Why Cybersecurity Is Critical For Your Business?

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No matter the size of your business, cybersecurity is crucial for every business. Security breaches are on the rise and costs businesses millions of dollars.

According to a report published by Norton, the cost of an average data breach to companies worldwide amounts to $3.86 million and it takes approximately 196 days to identify a data breach.

Importance Of Cybersecurity

Businesses rely on technology for all their day-to-day work from email communication to collaborative work documents and financial transactions and when any of these is compromised, it can have a disastrous effect on your business.

1 – To Protect Sensitive Data From Leaking

Every business organization holds an enormous amount of data (from customer insight to employee details) which often consists of sensitive information (address, bank account details) and if leaked, it can be extremely damaging for both individuals and businesses.

As an organization, you need to take preventive measures to ensure that your data is protected from any leaks and the first step towards doing it is by limiting the amount of personal information (about your business) available in the public domain.

There are a lot of short-term and long-term consequences of a data breach including direct fines and fees, diminished reputation, and loss of trust. It is important to understand all the consequences of a data breach and then create a fool-proof strategy to protect all the sensitive information.

2 – Protection From Ransomware

Ransomware is one of the biggest security threats for business. According to PheonixNAP, ransomware costs businesses more than $75 billion per year.

Ransomware is a type of malware that encrypts a business’s data and allows them to access the data only when they pay a large fee. Not only data saved on computers, but data saved on cloud services are also at risk. Therefore, it is advisable to back up valuable data in multiple places.

The same report (by PhoenixNAP) also suggests that a new organization will fall victim to ransomware in every 14 seconds in 2019 while every 11 seconds by 2021.

How To Protect Yourself From Cyber Attacks

1 – Educate Your Employees

A lot of breaches happen due to human errors. The most common ones involve downloading a malicious file or clicking on a malicious link that came in the mail, that releases malware in the internal network and eventually results in the data leak.

Educating employees about the consequences and counter-measures of a cyberattack by organizing regular cybersecurity sessions and training them to recognize a possible cyberattack will help you save a lot of money in the long-run.

Encourage a culture of safe browsing by asking employees to use only business email while communicating with fellow colleagues and be wary of suspicious links and attachments from unknown sources. Also, ask them to verify the email address twice every time they share information via email.

2 – Create An Encrypted Connection Between Your Devices Using A VPN

Virtual Private Networks (VPNs) provide an extra layer of security and privacy and helps you escape prying eyes. Establishing a secure and encrypted connection between your business devices and a private server will help you encrypt both the originating and receiving network addresses when communicating over the internet.

However, a VPN itself can see the original addresses, therefore it is important that you choose a safe VPN. Choosing a free VPN service provider will help you save a lot of money in the long-run.

In fact, VPNs can also be used to provide remote corporate employees with access to software hosted on proprietary networks. In order to get access to a restricted resource using a VPN, the user must be authorized to use the VPN app and needs to complete a two-factor authentication process.

3 – Familiarise Yourself With Current Cyber Security Threats

Even if you have installed the latest antivirus or other cybersecurity protection in your business devices, it’s always better to familiarize yourself with the latest cybersecurity threats. It will give you a better idea of vulnerabilities and how to protect your business from it.

The most common cybersecurity breaches include scammers impersonating as one of the top management employees through fraudulent emails and asking the concerned person to transact a certain amount into a specific bank account.

Other ways hackers can breach into your business include computer virus, botnets, distributed denial-of-service attack, rogue security software, trojan horse, and rootkit.

Final Thoughts

Businesses lose millions of dollars every year because of cyberattacks. Not only money but breach and data leaks also bring harm to the reputation of the company.

It’s better to educate your employees about the potential consequences of cyberattacks and create an encrypted network using a VPN. Also, ensure that you familiarize yourself and your employees about today’s cybersecurity threats and breaches.

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