Cybercrime is a serious threat to every industry. It’s estimated that cybercrime costs the global economy $600 billion annually.
As an enterprise, you must take steps to protect your data from unauthorised access and theft.
One of the best ways to do this is by investing in cybersecurity solutions.
Why your business needs cybersecurity
Data breaches are all too common these days. In 2019, smart home device manufacturer Orbivo suffered a data breach that saw 2 billion data records stolen. Customers worldwide were affected and had their private information stolen.
A cyberattack could also lead to damage to your company’s reputation. If you’re not taking steps to protect your data from unauthorised access and theft, you’re risking everything.
This is why all enterprises need cybersecurity solutions – to protect them against all types of threats.
Top threats to your data
Cybercrime is on the rise. The Ponemon Institute predicted that the average cost of a data breach would reach $7 million by 2020. A data breach could happen at any time to any business that isn’t prepared, or doesn’t have adequate security measures in place to protect their information from being leaked or stolen.
Some of the most common threats:
- Ransomware: malware that locks up your company’s data and extorts the owner for a ransom. This is a serious threat because it can often result in a company having to shut down its operations.
- Remote Access Trojans (RATs): programs that allow unauthorised remote access to a company’s computer system. This type of malware is used to steal sensitive data, including passwords, banking details, and other personal information.
- Phishing attacks: an email that looks legitimate but is actually fake. Cybercriminals hope you’ll give away your information or click on links to infect your computer with malware.
- Spear phishing: when the malicious actors target specific individuals within an organisation for their sensitive information. This is commonly used against CEOs and managers.
- Social engineering: cybercriminals using deception techniques to get away with compromising sensitive information over the phone or over the internet.
Combating cybersecurity threats
Competing in the digital age requires you to be constantly vigilant. The problem is that with today’s digital landscape, it’s easier than ever for cybercriminals to steal your data.
One of the best ways to protect your data is by investing in security solutions, like antivirus, behavioural analysis, and preventative measures.
Some tips to combat threats:
- RATs can be combated with cybersecurity solutions, like endpoint protection and antivirus software.
- Phishing emails can be combated with spam filters, antivirus software, or email management tools, like Microsoft Office 365.
- Social engineering can be combated by training employees about how they should conduct themselves on the phone and social media sites.
- Ensure your IT infrastructure is updated and secured against vulnerabilities.
- Encrypting your data is another way to protect it from unauthorised access or theft.
- Invest in robust firewalls to protect against outbound and inbound traffic.
- Employee training on how to avoid security breaches is also essential for keeping your company safe from cybersecurity threats.
Cybersecurity best practises
In order to prevent a cybersecurity breach, it’s important to be familiar with the most common threats and best practices.
The following list is a strong place to start:
- Install firewalls on computers and servers
- Encrypt sensitive data
- Implement two-factor authentication
- Set strong passwords
A security policy including firewall, antivirus protection, and regular updates should be implemented with all employees at every level aware of the policy. Managers should ensure that every employee follows the cybersecurity policies and procedures.
Next, have a backup plan in place for your data. The last thing you want is to lose all of your company’s data because your computer was accessed by an unauthorised source. In addition, make sure that you’re monitoring who has access to sensitive data or systems, as well as their activities on those systems.
Another good practice is keeping software up-to-date with patches and downloads from trusted sources and vendors. Cybersecurity companies and managed service providers are key to keeping your IT infrastructure updated fairly often with bug fixes and new features. Updating your software increases its effectiveness at protecting you against harmful cyberattacks.
Cybersecurity is a top priority for all businesses. From ransomware to data breaches, cybercriminals pose a major threat to any company that operates any part of its business online.
Get help from the cybersecurity experts
Cybersecurity breaches are a very real threat to businesses of all sizes, and it’s important to be aware of the latest threats and how to protect your company from them.
The cybersecurity experts at INTELLIWORX are experts in every area of cyber defence. They can help you implement solutions tailored to your business needs, no matter how complex. Talk to them today.