Cybersecurity: A Guide for Business Owners

Technology has undoubtedly benefited businesses and workers, but it has also brought with it a slew of new cybersecurity threats. In 2021, a ransomware attack hit business every 11 seconds.

Consequently, if you wish to grow and succeed in your business, you must be aware of the realities of cybersecurity.

How Serious Is the Situation Right Now?

Cybercrime downtime costs more than a ransom, according to a recent study.

It is almost certain that every business will have to deal with some form of cybercrime at some point. It’s a matter of WHEN, not IF, this will occur. There’s no need to be alarmed by that fact, though. You can take preventative measures to safeguard your company and alleviate your concerns.

Then let’s talk about what you should be aware of before moving on.

Here are a few of the most serious and prevalent cyberthreats that are currently affecting businesses:

• Ransomware 

The term “ransomware” refers to malicious software that holds your sensitive files or systems hostage until you pay a ransom in a predetermined amount of time. If you don’t pay your bill on time, you could end up with a data leak or a complete loss of data.

• Phishing/Business Email Compromise (BEC) 

This type of cybercrime involves a hacker posing as a legitimate person or organisation in order to steal personal information such as usernames and passwords. Fake email messages are often used by criminals in order for them to trick victims into divulging their passwords or installing malware.

Scammers use business email compromise (BEC) accounts to trick victims into sending money or disclosing personal information in a similar way.

• Insider Threats 

This means that a company is threatened by an insider. Employees, vendors, and other business partners may have access to critical corporate data and computer systems, which could lead to a breach. Because they emerge from within and are not always deliberate, insider threats are difficult to detect.

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

Many people have been affected by these attacks, which are simple to carry out. During a DoS or DDoS attack on a target system, hackers flood it with repeated data requests, causing it to stutter, crash, or shut down.

To help you decide whether or not you should be concerned about these advanced threats, here are some statistics:

• An average of 280 days is required for a breach to be discovered and remedied.
• 52% of breaches were the result of malicious attacks with financial motivations.
• More than 80% of data breaches result in the loss of personally identifiable information (PII).

Execute these steps to protect your Business

Following our discussion of cyberthreats, we’ll take a closer look at how you can protect your business from cyberattacks.

• Strict Password Policies/Management Tools 

You can improve your company’s overall password hygiene by enforcing password policies and implementing appropriate password management solutions. This is the first line of defence for protection against cybercriminals.

• Strong Identity Controls – Multifactor Authentication (MFA) 

The current threat landscape necessitates strong identity controls that go beyond the traditional username-password authentication. One-time passwords (OTPs) and security questions are two of the many options for multifactor authentication which should be considered.

• Regular Risk Assessment 

With this method, an organisation is able to identify and prioritise risks that could harm its people, assets and operations.

• Virtual Private Network (VPN) 

All of your connections should be encrypted through the use of a corporate virtual private network (VPN). To avoid any issues, have your employees test it at their respective locations.

• Business Continuity Strategy 

Mission-critical business operations and IT systems, software, and applications can continue uninterrupted in the event of a disaster thanks to a sound business continuity strategy.

• Ongoing Security Awareness Training 

As a result of regular security training, your employees will be better equipped to identify and respond to sophisticated cyberthreats, resulting in a more progressive security culture at your company.

Next steps

Don’t worry if you’re ready to improve your cybersecurity but don’t know where to begin. In order to protect your business, we can help you build a digital fortress.

To set up a free consultation, contact us today on info@newscaler.com or call us on 01628 306 600.