As we reach the halfway point of the year, it's crucial to pause and assess our systems, goals, and potential risks. Small business owners, IT managers, and operations leaders juggle many priorities and may lack complete visibility into their IT landscape. A thorough mid-year IT review can help you address vulnerabilities, enhance efficiency, and set the stage for success in the second half of the year. Here are five critical checkpoints to help you finish the year strong. Neglecting these could leave your business exposed to potential threats.

Backup & Restore Testing

Regular data backups are essential for maintaining business continuity. It is not enough to back up your data; you must also test your backup and restore processes to ensure they work effectively.

A study found that 60% of small businesses experiencing a data loss event will shut down within six months.

Typical scenarios for data loss include system failures, accidental deletions, or cyberattacks. By periodically testing your backup solutions, you can avoid chaos when restoring critical information. This assurance will give you peace of mind when facing unforeseen events, allowing you to focus on your business with confidence.

MFA & Password Policy Review

In today's digital age, protecting against unauthorized access is vital. You should review your Multi-Factor Authentication (MFA) setup and password policies to ensure they are up to date. With MFA, you require additional verification steps beyond just a password, making it significantly harder for attackers to gain access.

Companies implementing MFA have reported a 99.9% reduction in account takeovers.

Review your password policies and update as needed. By implementing measures such as using MFA, encouraging the use of complex passwords, and minimizing the use of shared credentials, organizations can build a robust defense against cyber threats. This proactive measure can foster customer trust and reduce your cybersecurity exposure.

Software & Licensing Audit

Software tools are crucial for efficiently running a business. However, are you maximizing their potential? Conducting software and licensing audit can help you identify unused applications and outdated software versions. This process is not just about saving money; it also ensures compliance and security.

Businesses discovered that over 30% of their software licenses were unused, resulting in wasted expenses.

Failing to address these issues may result in compliance fines or security vulnerabilities. By auditing your software inventory, you can streamline operations, save costs, and stay protected against emerging threats.

External Risk Visibility (Dark Web, Domain, etc.)

Understanding your business's position in the threat landscape is essential. We recommend checking for compromised credentials on the dark web and monitoring your domain expirations. Neglecting this can expose you to risks, such as domain hijacking, which can harm your reputation and lead to lost revenue.

A recent report found that 49% of companies had at least one employee's credentials found on the dark web.

Gaining insight into these external risks allows you to take preventive actions to protect your brand and assets.

Vendor/Support Contract Checkup

Finally, reviewing your vendor and support contracts ensures you get the best value for your IT investments. Evaluate your existing agreements to confirm they meet your current business needs. An audit of your contracts can reveal areas where you might be paying for services or products you no longer use.

Failing to conduct this review can lead to unnecessary expenses and may prevent you from seeking better service options. Keeping your IT support aligned with your evolving strategy will empower your team and facilitate growth.

Let’s Finish the Year Strong

This mid-year checkpoint is an opportunity to strengthen your tech strategy. Each of these steps can significantly impact on your business's efficiency and security as we approach the second half of the year. We encourage you to set aside 20-30 minutes for a brief review of these areas or reach out to Fatum Technologies for a consultation.

Together, we can ensure that your technology supports your goals and keeps your business secure. Let's finish the year strong!