Businesses heavily depend on the Internet in this digital age. The Internet has become critical for selling, marketing, data collection and much more. The increase in digital transformation has also increased the risk of cyber-attacks.
Any business using the Internet can be a victim of a cyber-attack – no one is safe these days. However, cybersecurity can be the perfect Internet shield to defend against cyber-attacks and unknown Internet threats.
Cybersecurity is not as easy as downloading cheap software. Some serious steps need to be taken by businesses to help them avoid or deal with cyber threats.
Why Is Cybersecurity Important?
A business without cyber security is as safe as a building made without cement – one burst of wind will knock down the core structure and undo the hard work put in. Cybersecurity has become a must in today’s digital world. Any business without proper cybersecurity is always in danger.
Cyber-attacks can seriously ruin a business and cost millions to recover from. Cybersecurity protects a business’s data, servers, reputation, clients and customers from unpredictable cyberattacks.
Cyber risks can arise from anywhere and at any point; hence, cyber security is a must to survive in this digital era.
Steps To Increase Cybersecurity and Cyber Awareness
1. Purchase High-Quality Antivirus Software
The critical step in implementing cybersecurity is purchasing suitable software. One of the first software to purchase is an antivirus software.
Antivirus software helps prevent, scan, detect and remove malicious viruses from a computer. Once installed, most antivirus software runs automatically in the background to provide real-time protection against cyber-attacks.
Companies should purchase a business package that can be shared between employees. Each device should have an antivirus program to help detect and prevent. However, it is essential to understand even the best programs may not be able to detect or avoid every cyber-attack (especially AI attacks).
2. Protect Servers with A Firewall
Businesses must also implement firewalls to protect their servers. A firewall can be physical hardware, digital software, software as a service (SaaS) or a virtual private cloud. An adequate firewall prevents unauthorised access to a business network.
A firewall inspects all incoming and outgoing traffic to ensure nothing is malicious or suspicious. It can prevent hackers from entering the server and stealing private data. It is the perfect shield for business computers or networks.
3. Backup Data Often
When facing a cyber-attack, companies lose access to their data because it is locked (ransomware) or stolen (data breach). When data is lost, businesses cannot function, and data recovery will be extremely costly.
However, backing up data can prevent this unfortunate situation. Data should be backed up weekly to have the most updated version. Data backup can help a company recover from an attack with less damage. It can also prevent paying the ransomware costs immediately.
Companies can download backup programs to automatically backup data on a specific day of the week and store it offline.
4. Use Two-Factor or Multi-Factor Authentication
Most business servers login consists of a single-factor authentication- typically login ID and one password. The authentication may be becoming out of date with cybercrimes increasing. One password is easier to hack and enter the servers.
Hence, two-factor or multiple-factor authentication is a great way to be cyber-safe and increase cybersecurity. For example, a password followed by an automatically generated code sent to the user’s phone.
The more personal the second authentication is, the harder it is for the hackers to infiltrate business servers and perform malicious activities. As cybercriminals get more innovative, so must business cybersecurity.
5. Secure Mobile Devices
Many companies focus on computer security and concentrate on attacks through computers. Hence, they overlook mobile device security and forget the number of possible unsecure mobiles connecting to company WIFI.
Most mobiles are connected to company emails, hold sensitive company data, and access networks. Mobiles can be victims of cyber-attacks or stolen. Cyber-attacks can move through WIFI, or theft can automatically gain access to all company networks.
Companies must ask employees to password-protect their mobile devices and install security apps to prevent attacks and stop criminals from accessing sensitive organisation data. Companies can also provide company phones, which employees should only connect to business WIFI and use for work.
6. Purchase Cyber Insurance
One of the best cybersecurity strategies is purchasing cyber insurance. The insurance is the perfect safety net when a business has become a victim of a cyber-attack. The insurance will cover cyber experts’ advice, threat removal, data recovery, informing third parties and financial loss.
Cyber insurance can help companies save millions, no matter the attack. With cyber insurance, businesses can recover from cyber-attacks with minimum financial and reputation loss. Companies should purchase the insurance along with all basic insurance as soon as possible.
The increase of innovative, undetectable cyber-attacks makes cyber insurance necessary for any company using the Internet. It is also vital to understand that cyber insurance will only cover when a company has the correct software, firewall, password protection and the appropriate backup system.
7. Educate About New Cyber Attacks
Over the years, there have been new forms of cyber-attacks, and cybercriminals have found new ways to infiltrate businesses. Companies must learn, teach and update their cyber-attack knowledge.
Everyone in the business must understand the seriousness of cyber-attacks and how it could occur to any organisation. Proper cyber awareness can prevent many cyber threats and protect the business. Companies can hire cyber professionals to teach every member about cyber awareness and the change in cyber-attacks.
Cyber-attacks have become more realistic, personal and smart. The entire company should understand them now before it is too late.
8. Provide Cybersecurity Training
After employees have learned more about the new cyber-attacks, they must learn how to spot and avoid them. The cybersecurity training aims to help employees detect and prevent malicious emails, websites, calls and activities.
For example, employees must analyse every email received, even if sent by a trusted colleague. The sender’s email may be almost identical to the real email ID, but employees can detect the difference with the proper training.
Experts should conduct the training to spread the best knowledge and skills to each employee. Employees should also understand cyber insurance and how to report when affected by a cyber-attack.
9. Avoid Public WIFI
Using unsecure WIFI can lead to millions of cyber-attacks without the user knowing. Hackers can hack into connected networks and send phishing emails to all contacts, take over servers and worse. Unsecure WIFI could include any public WIFI where the connected users are unknown.
Especially, companies that allow work from home need to be aware of these cyber risks. Companies must inform their employees about the risk and request them not to work in cafes or public spots.
Anyone connected to the same WIFI could be a cybercriminal and take over company networks within minutes.
10. Keep Monitoring and Analysing Cybersecurity
Cybersecurity steps never end, as the business must monitor and analyse cyber activities. Cyber knowledge must keep growing in the company, and every firm member must be cyber-aware when performing their duties.
By following these steps and investing in the right software and insurance, a company can reach an ideal level of cyber safe and avoid cyber-attacks or the following negative impact.
To Learn More about cyber insurance and improve your business cybersecurity in Hong Kong & Asia, contact Red Asia Insurance.
