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The fact of the matter is the world increasingly reliant and technology and our society is more technologically reliant than ever before and there is no sign that this trend will slow. With the increased use of the internet and technology comes the huge risk of attacks. We’re now living in a more technologically advanced world which, though advantageous, exposes us to a heightened risk of cybercrime. According to facts, the larger the business, the more chances of attack. However, this doesn’t prevent small as well as medium-sized businesses from attack. In the modern era, before doing anything there is a need to secure that first.
Recently, in May 2019, Australian graphic design tool website Canva suffered an attack that exposed email addresses, usernames, names, cities of residence, and crypt passwords. Canva says the hackers managed to view, but not steal, files with a partial credit card and payment data. So, what is the impact of cybercrime on any company?
1. Economic costs-
Theft of corporate information and cost of repair of damaged systems
2. Reputational costs-
Loss of customer trust, loss of current and future customers to competitors, and poor media coverage
3. Regulatory costs-
GDPR (General Data Protection Regulation) and other data breach laws mean that your organization could suffer from fines and sanctions.
Now the question arises that what exactly cybersecurity means? So, cybersecurity is the state or process of protecting and recovering computer systems, networks, devices, and programs from any type of cyber-attack. It includes protection from sensitive data like personally identifiable information (PII), protected health information (PHI), intellectual property to financial, physical, and legal implications of an attack on any business which can be absolutely devastating.
The importance of cyber awareness is most important given our regular use and reliance on the internet. From simple everyday tasks to more complex and larger roles and responsibilities, everything is now moving online. Businesses also make use of the internet to connect with their clients and offer their services.
Users are asked to provide sensitive information like their ID numbers, banking information, etc. on these online portals on a regular basis. As a business, it is your responsibility to ensure security for every stakeholder involved. Businesses have to ensure:
A stable and convenient communication stream
Flawless and hassle-free execution of tasks
Storing user information
Protecting user information
A strong defense against cyber-attacks and threats against all business resources.
We can clearly see a rising trend in the use of technology. But as technology progresses, the risk and advancement of cybersecurity threats are also on the rise. Cybercriminals are also evolving, coming up with better and hard to detect means of sabotaging cybersecurity protocols. Defense seems to be getting more complex and harder however, the frequency and damage caused by these attacks are also increasing. Thus, businesses have to be serious and realize the importance of cybersecurity.
What the business can do?
1. Technology
Every business with an online presence needs to invest in advanced cybersecurity measures, including firewalls, encrypted connections, data leak protection, and ransomware protection. Strong spam filters should be configured to prevent phishing emails from being delivered to your employees, prevent email spoofing and scan incoming/outgoing emails. Anti-virus software should also be used and regularly updated to help secure endpoints.
2. Data back up
Your data must be backed up on a regular basis. This simple step reduces the risk of losing everything if your system fails or a hacker takes your system hostage. Company-confidential and sensitive files should be backed up in a remote and unconnected storage facility (such as offline backups.) Good backups could reduce the need to pay a ransom.
3. Keeping Strong Passwords:
One of the most commonly committed mistakes that lead to successful cyber-attacks is being negligently related to passwords. When setting up passwords make sure that they are hard to guess. Avoid setting obvious passwords. It is recommended that the passwords selected are a combination of alphabets (both uppercase and lowercase), numbers as well as symbols. Other than selecting strong passwords, you should also keep changing the passwords after a couple of months. This will help you ensure a strong defense against cybersecurity issues.
4. Hiring Reputable Cyber Security Companies:
There are plenty of best cybersecurity companies like AllSafeIT that offer cybersecurity services for their clients. These are renowned and trained professionals that specialize in cybersecurity protocols. They are well aware of cyber-attacks as well as the tried and tested mechanisms to stand strong against them. Therefore, you can be sure that your business is safe and the risk of compromise on the business’s security is reduced to nothing when such companies and service providers are taken on board.
However, it is important that you only trust the best services like AllSafeIT for these responsibilities. If you end up hiring the wrong service provider, it will not only do more harm than good but will also rip you of your valuable time and money.
All in all, cybersecurity is a very important aspect for businesses both large as well as is far more important than ever. Therefore, as cyber-attacks, a business owner, make sure that your focus is at the right place and you are deploying reliable customers. There are several ways in which businesses can ensure that they are protected and strong against cyber-attacks.
Cyber-attacks are on the rise. And the need to understand the advantages of cybersecurity is far more important than ever. Therefore, as a business owner, make sure that your focus is at the right place and you are deploying reliable cybersecurity protocols to safeguard your business resources and the data of not only your company but also of all the other stakeholders that are involved and directly linked to your company.
-- Komal Jain