What is Cyber Security Strategies and Why Businesses Need it
With the advent of new technology being used in the business industry, businesses have become more vulnerable to security breaches. In this regard, cybersecurity strategies are most important for business owners to deploy in their businesses.
Cybercriminals always try new ways to attack valuable properties – regardless of their particular nature pertinent to business. They just need to lay their hands on the significant data so that they can make millions and billions from them.
This article is specifically for the people who run businesses or are working in such an environment in any way.
How Cyber Crime Costs Businesses
Apart from many things, there is some common ground where retrieving cost for the hacked or breached data include these activities:
- Post-attack disorder to its normal form
- Retrieval of hacked data and systems
- Damage and destruction of data and stolen money
- Theft of intellectual property
- Theft of personal and financial data
- Fraud and embezzlement
- Lost productivity
- Reputational harm
Cyber Security Strategies
There is an impulsive increase in global spending on cybersecurity strategies, products, and services. It is expected to exceed the overall $1 trillion in global spendings during the five years period from 2017 to 2021.
It is more important to spend some amount to apply cybersecurity strategies as retrieving a breached data causes you double to the amount. Here are some cybersecurity strategies for businesses to opt at the earliest basis to shield their valued data.
1. Strong Password Strategy
Do you know the term “Brute Force Attack”? This is the action of decoding an encrypted password through efficient, carefully planned, or precisely directed methods. It is quite simple to crack a simple password but complex passwords are also not protected from evil hands.
Paul Gil – a tech expert – explained about the brute force:
It is the overpowering of the computer’s defenses by using repetition methods. For instance, in the case of password hacking, it involves dictionary software to recombines thousands of varying combinations of English words.
But a strong and sophisticated password strategy always keep the cyber hands at bay. You need to guide your employees for the following strategies:
- Ask them to create a password of upper, lower case letters, and special characters.
- They should recreate the password on an occasional basis.
- Administrator account passwords should be more complex and not use simple passwords like “Admin123”, etc.
- Use strict means to direct your employees to use complex passwords. Tell them that business protection and integrity are how much important for you.
2. Secure Communication Methods
Companies often use unsecured means to transmit data like unsecured channels, emails, or accounts. This is one of the biggest threats that companies face due to unaware of the privacy of these channels.
Companies may have used many advanced ways to transmit their data but they are unfamiliar with one thing that fax is the most secure mean of communication.
A leader in enterprise-grade fax solutions Karol Waldron of XMedius said about fax:
A document is converted into binary code (1s and 0s), sent through the telephone network, and then reassembled at the receiving station. Hacking into the telephone network requires direct access to the telephone line. Even when a file is intercepted, it presents itself as noise which makes it virtually impossible to interpret or read.
Besides this, it should be restricted to ban the usage of a cell phones during working hours so that employees cannot emit data by any means.
It can also be done in a way that the same network connection is provided throughout the office and data sharing and receiving should be handled by the IT department.
3. Know About the Internal Threats
According to Security Intelligence:
31.5% of the attacks are conducted by some malicious company insiders and 23.5% of attacks are carried out by the people who pretend to be unaware of their actions. Accumulatively, 55% of the attacks are done by the company insiders.
Protecting a business is about strengthening the internal protocol. You need to increase the authorization requirements and a secure employees’ portal who have access to secured data. Thus, you can prevent data leaks.
4. Designate a Person to Look After
Though small businesses have one obstacle “less number of employees” which is quite valid. But, cybersecurity strategies are the core need of any business – regardless of their scale – to incorporate this into their business activities.
If you’re head to toe busy with your engagements then you must point a person to keep an eye on all the employees, their responsibilities, their designated tasks, and their activities.
The person should be responsible for the following tasks:
- Stay alert about the major changes and news in digital security.
- Know the basic requirements for business functionality in secure and efficient ways.
- Ensure these requirements are updated and always in order.
5. Increase Awareness among Employees
It is more important for the rest of the employees to get educated about cybersecurity strategies. In order to have a secure environment, employees need to be aware of cybercrimes, malware, data breaches, and other modes of cybercrime.
There should be training programs, learning sessions, and workshops on a quarterly basis to educate them.
6. A Secure Backup
Businesses always use a backup plan to restore the potential data but this is not enough. Most cybercriminals use cyber blackmail to attack the small business lacking cybersecurity strategies.
Having secure backup plan leverage the business in many ways. For instance, businesses with a secure backup will not worry about their email security as hackers cannot hold up some data and release a ransom through this.
Another positive aspect of this is that data is stored in multiple locations. The cloud environment is one of them which does not require any physical hardware from the office. Though it doesn’t completely protect your data it will always give you access to data no matter it is safe or hacked.
7. Firewall Security for Internet Connection
As the name suggests, the firewall is wall protection from outsiders. All of your data, systems, and networks should be protected from a firewall from any malicious and unknown outsider attack.
If your employees work from home then you must ensure that their internet connections are protected through the firewall. Additionally, all the computers including laptops in your office must have installed the firewall software to protect their internet connection.
8. Invest in IT Infrastructure
The best thing to do is to invest in your IT infrastructure as it is the core of protecting the business. Subsequently, when you have a secure environment inside and out, then you don’t need to worry about single things.
You should install antivirus software, anti-hack software, and cybersecurity apps to overall protect your business.