Cybersecurity is a must for all businesses, regardless of their size. This is because their systems involve valuable and sensitive data that malicious actors target. Cyberattacks are still a common issue in today's modern world, where technology plays such a critical role in everyone's life. The only way to fight cybercrime is to implement adequate security measures.
The Internet is both a blessing and a curse for businesses. While it opens many doors and helps ventures grow quickly, the digital world comes with risks that can disrupt a business significantly. Cybercriminals are always there, waiting for the right time to get their hands on a company's critical data. Technology has advanced dramatically, and so have hackers' tactics, so now more than ever, it's paramount for companies to take action in order to protect their business. Luckily, technology also comes with solutions for the same problems it poses. Let's further discuss the impact of cybercrime on your company and what you can do to prevent it.
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Cybercrime has evolved significantly throughout the years
Cybercrime has reached significant proportions nowadays, as hackers have developed more sophisticated tactics. It can impact organisations of any size, leading to financial losses, reputation damage, lack of productivity and even legal liability issues. Cybersecurity Ventures has predicted that by 2025, cybercrime will cost organisations worldwide around $10.5 trillion annually. According to a study regarding the annual cost of cybercrime, the cost of a cyberattack has risen in the last year to $13.0 million. Criminals are constantly targeting the information that businesses store, and data theft is the most expensive and increasing segment of cybercrime. However, theft isn't the only goal of cybercriminals. They may also choose to destroy or change the information to build distrust in a government or company.
Social engineering is the most straightforward cyberattack form, with phishing attacks and ransomware being common methods of gaining access to a business system or network. There's also an increase in third-party risk, as criminals can target IT providers to gain access to a company they partner with. This rise in cybercrime shows companies need to implement strategies to protect their data and keep their businesses running smoothly.
Benefits of having an effective cybersecurity strategy in place
Implementing cybersecurity measures is essential for your business if you want it to thrive for a long time. A good cybersecurity solution has many benefits, such as:
● It enables employees to work in a safe manner;
● It ensures customer security;
● It saves your business a lot of money;
● It defends against different cyber threats, such as spyware, malicious codes, viruses, and trojan horses;
● It boosts customer trust and loyalty, showing customers that cybersecurity is a priority for your company;
● It enhances productivity, reducing downtime.
Leveraging technology to avoid a breach
Even with all the tech-savviness of hackers, there are still ways to protect your business from malware. By leveraging different practices and technologies, you can prevent a breach in your company. According to Data Breach Claims experts, companies are responsible for protecting customers' and employees' personal information. If they fail to do so, a data breach can occur, leading to disruptions and impacting your business continuity.
Fortunately, technology has advanced to the point where many practical solutions exist against cybercrimes. In what follows, we'll discuss the most recent ones.
Role-based access control
Since business processes have become digitised, companies worldwide have saved billions, enhanced their venture's efficiency and have driven profitable outcomes. This was only possible due to facets being connected to digital platforms. However, this shift to the online world has come with risks, leaving the door open for hackers to attack at any time.
It takes different degrees of access until a data breach occurs, and this is why it's crucial to safeguard all your critical information. An effective way to mitigate these digital threats is to ensure that only essential employees can access the company's data and critical files. Businesses can accomplish this by using role-based access control or RBAC. This software restricts access to specific data, making it available for access and full viewing only by authorised users. Leveraging RBAC can considerably enhance your business's cybersecurity by making it challenging for hackers to access secured data.
VPNs and MFAs
Around 95% of web application attacks occur through stolen or weak credentials. Businesses can combat these data breaches using two-factor authentication, multi factor authentication, and end-to-end encryption. These tools provide an additional layer of protection for companies, preventing attackers from succeeding in getting what they want.
If you operate on an unsecured Wi-Fi network, you leave the door open for hackers to wreak havoc. Company networks are generally secure, but since businesses now extend beyond the office as well, they are exposed to unsecured networks. The solution to this is investing in a virtual private network. VPNs create private tunnels that allow ventures to maintain a mobile workforce as they still work on ensuring the best cybersecurity practices.
Custom Software Development
COTS (consumer off-the-shelf) software solutions are generally backed by organisations with solid cybersecurity measures. However, their pervasiveness can potentially make them an extensive target for cybercriminals, as it leaves businesses exposed. To prevent this, you can invest in customised software development.
However, there's one essential thing to mention in case you choose this route. It's always critical to assess the software developers to ensure they have the expertise to create a solution, industry-specific experience, and cybersecurity knowledge. These are all critical aspects to keep in mind, as they help you ensure the software solution meets all the company's security needs.
Training your employees should be part of your cybersecurity strategy
You may leverage several security solutions, but at the end of the day, your employees play a crucial role in ensuring cybersecurity at your company. Nearly 90% of cyberattacks occur due to human error; therefore, you must train your employees regularly regarding all the cybersecurity threats. You can do this through third-party training on the most recent cybersecurity methods or via constant communication from your in-house Chief Security Officer (CSO) or IT team. It has been proven that using third-party consultants to measure and implement specific cybersecurity measures is a very efficient method, although more expensive. However, it surely pays off in the long run. Some of the measures cybersecurity professionals can implement are penetration testing, attack surface management, hybrid app assessment, etc. Whatever you choose, by ensuring your employees are well-informed, you can drastically reduce your cybersecurity exposure.
Ultimately, you can avoid breaches and protect your company by being educated on how to combat cyberattacks and implementing these practices. It's essential to invest in cybersecurity measures, such as enforcing password rules regularly, implementing MFAs and VPNs, and updating your applications and operating systems frequently. By doing these things, you can succeed in protecting your business from increasing cyber threats.
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