How to Protect Your Company from Cyber Attacks

According to a recent report by IBM and the Ponemon Institute, the average cost of a data breach is  $4.3 million, a 10% increase over the past 2 years. Additionally, 30% of all organizations experience a data breach at least once per year.

Other than the immediate cost, like regulatory fines and the loss of data, companies suffer from eroded client trust, ruined reputation, loss of business, and the expense of other remedial activities, all of which may affect their long-term profitability.

As a matter of fact, 60% of small to medium-sized companies usually close down within six months of experiencing a cyber attack, which makes the implementation of the right data protection measures even more important. In this read, we are going to look at some of the best cyber security measures you can implement today in order to protect your company.

1. Seek Leadership Buy-In

Initially, cyber security was the sole responsibility of the IT support team, but that is no longer the case. Nowadays, it is a board and C-level concern given how negatively a cyber attack can affect the company’s bottom line.

For instance, the Chief Financial Officer needs to know that investing in cyber security and SIEM tools has a high return on investment as it helps prevent an expensive data breach. At the same time, HR leaders need to be involved in onboarding, off-boarding, policy-making, and staff communications to ascertain that security protocols are successfully implemented.

2. Stay Abreast with the Latest Software Integrations

Integrating multiple applications onto one platform may help break down silos and allow for real-time collaboration. However, it’s imperative to take the right security precautions when picking software and vendors, particularly when the workflow entails passing critical information from one app to another.

3. Provide Cyber Security Training in the Workplace

Phishing, a form of social engineering is one of the most common tricks used by hackers to get into an organization’s network/system. All it takes is one careless employee to click on a malicious link and for the whole network to be infiltrated.

As such, you will want to provide staff members with trying on the current security protocols. Make sure they follow the guidelines when using the organization’s hardware and software. In addition, ensure they are regularly updated on the common tricks that cybercriminals and hackers use in order to remain vigilant against the current threats.

4. Mobile Access Policies

With remote working becoming more common, it is imperative to ensure that employees log into the network securely regardless of their location. Examples include using multifactor authentication to log into applications, using a VPN to gain access to the server, and providing training on how to create a safe and secure work environment.

Additionally, if you allow workers to use their own devices to gain access to the company’s network, consider implementing a bring your own device policy and provide them with the right IT support in order to set up their devices correctly.

5. Get Cyber Insurance

Cyber coverage may not fend off hackers and criminals, but it’s a preventive measure that protects your company from the potentially devastating repercussions in case they infiltrate your network.

Cyber liability insurance coverage basically covers expenses by first-party, legal fees, investigation fees, claims by third parties, credit monitoring, and certain business losses.

6. Utile Secure File Transfer Protocols

Many industry regulations like GDPR, HIPPA, and PCI DSS require that any data being transferred be encrypted. As a result, it is necessary that you use secure file transfer protocols, not just to protect your important data, but also to ascertain you remain compliant, avoiding hefty fees.

While there are numerous options, STFP and FTPS are the most popular. The latter authenticates connections via a user ID and password or certificate, while the former uses two methods, an SSH key, and encrypted user ID and password.

7. Boost the IT Team’s Cyber Security Knowledge

Talent in this field is scarce and so, you need to work closely with the human resources to employ, develop and maintain a solid IT team. In addition, you will want to invest in top-of-the-line training programs to make sure that your IT team gains access to the necessary skills and current information.

With these tips, you should be able to protect your company from cyber attacks.