Running a business comes with huge challenges that can make or break your success. One of the biggest problems corporations are facing today is cybersecurity threats. A 2020 survey shows 23 percent of global organisations experienced more than seven attacks on their networks or systems over the past year.
The problem with data security breaches is that hackers can pull it off in no time, and you’ll notice the breach after a few days. Data show 93 percent of successful data breaches happen in less than one minute. Meanwhile, 80 percent of businesses take weeks to discover such incidents.
Cyber attacks can result in expensive consequences. That is why executives focus on enhancing their organisations’ cybersecurity.
Protecting Your Data from Cybersecurity Threats
As the world marches to digital transformation, stronger cybersecurity becomes more important. Businesses, home networks, and even government agencies are vulnerable to cyber-attacks. The COVID-19 pandemic also forces companies to work from home, putting their data at risk of attacks.
One solution IT teams see fit for the increasing number of cyberattacks is outsourcing cybersecurity support to a managed service provider (MSP). IT leaders aim to improve security in the cloud, business continuity, employee training, and disaster recovery.
A survey shows only nine percent of respondents are currently outsourcing security operations. This number is likely to grow in 2021 as 83 percent of the respondents plan to switch to MSPs. Consider outsourcing the maintenance services for your data centres to keep your network systems safe.
Additionally, the National Institute of Standards and Technology (NIST) provides recommendations on how you can protect your business from cyberattacks on its Cybersecurity Framework.
Here are three of the things you can do to keep your data safe.
1. Limit Employee Access to Your Data and Information
According to NIST, human error is the top information security threat. You can prevent this by giving your employees limited access to valuable company data. They should only have access to specific information and systems they need for their job.
In case an employee quits, make sure to delete passwords and accounts from all systems. It should also be your company’s protocol to collect company ID badges and entry keys of your former employees. These can help protect the data from your office.
2. Use Software and Hardware Firewalls
Installing firewalls can prevent malicious hackers from infiltrating your networks and systems. Your employees will also not be able to browse inappropriate websites. Firewalls block unauthorised access to your networks. If there are intrusion attempts, you will get alerts from your firewall.
Remember to activate your firewall before going online. Several companies offer hardware firewall that has a built-in firewall that keeps your network safe. For larger businesses, it’s ideal to buy an extra business networking firewall.
3. Encrypt Sensitive Business Information
Keep your sensitive business information by using full-disk encryption. It can protect all your devices, including your computers, tablets, and smartphones. Make sure to have a copy of your encryption password. You can also key in a secure location outside your stored backups.
Recipients would need the same encryption capability to decrypt. If you need to send the password, it’s better to give it to them through phone or other methods.
How Will Cybersecurity Threats Affect Your Business?
Your company’s cybersecurity should not be taken lightly, especially with the increasing number of cyber attack cases amongst corporations globally. Data breaches can significantly hurt your company.
Improving your cybersecurity protocols can prevent your organisation from suffering these consequences.
1. Loss of Revenue
One of the most common effects of a data security breach is a revenue loss. The amount of revenue that companies lose depends on the country and industry. In the UK, a data breach will cost a company $3.88 on average in 2019.
2. Compromise Your Brand Reputation
Maintaining a reliable brand reputation is essential to the success of your company. A data security breach can make you lose your client’s trust. Hackers can leak your private emails and your customers’ payment information.
3. Put Your Intellectual Property at Risk
Hackers are likely to steal designs, blueprints, strategies, and other intellectual properties once they have infiltrated your networks. Companies in the manufacturing and construction industries have a higher risk of these threats.
Data security breaches are becoming more common today. Corporations expect to experience more this year as more transactions shift online. Upgrading your cybersecurity system and investing in stronger data management software and hardware can protect your data assets from cyber attacks. You can outsource your IT team or focus on improving your in-house team.