What Every Business Owner Should Know
Published: 2022-12-02 in security
Technology has shaped our world dramatically. With the continual advancement of technology, business has certainly benefited and grown in ways we've never seen before. However, advancing technology does not come without risks. As business and tools become more sophisticated, so do cybersecurity threats. To prevent the loss of uptime, profits, and most drastically, your business, you must first understand the realities of cybersecurity.
The reality of today’s cybercrime landscape
Did you know... that the cost of cybercrime downtime is typically higher than the ransom?
Nearly all organizations will face or fall victim to cybercrime. In today’s landscape, it is not a matter of if it will happen, but when. Fortunately, there is a lot that can be done to protect yourself and your business. With the proper measures taken, you can feel confident knowing your business is safe and that you have a dedicated team on your side. Let’s talk about some of the threats you need to be aware of.
Here are some of the most serious and prevalent cyberthreats facing business owners right now:
Ransomware is hostile software created to trap and capture your sensitive data hostage until a ransom is paid within a set timeframe. Failure to pay or take appropriate action can lead to permanent data loss and leaks of information.
Phishing/Business Email Compromise (BEC)
Phishing is another popular method of crime among cybercriminals. When a hacker is using this method, they will impersonate a real employee or business by sending links or attachments via email and text. These links can lead to the capture credentials or installation of malware.
Business Email Compromise is when a hacker will compromise email accounts to manipulate the user into revealing sensitive information or sending money. These emails can appear legitimate, thus why it is crucial to always be cautious of emails and texts containing links and attachments.
Insider threats are more difficult to spot because they emerge from inside the company and are sometimes an accident. These threats can happen due to a current or former employee, business partner, or even a vendor who has access to important data and business systems.
Denial-of-Service/Distributed Denial-of-Service (DoS and DDoS)
DoS and DDos attacks are easy to carry out and are done by hackers bombarding the vulnerable system with data requests forcing it to slow or crash.
If you haven’t determined whether you need to be fearful of these threats, IBM Cost of Data Breach Report has provided the below statistics:
- It takes an average of 280 days to identify and contain a breach.
- Malicious attacks with financial motivations were responsible for 52% of breaches
- Personal Identifiable Information (PII) is compromised in 80% of data breaches (PII)
Secure your business in these steps
Now that you are aware of the cyberthreat types to be aware of, it is time to review proactive steps you can implement to ensure the safety of your business.
• Strict Password Policies/Management Tools
Good password hygiene is a critical first step in protecting accounts and sensitive information. It is also important to provide regular training to employees on proper password practices. This will keep policies fresh in their minds and stress the importance of good password hygiene.
• Strong Identity Controls - Multifactor Authentication (MFA)
Multifactor Authentication is needed with today’s cybersecurity threats. MFA allows for a secondary defense beyond a secure password. The best use of MFA will provide one-time passwords and security questions only you could know.
• Regular Risk Assessment
Regular risk assessments provide on-going detection of risks and their severity aimed at the business, employees, and operations.
• Virtual Private Network (VPN)
A VPN encrypts all connections and can secure your business from a security breach. Employees should test their connection from their individual locations to ensure it is working properly.
• Business Continuity Strategy
Having a business continuity strategy in place promises that your critical business operations continue seamlessly even when a disaster strikes. This strategy also secures your IT systems, software and applications making sure they are recoverable from any event.
• Continual Security Awareness Training
Empower your employees by providing them with on-going cybersecurity awareness training. Providing regular training will encourage your staff to make educated decisions when working with corporate data and computer systems.
If you are ready to strengthen your cybersecurity and take the next steps in securing your business, we can help. With so many moving parts both in and out of your control cybersecurity can seem daunting. However, with the right team on your side, we can help your company build a fortress of digital protection.
Contact us today for more information! We look forward to speaking with you.