As the world is becoming more technologically inclined, the focus is no longer on becoming automated but rather how to improve on automated systems as technology advances. While companies improve their systems and processes, cybercrimes are also advancing and becoming more innovative. According to Gemalto(an international digital security company), there were over 3.2 billion data records that were compromised in just the first half of 2018. Some of the most common cybercrimes are ransomware, targeted phishing attacks, denial-of-service (DOS) attacks, and advanced persistent threats.
Financial damage to companies because of cyber attacks, is considerably large, especially in small and medium-sized businesses. There is an urgent need for business owners to become more security conscious before unforetold losses occur and companies are ruined. Following these five actions, are imperative to the running of any business:
1.Backup System Implementation
A couple of years ago, backup systems involved costly in-house hardware and off-site location storage. As technology advanced, backup systems became less costly as a wide range of cloud technology became available. This technology is reliable and safe and would help to restore your system data, either the entire system or parts of the system. Business owners should invest in Enterprise-level cloud storage systems if they do not already utilize in-house hardware and off-site location storage. Ease of access to this technology for system restoration significantly reduces downtime.
Businesses are keeping up with technology by implementing access cards, allowing employees to access systems with mobile devices, installing cameras in and around the workplace and increasing access to the internet. All these areas need to be examined as potential entry points for cyber attacks, in addition to employee workstation and communication systems.
3. System Threats Assessment
Assessments to system threats include both customers and vendors and anyone who has access to the company systems. Particular attention should be placed on data logs, emails, client lists, backups, emails, and passwords.
4. Preventative Systems Implementation and Maintenance
This is excruciatingly important for protection of the company’s assets and should be done by an external party who would be better equipped to assess your company. If preventative systems are not in place, hackers can easily access the company’s system and steal data that can cripple the company. Ensure that the preventative system includes both physical and digital security, and robust enough to defend against intruders. Maintenance of this system is also very crucial and should not be neglected.
A security audit should be conducted to help discover system vulnerabilities, where they exist, how it can be secured and how to resolve existing vulnerabilities. most insurance companies require that security audits be performed and would have third-party contractors who would be able to do this for you.
Cyberattacks and cybercrime should not be taken lightly and because of this policy and state regulations are constantly being revised and put in place to guard against it. However, as a business owner, you must play your part because your business is your livelihood and the livelihood of your employees and their families.