Cybercrime is trillion-dollar business, and it is projected to cost the world $10.5 trillion by 2025.
Only half of SMBs have a cybersecurity plan in place, so if you aren’t protected, it could be disastrous for your business.
How much do data breaches cost?
A single data breach on a company cost an average of $9.44 million in the U.S. in 2022. Unfortunately, the initial financial loss is just the beginning; data breaches can also harm a business’s reputation and lead to a loss of current and future customers.
IP data solutions company Digital Element has put together expert tips to help businesses secure their networks and systems and prevent cyberattacks should they occur:
1. Provide Training
Over 75% of cyberattacks begin with an email. In fact, since 2016, $43 billion has been stolen through business email compromise. Therefore, it is vastly important to ensure all employees are well-trained to detect suspicious emails and phone calls so that they don’t click any dangerous links or divulge any information that could be leveraged to gain access to protected systems.
2. Create a System Security Plan (SSP)
A system security plan (SSP) is a document that provides a comprehensive overview of all security requirements and practices employed to keep your systems and data secure. The benefits of an SSP include being able to monitor all aspects of your security system and protocols to determine any weak points and ensure all security requirements are being met daily.
3. Deploy and Enforce Secure Password Policies
Secure password policies require passwords to meet certain criteria, like length and complexity requirements. Additionally, two-factor authentication helps to ensure that only authorized users are accessing sensitive data, which many people have on their phones and social accounts. These policies also ensure employees stay up to date with current requirements, don’t repeat passwords across accounts, and change their passwords frequently in keeping with the policy.
4. Use a VPN
32% of SMBs say they haven’t changed their security plan since the pandemic forced them to shift to remote and hybrid working models. A virtual private network (VPN) provides remote employees with the ability to access the corporate network from a secure connection that harnesses all the security systems put in place by the business.
5. Leverage Third-Party Data
Third-party data provides security professionals with invaluable insights into how and when attacks occur, identifying breaches, and limiting the damage of a successful attack. IP data, for example, can be leveraged to gain keen insights on users attempting to access your network, such as where they’re located, what type of connection they are using, and whether they’re using a VPN or proxy.
6. Keep Software and Security Systems Up to Date
Keeping software up to date is integral to ensuring your systems are secure. Cybercriminals will study the latest software update notes to determine previously existing vulnerabilities. Therefore, any business that has not updated to the latest software version is still exposed to those vulnerabilities.