and privacy.

Vendor management: With many of a businesses' assets either being hosted or managed by external service providers - be it your web hosting service or cloud hosting service - working closely with your vendors on a comprehensive plan for risk mitigation is critical. Take the time to understand the vendors' security certifications, encryption measures, business continuity plans, emergency contact information, etc., to know exactly the level of risk your business is exposed to and how they protect your business assets.

Constant Vigilance
Even as the boundaries of business assets blur with anytime, anywhere digital access, constant vigilance has to become the mantra of all entrepreneurs and small business owners. Cyber security needs to be brought out of the domain of 'IT' to make it a strategic focus area, right up there with the growth and development of the core business, to help ensure a long term stability of the business and its reputation.