Global corporations continue to face cybersecurity risks, threatening their reputations and growth. A survey shows that 23 percent of respondents reported they experienced seven or more cyberattacks in 2020. Additionally, 83 percent of the respondents said that the chances of success of cyberattacks in the next 12 months are “somewhat” to “likely.”
Being a victim of multiple cyberattacks can hurt your company. Hackers can leak private and sensitive information from your company. That is why businesses should focus on improving their cybersecurity more than ever.
Why Strong Cybersecurity is Essential
Investing in industrial computers can help streamline your workflow. But you should also prioritize securing your networks and systems. According to the International Data Corporation (IDC), worldwide security spending is likely to grow 8.1 percent annually and hit $174.7 billion by 2024.
It’s no surprise why companies want to spend more on their cybersecurity. Data breaches and ransomware attacks can significantly damage your brand, discourage customer loyalty, and affect partner relationships. Board and chief finance officers (CFOs) should fully understand the risks and look at cybersecurity as foundational to what an organization does.
Additionally, experts say that security is no longer about patching and protecting IT systems only. It has been embedded into the operational landscape. If the management communicates policies poorly, it can trigger insider threats and leakage of sensitive data.
Automated buildings are more vulnerable to cybersecurity threats. Forbes cited a report that identified vulnerabilities in widely used software in millions of connected Internet of Things (IoT) devices. The article explains that hackers can exploit these flaws to penetrate and harm the business or home networks. This prompted the US Cybersecurity and Infrastructure Security Agency to issue an advisory to address this issue.
Even government agencies are at risk of cyberattacks. For instance, the US Department of the Treasury and the Department of Commerce have been victims of malware that gave hackers remote access into an organization’s networks, allowing them to steal information. Although investigators didn’t disclose the targeted companies or other government agencies, they said the effects extend beyond the affected US agencies.
As cyberattacks keep on increasing, you should be more vigilant in protecting your data. Consider upgrading your cybersecurity to prevent hackers from penetrating your networks and systems.
Protecting Your Data Information
There are several ways to enhance your cybersecurity to keep you one step ahead of hackers. For example, HBR recommends talking about risk and return on investment (ROI) rather than threats and vulnerabilities. Chief information security officers (CISOs) need to communicate the ROI clearly. The CFOs should see its potential impact on the stock price and shareholder value. They also need to know the cost of a vulnerability and the cost to fix it.
Leaders should collaborate to achieve the right balance between effective security controls and risk priorities. Expect that protecting your organization from security threats can cost you more and affect your business’s innovation and growth.
Moreover, protecting your passwords is one of the simple yet crucial ways to protect your data. These can be a serious threat and create a vulnerability that hackers might exploit. Consider using strong passwords that include letters, numbers, and special characters. It is also ideal to use longer and more varied combinations to make it harder to guess. Avoid using passwords that are easy to guess, like your kid’s or spouse’s names or birthdays.
Make sure to use different passwords for every platform you use. You should also update your passwords as frequently as possible. It can be difficult to remember a variety of passwords, especially if you keep changing them but never write them down.
Using firewalls also helps prevent criminals from infiltrating your networks. The firewall will let you trace attempts to access your systems. Depending on your software, you can also have a detailed analysis of issues that occur. You can use this information to understand the areas you are most vulnerable. Make sure to activate your firewall whenever you go online.
Data security should not only be the management’s concern. Your staff should also know how to protect networks from security breaches. Remind your employees to change their passwords regularly, use stronger passwords, and only give them access to information they need to for their job.
Cybersecurity is a major threat for businesses, big or small. Tightening your cybersecurity can save your organization from potential revenue loss or a negative brand reputation. Work with data security companies to provide you with the systems your company needs.