Cybersecurity: What Every Business Owner Should Know

While organizations and workers have certainly benefitted from the advancement of technology, it has also introduced an unprecedented increase in cybersecurity risks. Ransomware attacks, for example, hit businesses, on average, every 11 seconds in 2021. Therefore, if you want your business to grow and succeed, you must understand the reality of cybersecurity.

The Reality of the Current Threat Landscape

Did you know that the cost of cybercrime downtime is typically higher than a ransom itself?

Almost every organization will encounter cybercrime at some point. It's not a question of IF, but WHEN it will happen. While that reality is quite alarming, there’s no need to panic. There are proactive steps you can take to protect your business and achieve peace of mind. But first, we should discuss what you need to be aware of.

Here are some of the most serious and common cyberthreats facing business owners right now:

·        Ransomware

Ransomware is a type of harmful software that threatens to reveal sensitive data or prevent access to your files/systems until you pay a ransom payment within a set amount of time. Failure to pay on time can result in data leaks or irreversible data loss.

·        Phishing/Email Compromise

Phishing is a type of cybercrime that involves a hacker impersonating a legitimate person or company mostly through emails or through other methods such as texting. Malicious actors employ phishing to send links or attachments that can be used to steal login credentials or install viruses.

Similarly, business email compromise (BEC) is a scam in which cybercriminals use compromised email accounts to trick victims into sending money or revealing sensitive information.

·        Insider Threats

An insider threat arises from within a company. It could happen because of a current or former employee, vendor, or other business partner who has access to important corporate data or computer systems. Insider threats are hard to detect because they emerge from within and are not always intentionally malicious.

·        Denial-of-Service/Distributed Denial-of-Service(DoS and DDoS)

These attacks are widespread and easy to carry out. When a DoS or DDoS attack occurs, hackers flood the targeted system with repeated data requests, forcing it to slow down, crash or shut down completely.

If you are still unsure whether you should be concerned about these sophisticated threats or not, the following statistics might help you to decide:

·        It takes an average of 280 days to identify and contain a breach.

·        Malicious attacks with financial motivations were responsible for 52% of breaches.

·        Personal Identifiable Information (PII) is compromised in 90% of data breaches (PII).

Implement These Measures to Secure Your Business

Now that you know what types of cyberthreats to look out for, let’s take a look at some measures you can put in place today to protect your business against cybercrimes.

·        Strict Password Policies/Management Tools

Strict password policies and the use of proper password management solutions can help improve your organization's overall “password hygiene.” Passwords are, in a way, the first line of defense against cybercriminals.

·        Strong Identity Controls – Multifactor/Two Factor Authentication (MFA/2FA)

To combat the current threat landscape, strong identity controls that go beyond traditional username-password logins are required. Consider using Multifactor authentication, which includes features such as one-time passwords (OTPs) and security questions or confirmations.

·        Regular Risk Assessment

This process aids in the detection, estimation and prioritization of risks to an organization's people, assets and operations.

·        Virtual Private Network (VPN)

To avoid a security breach, you should set up a corporate VPN that encrypts all of your connections. Make sure your employees test it in their individual locations to avoid any future hassles.

·        Business Continuity Strategy

When disaster hits, a solid business continuity strategy ensures that mission-critical operations continue uninterrupted, and that IT systems, software, and applications always remain accessible and recoverable.

·        Continual Security Awareness Training

Continuous security training empowers your employees to recognize and identify complex cyberthreats and take appropriate action, resulting in a transformed culture of cybersecurity within your organization.

If you’re ready to strengthen your cybersecurity posture but aren’t sure where to start, don’t worry! Tekie Geek can help your company build a digital fortress of protection solutions. Contact us today to schedule a free consultation!

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