The effect of a data breach can spread far exceeding the reputational harm that results from adverse news headlines. Except you play a part in a large, thriving company, you likely cannot afford the expense of a data breach.
Still, even though the cost continues to rise yearly, several institutions do not appreciate the importance of implementing excellent cybersecurity practices to protect their data.
In today’s day and age, cybersecurity is a critical investment that can help a company minimize the digital damage to keep the business operating in the occurrence of a breach.
The Cost of a Data Breach
According to a study in 2018, the overall expense of a breach is approximately $4 million. Plus, the chances of becoming a victim of another breach in two years after the first one is just below 30 percent.
Recognizing these figures, the current threat conditions of cyber attacks could put small companies at grave financial risk. Depending on the magnitude of compromised records, one cyber incident could likely cost more than a business makes in a year. Besides, since cyber attacks are getting stronger and more aggressive, investing in cybersecurity is essential.
What is Cybersecurity?
Cybersecurity refers to the set of practices, processes, and technologies designed to protect programs, devices, data, and networks from harm, attack, or illegal access. People also refer to cybersecurity as IT security.
The Significance of Cybersecurity
Cybersecurity is vital because the military, government, medical, corporate, and financial organizations gather, process, and save huge amounts of sensitive data on computers and other data-storing devices.
A significant part of data can have sensitive information, such as financial data, personal data, intellectual property, or other types of information for which illegal access or exposure can have serious consequences.
Companies transfer sensitive information over networks and to other devices as part of executing the business process, and cybersecurity represents the discipline applied to protect that data as well as the systems utilized to store or process it.
As the strength and volume of cyberattacks rise, organizations and companies, particularly those with the task to protect information concerning health, national security, or financial records, should improve their methods to safeguard their sensitive personnel and business data.
Firstly, to create a robust foundation in cybersecurity, you need to establish the primary line of defense against hackers, and you can do that by assuring the security of enterprise networks.
To achieve such, you must install a firewall, IPS, and IDS. Aside from having an external firewall, it is best to install internal firewalls as well to add a layer of defense to your data security.
Back-Up Data Constantly
It is better to be secure than sorry. So, being ready for any worse case scenarios because nobody knows when cyber attacks occur.
As such, it is critical for small and medium companies to have a plan for backing up their data constantly. Also, you need to have a set of offline backups in situations of any natural disaster.
Protect Your Hardware
As entrepreneurs provide too much though in obtaining the latest and most advanced types of software for cybersecurity, several company owners tend to overlook the protection of their company hardware. As an effect, they make themselves vulnerable for loss or device theft, which is also a part of the threats that they need to consider.
Start your strategy in preventing cyber attacks with the fundamentals, and these include:
- Protecting all devices using a complicated password. Share that particular password with the user only and have the user memorize it instead of writing down the password in an accessible place.
- Don’t underestimate the effectiveness of attaching personal computers to desks. Although this approach is simple, it is a practical way of stopping thieves from running away with business equipment as well as the sensitive information that the device holds.
This approach might seem unnecessary, but one of the most significant threats to small and medium companies is from the inside. In some instances, company staff can become a threat, whether unknowingly or knowingly.
This scenario is why you need to educate and train your staff to provide them with awareness regarding cybersecurity for them to identify virus-attacked sites, phishing emails, and many more. If you want your employees to learn more about cyber threats and how to protect themselves about it, do not hesitate to visit robots.net for more information.
Invest in Cybersecurity Insurance
The most effective cybersecurity practices should have layers to cover several types of cyberattacks and responses. This effect is why business owners should consider cyber insurance as one of their layers in their defense systems.
This scenario is particularly true for startup companies that have no in-house cybersecurity team. When a cyber-attack transpires, your company should hire an Information Technology forensic specialist quickly.
The purpose of doing such is to have them investigate your system and gather data about the breach, helping with the mitigation, and financing the result.
Aside from forensics, the insurance coverage must include security from downtime business losses, as well as compensation for data loss, legal fees, and ransomware payments. Also, the insurance policy will play a part in your incident response procedures, depending on the kind of insurance you have.
Even if you are ready and capable enough to fight against digital hackers and other adversaries, all it needs is a minor mistake from staff in your company to create an entry point for the hackers.
As another day starts, cybercriminals are having a major advantage when it comes to methods, thus it is crucial to execute Multi-Factor Authentication (MFA) because it gives an extra layer of security.
Document Your Security Policies
Documentation is not a part of the standards in several medium and small companies as they usually operate around using word-of-mouth communication.
However, when we talk about cybersecurity, proper documentation procedures are particularly significant as this practice not only helps you in evaluating the performed tasks but also gives you a simple way to convey knowledge to beginners too.
Install Strong Anti-Malware Software
Current anti-virus engines are not that effective against ransomware as it changes nearly as fast as the development of the latest anti-virus tools.
Keep in mind that ransomware can operate quietly in the setting, and you can only detect it by using an anti-virus program when it’s already too late to preserve your files. This effect is why it is critical to invest in software that is specifically capable of dealing with this challenge.
As powerful anti-malware tools can detect and separate software viruses the moment they attack, stopping these viruses from invading your database is essential.
Therefore, investing in an advanced firewall is the key to prevent malware from accessing your computer systems. Plus, as cybersecurity threats change at a rapid speed, always consider updating notifications and apply them the moment they become available.
Remember that these particular updates are the most suitable response to the most recent cyber threats, hence a vital tool in fighting against cyber attacks.
Even if we are aware of the threat of cyber attacks, it is easy to ignore everything about it until an attack occurs. On the other hand, if your business has a powerful security presence, then your chances of becoming a victim of digital attacks will significantly lessen.