The COVID crisis has brought about perhaps the fastest transition to digital transformation in history. Within months of the pandemic, businesses have accelerated the adoption of new tech for customer interaction and logistics. The share of digital-ready products and services in the market has also experienced exponential growth, around seven years’ worth.
Amid this acceleration, cyber security will undoubtedly be on everyone’s radar. A growing number of cyberattacks have been recorded since countries confirmed their first cases, and there’s no reason for these to ease up with the restrictions. In fact, with more businesses going digital, you can expect that hackers will try harder and make even more attempts to steal crucial data.
Regardless of size or industry, businesses should start taking their cyber security seriously. A single data breach incident can cost them millions of dollars in stolen credentials and loss of consumer confidence. As this piece will explain, beefing up your business’s defense against such incidents can be somewhat simple.
Hire A Professional Service
The first step is often the most important. In the case of cyber security, that step involves looking for a professional to handle the building of your business’s means of defense. Cyber security services do much more than offer the latest suites and solutions; they also study a company’s framework and offer advice on what needs enhancing.
Maintaining an in-house IT team may sound secure, but a company would need enormous capital to do so. Those with limited funds will find outsourced services to be more cost-effective. Businesses don’t have to provide salaries and benefits to external specialists, only the periodic fee and other necessary software subscriptions.
Developing a crafty way to steal crucial data is only half of the winning formula; the other half relies on making the victim fall for the trick hook, line, and sinker. Studies show that nearly all data breach incidents stem from human error. An unaware worker may click on a link that’s disguised as legitimate but that is actually designed to record any information entered.
Employees should be educated about such tricks through annual seminars, and you should be constantly reminding them via posted notices and gathering feedback. Once in a while, put them to the test by setting up a mock phishing scenario (preferably unannounced). Be mindful of the test’s goals, as some might see it as an insult once the ruse is revealed.
Choose Passphrases Over Passwords
A compromised password is no less a cause for concern, yet millions of users use predictable combinations such as ‘123456’ or ‘qwerty.’ Even after having their passwords leaked, more than half of compromised users still stick with them. One reason is that they consider remembering a new combination to be a chore, especially if they forget it at a crucial time.
So, instead of passwords, cyber security experts advise using passphrases for better protection. Passphrases use four totally random words in place of a string of letters, numbers, and symbols. They’re easier to recall and take a far longer time to figure out, provided that the phrase barely makes a lick of sense.
Limit Access To Data
As mentioned earlier, most data breach incidents result from human error, as in a user accessing an ordinary-looking link in an email. Compounding the risk is if that user had as much access to the company’s data bank as everyone else. This setup is essentially giving the hackers what they want on a silver platter.
Businesses should exercise role-based access control, limiting data access to each person based on their role in the workplace. For instance, someone not working on the payroll has no business knowing a person’s Social Security number. The more difficult it is for hackers to engineer their way into the data bank, the less likely they’ll opt to continue.
Get Cyber Insurance
Despite the measures discussed so far, some cyberattacks will eventually find their way in, with or without the business knowing. If these incidents result in losses, companies at this point could focus on mitigating said losses. The best way to achieve this is by taking out a comprehensive cyber insurance policy.
Cyber insurance is among the emerging cyber security trends, as business owners understand that there’s no cyber security system that’s immune to attacks. A typical cyber insurance policy helps with data breaches by notifying affected customers, helping them recover their data, and repairing systems damaged or compromised in the attack.
Going digital is no longer an option for businesses but a necessity, even if it means more intense cyberattacks. In this day and age, investing in cyber security should take priority. The financial losses that data breaches can yield are enough to drive any company to close its doors, so you should ensure the security of your business data.