If you are not living under the rock, you will be aware of the cyber security incidents that have created havoc in the business world. Many people think cyber security is a concern for big businesses only; however, hackers don’t look at the firm’s size before carrying out the attack. With more and more businesses shifting to the online world, they become an easy target for hackers.
According to a report published by Cybersecurity Ventures, damages caused by cybercrime will account for 46 trillion annually by the end of the year 2021. Another report by SonicWall stated that ransomware attacks have increased by 62 % worldwide and 158 % alone between 2019 and 2022. As a defense mechanism, businesses will spend more than $ 170.4 billion per year in cybersecurity by 2022(Gartner, Inc.)
Hackers might be carrying out their next operation even as you read these statistics. This is why businesses need to upgrade their security mechanism and train employees to deal with security threats. For this, they can rely on online cybersecurity courses to give employees an understanding of the threat environment.
How Cyber Crimes Impact Business Operations and Revenue?
With more and more businesses storing data online, data becomes vulnerable to cyber thefts. While dealing with online criminals, cybersecurity costs increase, which will increase prices for customers. Here are some ways cyber-crimes impact business revenue.
- Due to cybercrimes, businesses have to incur high costs because of operational disruption and altered business practices
- Cybercrimes will result in reputational damage
- The worst attack of cyber-attack is loss of revenue
- Loss of valuable assets like company’s intellectual property
How Can Businesses Protect their Network against Cyber Threats?
Develop an Appropriate Security Program
The simple and the most effective way to secure business information is by using up-to-date software. Businesses shouldn’t avoid software updates or skip them to protect their system from hackers. Software developers constantly update the code, improve the security program against the latest malware.
Also, businesses must always create a backup of their system and not on a single location. The backup must be present on the site as well as off-site. Ensure your business includes different security packages like SSL, web application firewall, website, and software scanners.
Educate Staff and Create a Strong Cyber Security Culture
Human error was the major cause of cyber security breaches in 2019 and will continue to create havoc in the business world if not dealt with properly. That’s why a business needs to develop a strong cyber security culture and teach its staff to identify and correctly respond to cyber security threats. Infosec4TC’s cyber security project tutorial can create cyber security awareness in the workplace. The awareness program should cover the following things:
- What is the cyber threat?
- What is a data breach?
- What are phishing attacks?
- What is a DDOS attack?
- What is ransomware as a service (RaaS)?
- What is Threat Intelligence?
Encrypt Customer Data
If you think your business is not valuable enough to be targeted by hackers, it’s time to think again. If your business relies on customer data and stores it online or on the system, you are subjected to an attack by hackers. If hackers steal customer data, the consequences will be catastrophic. Businesses must ensure data is encrypted and if there is financial data involved, outsource business’s eCommerce to secured sites like PayPal and Google Checkout.
Protect Third Party Services
Businesses don’t act in a vacuum, even if your system is secure, but the third-party businesses you deal with might not be as secure as yours. Therefore it’s important to not only secure your business but ensure the company you work with takes security issues seriously. To explain this point, let’s take the example of Target; the firm has a secure defense mechanism. Still, the hackers gained access by using the credentials of a subcontractor.
To protect your businesses when you work with a third party, check their credentials to achieve an appropriate level of security.
Keep Track of the Remaining Vulnerabilities
Even if you have a strong online security system, you can’t guarantee that there will be no security breach. Therefore it’s essential to stay at the top of your system to reduce the hacking risk. When you find vulnerability, check how you could deal with it and enforce new rules if necessary. If you are operating in an e-commerce business, understand two key vulnerabilities:
- SQL
- Cross-Site Scripting
Are you ready to defend your business from cybersecurity threats in 2022? Follow the above measures, ensure your business aligns with the latest threats, and has a defense mechanism. To carry out an information security audit, you can count on Infosec4TC. In addition to finding the loopholes in the business security system, we help individuals build cyber security careers with the help of our top-rated cybersecurity courses.