Long gone are the days when cybersecurity was an IT issue; now it is a business one too. A recent report from Telstra shows that over 59 percent of enterprises experience business interrupting security breaches once in a month.
With the increase in digitalization, the number of connected devices also has increased, leading to a higher number of cyber-attacks. Moreover, new technologies such as automation and machine learning are providing hackers with advanced methods for more complex attacks.
Recent global breaches in the security of business cost over 1.3 million for a large enterprise and 117,000 dollars for small enterprise.
Businesses are facing new and changing threats every day. The hacking software are becoming more and more advanced, increasing the impact of hackers on business. The hackers’ agendas such as market manipulation, disruption of infrastructure, espionage, and disinformation are getting more efficient.
Facing these developing threats is tough for businesses. Executives look for solutions that can improve their cybersecurity, be it by building a team of experts on the new cybersecurity technology or hiring outside help. However, the primary thing a business can do is build an infrastructure that does have minimum loopholes. Businesses need to integrate cybersecurity practice in all their aspects starting from IT department to their employee training.
Steps to Protect Business from Cyber Threats
1. Secure Your Devices
Devices like computers, laptops and mobiles can be infected by small programs containing malware. Installing security software for protection from these malwares is essential. Some of the security software include anti-spam filters, anti-spyware and various anti-viruses. Enterprises can also install a firewall to protect their internal networks. However, it is essential to update this software timely.
2. Back-Up of Important Data
Backing up the business website and data is essential to recover it in case of cyber attack. Organizations can back-up their essential data like financial records, customer records, business plans and personal information. To improve the security on a higher-level, enterprises can have multiple backup methods to secure their data. A good back-system includes:
- Incremental back-ups daily to a cloud storage device
- Server back-ups at the end of the week
- Quarterly back-ups
- Yearly back-ups
3. Manage Administrative Passwords
Enterprises must change their default passwords and disable major administrative access to avoid hackers from gaining access to the network. As attackers can gain full access to the system from an administrators’ account, one should make sure that such passwords are strong and cannot be easily guessed.
4. Use Two-Factor Authentication
Every day there is a new news of data breach; thus, enterprises must plan and be ready for any sudden threat on their data. All the employees must use two-factor authentication for accessing all the important business accounts.
5. Use Spam Filters
Spam messages are sent by unknown companies or people and contain offers and services that are too good to be true. Organizations should use filters to reduce the amount of phishing and spam emails. By applying filters to these spams, one can reduce the chances of their employees to open the email by accident.
6. Consult FINRA Checklist
A very simple and valuable checklist has been created by the Financial Industry Regulatory Authority (FINRA) for cybersecurity. It is a four-part list which focusses on planning, detection, prevention of possible threats and recovery of stolen assets from any kind of cyber-attack.
7. Have a Strong Off-Boarding Policy
It is imperative that an enterprise has a strong offboarding policy when employees leave. It helps in mitigating the risks and a potential cyber threat to the company. At the time of leaving, employees must return their ID badges, mobile devices, laptops, and the company email address should be removed.
8. Conduct Risk Assessments
Enterprises must conduct a cybersecurity risk assessment once every year. It will ensure that the mitigation of essential tasks is in place, and the priorities and responsibilities are being made and completed. Risk management is an ongoing activity and should fall in the must-do category for all enterprises to ensure the security of the business.
Cybersecurity has become a significant complication in the sprint of enterprises towards their business goals. Protection of resources and data now tops the list of executive boardroom meetings. In the future the chances of cyber threats will only keep on increasing which is why it is essential for organizations to implement new methods and technologies to protect their businesses.