In Accenture’s recent “Cost of Cybercrime” study, the average malware attack was reported to cost a business $1.4 million. Malicious action taken by people inside the business accounted for an average loss of $1.2 million. Within six months of experiencing a cyberattack, 60% of businesses will close permanently, according to the SBA.
Given that the media mainly focuses on attacks that occur in large organizations, it makes sense that around 83% of business owners have no plan in place for dealing with a cyberattack. This is no way forward. Taking the appropriate measures to protect your business from cyber criminals can save it from the worst.
Here are 6 cybersecurity tips that you can implement today.
A free, quick and simple measure – but nonetheless paramount to your overall security – be sure to keep your passwords protected. This includes making them at least 10 digits long with varied case and characters. Changing them on a monthly basis, limiting access with credentials, and using a password manager tool are all good ideas here.
Having a team that knows how to detect, prevent, and respond to cyberattack attempts can make a world of a difference. Education and staff training is key to improving your defense against common issues such as phishing and social engineering, which are forms of cybercrime that thrive on the exploitation of uninformed employees.
It’s important to remember that the same people who work for your company can also cause its demise. Take the time to implement policies and procedures that limit employees’ access to sensitive data and minimize their ability to cause accidental or intentional damage. Simply showing that you’re aware of the threat will make an impact.
Hiring in-house IT professionals can prove to be out of financial reach for most small businesses. In any case, even a full team might not be capable of protecting against all cybersecurity risks. This is where outsourced expertise, namely that which is provided by managed IT services, come in.
For instance, Ubisec Systems provides cybersecurity services in their managed IT solution. This includes firewall services, intrusion prevention, security systems, email and web security, backup and recovery, endpoint security, and a range of other services that can otherwise be complicated or expensive to implement on your own.
While prevention is better than cure, it’s important to know what to do in the event that an attacker successfully infiltrates your systems. A strictly enforced backup policy is one such solution. Keeping your files safely stored (preferably offsite) ensures that you can more easily get back on track after experiencing a cyberattack.
Having subnetworks (as opposed to a single network) will help you split up resources to reduce a hacker’s ability to gain access to or damage all of your data. You might experience performance improvements at the same time. Securing and encrypting your Wi-Fi is also a good idea.
Take some time to identify the vulnerabilities in your business. From there, it’s simply a matter of having the right expertise and taking the necessary measures to mitigate risk.