Cyber Security Business Tips: Preventing Costly Data Breeches

cyber security business tips prevent costly data breeches

In 60% of cases, it took hackers a matter of minutes to get into the organization they were attacking.

It's even easier for a hacker to get into an organization that has no cyber security measures in place. As cybersecurity threats continue to grow at an alarming rate, not having a plan in place in downright irresponsible.

Protecting the personal information of your clients and data that's integral to your business is of utmost importance in today's digital world. All it takes is a few cyber security business tips to ensure you're doing everything you can.

Keep reading to learn more about cyber security and the steps you can take to keep your business safe.


Cyber Security Statistics

In the next five years, cybercrime is expected to cost businesses around the world over $5 trillion. On average, a single cyber security breach costs businesses upwards of $200,000.

Those figures don't include the additional costs of a digital incident. Consider the damage to your reputation and the loss of trade secrets. You'll also have to factor in costs around attorney's fees, investigations, and regulatory compliance.

With numbers that high, it's no wonder that approximately 60% of businesses that experience a cyber attack go out of business within six months of being attacked.

And yet, only 14% of small businesses are adequately prepared for a digital attack. Worse yet, only 66% of senior decision-makers think that they're vulnerable. They mistakenly believe that they won't be targeted, even though 43% of cyber attacks are taken out on small businesses.

These numbers tell us that cyber security is extremely important in today's world, whether you're an e-commerce business or a brick and mortar shop.


Cyber Security Business Tips

Protecting your data and the personal information of your customers takes a great deal of consistent work. These cyber security business tips are only the beginning, but they're a start in the right direction if you currently have no measures in place.


Strong Passwords

Strong, secure passwords are one way to protect your system. But, believe it or not, the most commonly used password in the US is "123456". Suffice to say, that's not at all secure enough to keep someone away from your data.

When it comes to passwords, pick something strong. That means using a combination of upper and lowercase letters, numbers, and symbols.

Even with a password that uses all three, don't use the same one for different accounts. In the unlikely event that one is breached, that provides access across all the accounts using it. 


Backing Up Data

Backing up your data on the regular means that hackers can't hold you for ransom. As long as you always save backups to an outside hard drive, you'll have at least one secure copy of everything you need to continue business-as-usual.


Upgrade As Upgrades Are Available

Upgrades are a way of fixing some of the holes that are found in different software. As coders find these holes, they create patches and those patches are made available in the form of new versions of the software. So while they may seem like an interruption to your workflow, these are actually a protective measure that shouldn't be ignored or delayed.


Have a Knowledgeable Staff

In most workplaces, staff interacts with your software and data every single day. This means that they're the front line of defense, and your biggest weakness, when it comes to cyber security.

Ensure that your staff is aware of potential vulnerabilities in your system. They should be educated around cyber fraud schemes like phishing and malware. And as these things change, make sure their education is updated.


Encrypt Your Data

Encryption scrambles messages or information so that they're unreadable to any unauthorized parties. Only authorized parties can read encrypted data and, even if it's accessed by someone outside your workplace, it would be unintelligible and not useful in any way.

The best part? Encryption is a standard feature of most operating systems. In fact, it takes less than a minute to turn it on and encrypt all the files on a hard drive.


Invest in Antivirus

The intention of a virus is to break the immunity of your computer. Once it's been weakened, a hacker has an easier time getting to your information. These are possibly the biggest threat to computers and servers and some of the hardest to avoid.

Although most operating systems come with a default antivirus, they're better at protecting personal computers than businesses. Investing in an advanced antivirus is your best bet if you're trying to secure the kind of information a potential interferer would be after.


Physical Hardware

It's worth noting that physical electronic equipment is what actually stores your data and information. Those devices can be stolen and the information on them breached.

For this reason, you should consider storing physical hard drives in a secure place and behind lock and key. Only authorized employees should have access to this equipment. Alarms can be installed in the case there's a break-in while you're not in the office.


Buy Insurance

Cyber liability insurance covers your liability if you're ever the victim of a cyber attack. This way, you can't be held financially or legally responsible for personal information and data being leaked. 

Although this doesn't stop hackers, it's worth the investment depending on the kind of data you're housing. Learn about what does cyber liability insurance cover to decide if it's right for your business.


Take the First Steps Toward Protection

Cyber security should be a high priority for business owners of all sized businesses. While corporations, banks, and governments used to be the main targets for cyber crime, small businesses are increasingly coming under attack.

The above cyber security business tips are only the beginning of what you need to do to protect yourself, your data, and the personal information of clients. But these are the first cybersec steps toward protection, and they're actionable items for data breech protection that you can have set up in a matter of days.

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