Cybersecurity is the state or method of preventing and recovering from cyber attacks on computer systems, networks, computers, and services. Assailants are using new methods driven by social engineering and artificial intelligence to bypass conventional security measures, cyber attacks are becoming a more complex and evolving threat to your sensitive data.
The value of cybersecurity in business can never be underestimated, as cyberattacks are rising at an unprecedented pace around the world year after year.
Statistics indicate that the larger the organization, the more likely it is to be targeted. This does not, however, mean that small and medium-sized companies are not at risk. A cyber-attack can affect any company with an online presence, and the financial, physical, and legal effects of such an attack can be devastating.
Technology has been ingrained in the workplace over the past few decades. We now live in a more technologically advanced world, which, while beneficial, exposes us to increased cybercrime risk. Since 2016, more than 4,000 ransomware attacks have occurred every day in the United States, a 300 percent raise over 2015. Meanwhile, in 2018, approximately 130,000 UK companies were subjected to some form of cyberattack.
Importance of cybersecurity in business
In this modern era, everything is going digital and cybersecurity is most important for the business. The value of cybersecurity is growing. Fundamentally, our world is more technologically dependent than it has ever been, and this development shows no signs of slowing. Data breaches that could lead to identity fraud are now being shared openly on social media pages. Social security numbers, credit card numbers, and bank account records are now stored in cloud storage services such as Dropbox or Google Drive.
If you’re a person, a small company, or a large organization, you rely on computer systems on a daily basis. When you pair this with the rise of cloud computing, unreliable cloud services, smartphones, and the Internet of Things (IoT), you have a slew of cybersecurity risks that didn’t exist only a few decades ago. Even though the skillsets are becoming more similar, we must consider the difference between cybersecurity and information security.
Cybercrime is attracting more support from governments around the world. The General Data Protection Regulation (GDPR) is a good example. It has increased the reputational harm caused by data breaches by requiring all EU-based companies to:
- Notify people about data breaches.
- A data security officer should be named.
- To process data, you must have the user’s permission.
- To protect your privacy, anonymize your data.
The movement toward transparency isn’t just confined to Europe. Although there are no federal regulations regulating data breach disclosure in the United States, each of the 50 states has its own set of rules. There are a few things that everybody has in common:
- The requirement to notify those effect as soon as possible
- Let the government know as soon as possible
- Pay some sort of fine
In 2003, California became the first state to control data breach disclosures, requiring those affected to be informed “within a reasonable period” and “immediately following detection.” Victims will sue for up to $750 in damages, with businesses facing fines of up to $7,500 per victim.
This has driven standards boards like the National Institute of Standards and Technology (NIST) to release frameworks to help organizations understand their security risks, improve cybersecurity measures, and prevent cyber attacks.
Cybersecurity measures every business should take
Advanced cybersecurity measures, such as firewalls, encrypted connections, data leak protection, and ransomware protection, are required for any company with an online presence. Good spam filters should be set up to avoid phishing emails from reaching your staff, as well as to prevent email spoofing and scan incoming and outgoing emails. Anti-virus software can also be used and modified on a regular basis to keep endpoints safe.
Back up your data
It is important to back up your data on a regular basis. If your system fails or a hacker takes your system hostage, this easy move eliminates the chance of losing everything. Files that are confidential or sensitive to the business should be backed up in a remote, unconnected storage facility (such as offline backups.) Backups could remove the need to pay a ransom.
Plan for Incidence Response
A data governance program’s incidence response plan is a crucial component that can help to reduce the expense of a data breach. It should contain the following:
- Finding and restoring your most recent clean backup
- Procedures for interacting with law enforcement
- Isolating the infected device
- Isolating machines that haven’t been contaminated
Preparation, Understanding, and Investment
Expecting an IT department to mitigate all IT security risks is no longer practical. Your whole team should be educated in order to boost their knowledge of unique threats (such as phishing and spear-phishing) and reduce the chances of falling prey to social engineering attacks.
Weak passwords are one of the most serious cybersecurity risks facing companies around the world. Short lengths, obvious characters/numerals, and simple passphrases are all common characteristics. Creating and implementing better passwords is a quick way to enhance your company’s protection.