Top Ways to Protect Your Business From Cyber Attacks

Cybercrime, or an attack, is fundamentally a breach of personal safety and cyber security. Hackers can access confidential information such as names, addresses, dates of birth, credit card numbers, social security numbers, etc. It doesn't necessarily mean that a successful cyberattack is inevitable. There are simple, quick, and cost-effective ways to protect your company from cyberattacks.

Cybercrime is on the Rise

Over 118 million people have been affected by data breaches in the first half of 2021. The statistics for this year were much higher than the previous year. By 2023, it is expected that data breaches will reach 15,4 million. As a result, Canadian businesses are beginning to re-evaluate the importance of enhancing security against cyberattacks. CIRA's 2020 Cybersecurity Report shows that almost half of Canadian companies have deployed DNS firewalls to combat cyber threats.

Protect Your Business From Cyberattacks

What are the best ways to protect your business against cyberattacks? Here are a few tips to keep your business protected from cybercriminals:

Data backup is one of the most cost-effective methods to ensure that you can recover information in the event of a computer problem or cyberattack. Use multiple backup methods to ensure data security, such as daily incremental backups to portable devices or cloud storage. In addition, add weekly, quarterly, and annual server backups. These files should be checked regularly to ensure they work correctly and can be recovered.

Update your software and systems

Automatic updates of operating systems and security programs are recommended. These updates help fix security flaws and patch vulnerabilities that could be exploited. You should never ignore update notifications. Installing firewalls is also important since they act as "gatekeepers" for all incoming and outgoing traffic. It's also helpful to have spam filters turned on to reduce spam and phishing emails. Hackers use these to infect computers and steal confidential data from businesses.

Activate data encryption

Ensure that all sensitive data is encrypted. Data is converted into a secret code by encryption before it's sent over the Internet. Therefore, businesses must turn on data and network encryption when they store and share data. Data access is limited to those who have the encryption key. The software ensures unauthorised parties cannot read the data even if they gain access. Data encryption software can even alert you when someone tries to change or alter the data.

Use multi-factor authentication

Additional security is provided by two-factor or multiple-factor authentication. Most social platforms, email services, banks, and other vendors have adopted this technology. It may seem like an extra step, but this is a way to keep your account secure. Download a two-factor verification app, like Google Authenticator, from your app store.

Replace passwords with passwords

Passphrases are recommended over passwords for important accounts. Passphrases should contain upper and lowercase letters, numbers, and special characters. They should also be at least fourteen characters long. The passphrase should be unpredictable, meaning that the words used are unrelated and will not be used on other accounts. According to the Pokémon Report, 51% of employees share passwords among themselves and 41% with IT professionals. Human error, such as entering an incorrect password, is supposed to be responsible for only 39% of cyberattacks, but it accounts for 50%.

Comprehensive monitoring system

Keep a record of the software and equipment that your company uses. Remove sensitive data from devices and software no longer being used and disconnect them from the network. The older and unused software and equipment will not be updated and could be a backdoor for criminals who want to attack your business. You should also remove access for former employees or those who no longer need it.

Implement security policies

Businesses should have clear policies on cybersecurity to inform employees about what is acceptable for sharing data, accessing websites, and using computers or other electronic devices. Nine out of ten cyberattacks begin with an email because the attacker needs a way to deliver their message, and we are inundated with them. Barry Searle is the Director of Education for the Cyber Stars Initiative. He says that every 60 seconds, up to 188 million emails are sent worldwide. We can reduce our cyber risks more or less instantly if we are better at handling emails.

Educate, educate, educate

Peter Buckley is the Head of Technology and Cyber Resilience at HSBC Bank Canada. He says that companies must balance protecting and growing their businesses. Buckley says educating employees on what to watch out for is the best way to protect your organisation. Over 90% of all cyberattacks begin with human error. To protect your business against cyberattacks, your employees are your first and final line of defence. Teaching them how to recognise, avoid, and deal with cyber threats is important.

Protect your customers from cyberattacks

Vendor risk management is important because your cyber security may depend heavily on third-party vendors. Third-party risks are any external threats to your network from third parties. These parties can include vendors, suppliers, or partners. They may also be contractors or service providers with access to internal data or information about customers, company systems, or processes. It's also important to protect your client's personal information. You should also be able to provide a safe online environment for transactions. Do not leave your cybersecurity up to chance! Ensure you purchase cyber liability insurance as soon as possible to manage third-party exposure.

WHY IS CYBER SAFETY SO IMPORTANT FOR YOUR COMPANY?

It is important to protect your business against cyberattacks. It can cost thousands of dollars for your business to recover from cybercrime. In worst-case scenarios, it could put you out for good as you cannot recover the losses. You can choose from managed security service options to protect your business.

Do you need a cyber-security policy for your business? Call us today and speak to one of our experienced surety brokers. They will give you the best advice on cyber safety.