Unfortunately, not all companies treat cybersecurity as a priority, and they generally see this mistake after an avoidable incident. Ensuring data security and business continuity should always come first. To achieve this, a business owner must prioritize a strategic cybersecurity solution that keeps their data secure and reduces the risk of cyber threats invading their IT. However, this troubling statistic has a silver lining on the horizon. By teaching employees how to properly identify and respond to cyber threats, most data breaches could be avoided. A cyberattack, as discussed above, is an impairment of the security of a system.
The final piece of the puzzle regarding cybersecurity is to consider whether or not cybersecurity insurance is a smart choice for your business. One of the most frightening facts about cyber breaches is that for many small and medium-sized businesses, the company itself ceases to exist within a year as soon as a breach occurs. The appeal of cybersecurity insurance is that you can, at least theoretically, shift the risk of an attack from your company to the insurance company. After all, insurance companies are very good at risk management, while most companies don’t. Advertising around these organizations makes small and medium-sized businesses think that this will never happen to them.
Taking the time to identify what types of vulnerabilities apply to your business are the first steps to staying protected. With a lack of confidence in the security of the business involved, customers will be more inclined to venture elsewhere, resulting in lost sales and profits. There’s no better time for small businesses to take a look at how they handle corporate data. That’s why insurance companies like Chubb, the world’s largest publicly traded property and casualty insurance company, are becoming more than just a partner to turn to if something goes wrong. Instead, they are proactively building better ways for their customers to prepare for and ultimately deal with the potential existential threat.
Protect personal information: One of the most valuable products in the digital age is personal information. If a virus is able to obtain personal information about your employees or customers, they are quite capable of selling or even using penetration testing program that information to steal their money. Cybercrime is constantly on the rise, and many smaller businesses are extremely vulnerable due to ineffective cybersecurity. Always keep the software and apps on your devices with your latest update.
According to the National Small Business Association, 44% of small businesses have been victims of a cyberattack and the number of violations reported each year continues to rise. A recent study by Juniper Research estimates that cybercrime will cost businesses $2.1 trillion worldwide by 2019, increasing the cost of breaches by nearly 4 times in 2015. Implement a password policy that requires strong passwords that expire every 90 days. Deploy firewall, VPN, and antivirus technologies to ensure that your network and endpoints are not vulnerable to attack. Continuous monitoring of the network should also be considered essential. MFA is the method by which a user proves their identity by providing at least two authentication instances: something they have, something they know, or something they are.