• Cyberattacks can cause significant financial losses and damage a company’s reputation.
• Human error can make organizations vulnerable to cyberattacks, so it’s essential to provide training so employees know how to respond to threats.
• Secure your network and use the cloud, update security software, and monitor activity on your network to protect against cyberattacks.
• Taking proactive steps now will protect your business from becoming a victim and ensure that you remain secure against potential threats.
In today’s world, cyberattacks pose a significant threat to businesses. In 2018, more than 4.1 billion records were compromised in data breaches, including the personal information of millions of customers and employees. That number is expected to grow in 2019 as hackers become increasingly sophisticated in their methods and more businesses are targeted. Here’s a closer look at how cyberattacks can affect businesses and what can be done to protect against them.
How Cyberattacks Affect Businesses
Cyberattacks can seriously harm businesses—from financial losses to reputational damage. According to the Ponemon Institute, companies that experienced a data breach incurred an average cost of $4 million per incident today – this amount doesn’t include the costs associated with lost business due to reputation damage or customer churn following a breach. Furthermore, cybercrime has been rising over the past few years, making it especially important for companies to take steps to protect themselves from attacks.
Business interruptions can also occur due to cyberattacks. For example, in 2017, the NotPetya virus caused outages at many companies, costing them millions of dollars and disrupting their operations for weeks. Other attacks can also interrupt businesses’ normal operations—such as distributed denial-of-service (DDoS) attacks that send large amounts of traffic to a website and cause it to crash.
The Human Element
It’s not just technology that makes organizations vulnerable to cyberattacks; human error also plays a role. For example, employees may inadvertently click on malicious links or unknowingly download dangerous software while browsing online or checking email. Some employees may also knowingly do this for hackers that might have paid them.
As such, companies need to provide training so that employees can recognize potential threats and know how best to respond when they encounter one. Education is vital when it comes to keeping your company safe from attack – your staff should understand the technical aspects of security (such as password strength) and how their behavior can put your business at risk (such as using weak passwords).
Fortunately, there are several measures you can take to protect your business from cyberattacks aside from educating your employees. Here are some of them:
Secure Your Network
The first step in protecting your business from cyberattacks is to secure your network. This involves setting up firewalls and other security measures that protect your system from outside threats. You should also ensure all of your software is up-to-date with the latest security patches, regularly update antivirus software, and run full scans on all devices connected to the network.
Use the Cloud
One of the recent advances in cybersecurity is moving data and applications to the cloud. Cloud-based migrations are more secure than on-premise solutions since they allow for automatic updates, better control over data access, and improved authentication protocols. Furthermore, cloud-based platforms offer more scalability and flexibility for businesses, making it easier to expand their capacity as needed.
Update Security Software
Regularly updating your security software is essential in today’s digital landscape. Unfortunately, outdated applications are vulnerable to attack since they don’t contain the latest security protocols. As such, ensure you update any software your business uses regularly.
Monitor Activity on Your Network
You must also monitor activity on your network using specialized tools or services such as intrusion detection systems (IDS). An IDS monitors activity on the web and alerts you if it detects any suspicious behavior or unauthorized attempts at accessing confidential data. This allows you to take prompt action if necessary, such as shutting down vulnerable systems until they can be patched or updated with more secure versions of software or hardware components.
Cybercrime poses a growing threat to businesses today – but with intelligent preventative measures, organizations can minimize the risk of becoming victims of the attack and ensure their systems remain secure against potential threats. By taking proactive steps now, you’ll protect yourself from becoming the next victim and give yourself peace of mind knowing that your business is safe from harm no matter what happens down the road. With these tips in mind, you’ll be well on your way toward creating a secure environment for all stakeholders involved!