Cyber attacks do not discriminate. As long as you are a business with sensitive data on clients, you are the kind of prey many hackers relish.
From server downtimes, loss of money, damaged reputation, staff turnover to business collapse, cyber attacks have grave effects on the progress of a company. A study by Forbes indicates that cyber attacks are projected to cost $6 trillion dollars by 2021. Also, only 40% of businesses that experience a cyber attack survive after six months.
So, as a business, you have no choice but to put cyber security on top of your priorities list. It’s always the best option to consult experts on the matter like fraudwatchinternational.com.
Other than that, here are a few tips that you can put in practice.
Start with your employees
Employees are the first line of defence against cyber attacks. According to a study conducted by IBM in 2016, 60% of all cyber attacks could be traced to insiders. One out of every three attacks were a result of employees’ ignorance or negligence.
With many offices implementing a BYOD policy, the risks for inside threats have become even more heightened. So the best way to prevent cyber attacks is to develop a comprehensive cybersecurity policy.
This policy should spell out the do’s and don’ts in your IT apparatus and should teach things such as password management, detecting phishing attacks, logging out of systems, etc.
An employee who is well-versed in cybersecurity will become a blessing and not a liability to your company.
Make sure your security features are up to scratch
From viruses, malware, social engineering, keylogging to phishing attacks, there are countless kinds of threats that are likely to be aimed at your business.
Making sure your IT architecture is primed to stand tall against any attack is crucial. Conduct periodic checks and bring in experts and consultants who can give you an unbiased view. Make sure your hardware and software are up to date. Anti-viruses and anti-malware software can help keep your business protected.
Encrypting your data is a sure-fire way to ensure that even if attacks occur, your data won’t be compromised. Using a Virtual Data Room (VDR) allows employees to share sensitive information without fear of it being compromised.
Conduct periodic review and monitoring
An IT infrastructure that is not periodically monitored is likely to fall short against cyber attacks. Monitoring and reviews help you see what features need to be upgraded or updated.
Such monitoring should be conducted with revolving trends of cyber attacks in mind. The security structure that is able to foil cyber attacks today may crumble against new malware tomorrow.
By adopting a risk management approach, you can keep your IT operations and management in pace with best practice.
Get insurance against attacks
While it’s important to be proactive against cyber attacks, it is also wise to have plans for the aftermath of a cyber attack.
An insurance package is not just for your car or your home, it is also for data breaches. Assuming your company goes through a cyber attack, you are likely to be slapped with several lawsuits that may collapse your business.
Talk to your legal team or legal representatives as well as your IT team and pore over various insurance deals to find one that is best for your company.
Wrapping up
Hackers are always on the look for a company whose data they can compromise. Malware, viruses, and phishing attacks on businesses are on the rise.
Using the tips listed above, you can secure your business against cyber attacks. Considering how expensive and detrimental cyber attacks are to the growth of your business, you have no choice but to make cybersecurity a top priority.
