$7.91 million. According to a 2018 report by Symantec, that’s the cost of an average data breach to companies in the U.S. The average cost worldwide stands at an estimated $3.86 million. What’s even more alarming, cyberattacks grow more sophisticated every day. The average time to detect a data security breach is around 196 days! What if Amazon had a data breach and it went undetected for more than half a year?
Cybersecurity is more essential than ever before.
Effects of Cyberattacks
A cyber attack can seriously disrupt your business as well as tarnish your reputation. It can significantly harm your business, cause financial losses, emotional intelligence, and even affect your consumer standing. There are 3 basic aspects of a cybersecurity breach in the business world:
- Economic: A cyber attack can cause massive financial losses. Hackers can steal your corporate and financial information. They can even steal monetary funds, block digital operations, and cause you to lose business.
- Reputational: Cyber attacks can tarnish the reputation you have carefully built up with your customers. They harm the trust your customers place in you by entrusting you with their data. This reputational damage can cause you to lose profits, sales, and customers.
- Legal: The legal consequences of a successful data breach are quite serious. Privacy and data protection laws are very strict about managing customers’ personal data. If you are lax about security, and there is an accidental or deliberate breach, you may face hefty fines.
Protecting Your Business from Cyberattacks
You can probably begin to see the picture now. Cyber attacks can impair your ability to do business. They can also cause financial and reputational losses. Even the most careful businesses can fall victim to a data breach. This makes it very important to take the proper precautions and protect your business from cyber attacks. This blog explores the following ways that can help you do just that:
- Get EPS Solutions
- Get Your Website Security Tested
- Backup Your Sensitive Data
- Update Your Applications and Operating Systems
- Strong Password Management
- Staff Training
Below follow more details on each tip and how it can help you keep your business safe from cyber attacks.
Get EPS Solutions
Endpoint Security solutions are essential if you are serious about security. An EPS gives you protection at the web, device, and application level simultaneously. But what does that mean? An EPS solution secures all endpoints in your business that a cyber attack could be launched from. It doesn’t matter if it is a device, application or web-based endpoint. An EPS system will help you keep these endpoints protected against malware launches.
Get Your Website Security Tested
Get your website code inspected by Information Security personnel. Outdated code or loopholes can help cybercriminals hack into your website and harm your business. Another thing to check is if your hosting company is credible. It always helps to get a security certificate like SSL (Secure Socket Layer) to guard against malicious web content.
Backup Your Sensitive Data
Having a secure data backup comes in really handy in the face of threats like ransomware. Ransomware can highjack your data and demand money for its return. If you have a secure backup, your business can still function after a ransomware attack. There should always be a separate system for backups that you should update periodically.
Update Your Applications and Operating Systems
For businesses, it is very important to keep all applications and operating systems up to date. Developers routinely come out with updated security patches as new threats emerge. Without the necessary update, your business could be left open to newer forms of cyber attacks. You should beef up your security with a licensed antivirus for business use.
Strong Password Management
Strong passwords are key to maintaining business security. Never keep default passwords and always have unique passwords for all your accounts. Use password managers to keep their passwords secure. Make sure your passwords are strong, random, and alphanumeric.
Staff Training
Employees are a significant business asset. But many times, a data breach comes from the negligence of an employee. Just like HR technology, you need to train your staff properly. Organize regular security awareness meetings. Circulate memos on the latest cyber threats and how to avoid them. Remember, security awareness is not a one-off task. You need to constantly update your staff as new threats emerge. Cybercrime continues to evolve, just like cybersecurity. For now, these tips can help you protect your business against most current forms of data breaches.