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Cybersecurity: A Critical Factor To Keep Your Business Safe

Cybersecurity is essential in any business size. Whether you have a small, medium, or large-scale company, it should never be the least of your priorities. Over the past five years, alongside the rise of the number of businesses shifting to e-commerce, cyberattacks also started to increase worldwide. 

Various studies show that the larger business you have, the higher is your risk of getting an attack. However, keep in mind that even small to medium-sized companies are still at risk of experiencing such. Why? It is because, in an online environment, all businesses with an online presence opens opportunities for cyber attackers to hack and gain access to your website. Unfortunately, attacks like this have financial and even legal repercussions to any type or form of business. 

Types of Cyber Security Threats Common To Businesses

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There are several types of threats that you should know when you are looking into formulating an effective cybersecurity strategy.

Here are some of the most common types of cybersecurity concerns that you must know.

  • Malware

This is a type of cybersecurity threat that profits from businesses’ vulnerabilities through getting through your network. Typically, it occurs when anyone from your company unintentionally downloads a malware-containing program/ file or clicks a suspicious link that was sent to your email. Three kinds of malware that cyber attackers typically use are the following:

    • Ransomware: This malware is common with software hackers. They utilize ransomware to block your access to your data or account. Hackers can also use it to threaten you to publicize your business information unless you give in to their demands.
    • Spyware: Cyber attackers acquire sensitive data from companies or individuals without them knowing through spyware. 
    • Computer Viruses: These are malware that reproduces themselves by placing codes into various programs.
  • Phishing

It is a social strategy where an attacker sends you an email that looks like a request from an authorized source. The cybercriminal typically sends you a link for you to use your login information or credit card information. Two of many examples are:

      • Business Email Compromise: It is a phishing method where, as soon as access is gained, the cyber attackers lurk in your email. They learn how you communicate and transact. Then, the attackers will try to reach out to vendors or other providers to route funds or accounts to theirs. All these happen as the attackers pretend to be you.
    • Spear Phishing: It is a phishing method that has specific targets. It can be a person or a team that has access to sensitive data. Typical targets include the finance and accounting department or C-level groups.
  • DoS Attack

This cyber-attack method floods your business’ serves and networks with traffic that can severely burden your bandwidth and deplete your resources. It hinders your company from functioning normally, which is why it is called a denial-of-service (DoS) attack.

  • MitM Attack

It is a cybercrime that occurs as the attacker gets in the middle of a transaction, then diverts information for his gain. The Man-in-the-Middle (MitM) hacker may redirect some funds into their account. A typical point of entry for this kind of threat is using free WiFis in shopping malls, airports, or coffee shops, where the connection is unsecured.

  • Zero-Day Exploit

It is an attack that happens following a company’s announcement for patch execution. It is one of an organization’s system vulnerabilities, which may permit attacks to sneak in. 

  • SQL Injection

This cyber concern occurs when the cyber hacker inserts a questionable code on your organization’s application or website through a structured query language (SQL). This technique allows hackers to access sensitive information for their personal use.

Your business can prevent cyber crimes by proper education on data protection, acquisition of security solutions like security penetration testing, and strict implementation of password security guidelines.

Tips To Boost Your Business’ Cyber Security

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All businesses that do transactions online MUST invest in measures to increase their cybersecurity, such as putting up firewalls, doing security penetration testing, using encrypted connections, and many more. Here are useful tips to prevent cyber attacks that can potentially bring harm to your business.

  • Do regular data back-up.

You should ensure to back-up your data regularly as this method lowers the risk of your information bank and resources going down the drain in case a cybercrime enters and takes over your system. Sensitive and confidential items must have a back-up file in unconnected storage. It is best to have it saved offline, which a hacker cannot access. By doing such, you need not worry about ransomware.

  • Invest in time, preparation, and appropriate security measures.

With the complicated and evolving kinds of security threats, it is best if your IT department (if there is) can work with IT security specialists to ensure the safety of your system. Your IT team may attend conferences and training to keep themselves educated and updated on the latest trends in cyber attacks. Also, you may ask your security consulting firm to conduct an assessment, preventive, and mitigation measures, such as security penetration testing. Security penetration testing checks your app, looks for its vulnerabilities and provides a report on the points that you need to fix.

Moreover, you can also invest in reliable and strong ransomware and computer anti-virus protection. These types of software must be able to filter or warn you against phishing emails and suspicious links.

  • Strictly implement your company’s password guidelines.

One of the things that you should NOT do is to use a weak password, which is short and has characters that are related to the business. For example, your company is ABC Holdings. You should never use ABC123 as a password. Choose password combinations that use varying characters with upper and lower case letters. Make sure to follow your company’s password guidelines, should there be any.

  • Formulate a strong response plan.

You should have a strong and well-formulated response plan. It will be the key factor to minimize any cost incurred because of a data breach. It should:

  • Determine your current back-up and identify ways to restore the data.
  • Contain communication guidelines, including law enforcement involvement.
  • Have isolation procedures for attacked and isolated areas.

Final Thought

So, have you executed any of these solutions to keep your business safe from cyber-attacks? Remember that if you keep yourself informed and updated on cybercrimes that may impose adverse effects on your business, you will be prepared and well-equipped to do preventive and mitigation measures to minimize any cost that may incur following an attack (if any).

A potential data breach can bring your business to shambles. Whether you have a small-scale business or a corporation, cybersecurity is something that you should prioritize. With the information we have above, make your move to protect your business now.

READ  Are You at Risk of Identity Theft?

About the author

Venkatesan Prabu

Venkatesan Prabu

Wikitechy Founder, Author, International Speaker, and Job Consultant. My role as the CEO of Wikitechy, I help businesses build their next generation digital platforms and help with their product innovation and growth strategy. I'm a frequent speaker at tech conferences and events.

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