The Most Effective Ways to Protect Your Business from Cyber Attacks
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Can hackers succeed in launching cyber attacks against your business? Is your business prepared to deal with such threats? Hackers invent new ways of breaching security protocols every day. Unfortunately, many business owners focus on business growth especially for small startups and ignore cyber security.
Your business cannot remain competitive in a digital business world without integrating the latest technologies into your processes. However, you must identify and implement practices that mitigate cyber risks while introducing new technologies. Here is a guide on how to protect your business from cyber attacks.
1.Assess risks and threats
The first step is to assess the security needs in your business and the existing security measures. Do you have any mechanisms of mitigating security threats? What type of data or intellectual property do you need to safeguard? Such questions will help you assess your preparedness to deal with threats. Once you assess the level of risk, you can use the methods outlined below to safeguard confidential data.
2. Ensure your business
More than half of the small businesses that experience cyber attacks go out of business within six months. Cyber security insurance protects your business against security threats and keeps you in business even after a successful attack. A cyber attack often leads to lengthy lawsuits with high legal costs if your business is liable. Getting a cyber liability cover helps you to cover such costs without affecting your cash flow.
3. Involve experts
It is advisable to outsource the cyber security function to experts. One benefit of this strategy is that you get advice and robust security measures from experienced experts. Your main role a business owner is to focus on growth while your employees focus on daily operations. You may not have enough time to assess risks, threats, and identify the latest security technologies. Security companies like MonsterCloud can handle your security issues and ensure that your business is secure while you focus on your core functions.
4.Train your employees
Your employees handle confidential data in your business every day. The efforts to secure such data must include training them on data security. Educate them on the common sources of cyber threats including social media and accessing suspicious emails. Hackers use emails to send malware to companies and access their security passwords.
Educate your employees on the dangers on accessing company data or systems on shared Wi-Fi. Do not assume that your employees are aware of such measures. Instead, train all employees especially those with access to confidential data.
5. Store data in virtual data rooms
One of the secure ways of storing private information and intellectual property is in virtual data rooms (VDRs). It is difficult for hackers to access data that is stored in a VDR. The benefit of involving experts is that they can help you shift your business to such secure storage systems. You can safely store financial records, client data, taxation paperwork, and legal documents on VDRs.
6. Evaluate your security policy
Do you have a cyber security policy in your business? Every business requires a strict security policy. You are likely to employ millennials in your business. Most of them interact on social media as they work. You cannot restrict your employees from accessing social media or bringing their smart phones to work. However, you can control how they use such devices in the business premises. For instance, you can restrict access to company emails and system using personal devices. You cannot also prohibit the use of office devices to access personal social media accounts.
7. Pay attention to internal threats
Sometimes business owners focus on external threats and forget that cyber security threats can start from inside. In fact, more than half of all cyber threats are from individuals inside the organization. The threats may be from negligent employees but the majority of internal threats are from malicious employees. Hence, a strict security policy is necessary to restrict access to confidential data to a few employees. Install systems that enable you to watch your employees’ activities.
8. Assess your password strategy
Hackers target businesses with weak passwords. Your business is at a high risk of external and internal attacks if your employees use predictable passwords. Part of the security training should involve creating strong password that combine numbers, symbols, and letters in lower and upper cases. Educate employees on the risk of sharing passwords even with other employees. In addition, train your employees to change their passwords every month or whenever they suspect a third party has mastered the password.
You have invested all your resources and time to build your business to its current level of performance. Do not allow criminals to bring down your business by ignoring cyber security. Implement the measures outlined above consistently to keep your business and client information secure. Remember to involve and train your employees in the process because they have direct access to confidential data.