Digital systems are essential to every business, as they streamline operations and help enterprises deliver better service. However, these same systems that improve efficiency also create new vulnerabilities. Cyberattacks can have serious financial consequences, such as when hackers demand ransom or businesses rebuild after losing vital assets. According to one report, in 2020, cyberattacks cost companies $2.7 billion.
Of course, money isn't the only concern. Servers hold a wealth of sensitive data, including information on employees, customers, and vendors. In some cases, this data is more valuable to criminals.
Below, My Rich Brand presents some things you need to know about cybersecurity and how it relates to your business operations.
Top Reasons Cybersecurity Is Essential for Any Business
Stolen identities are a hot commodity, as they allow criminals to perform a variety of schemes:
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Sending phishing emails
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Taking out loans
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Selling information to other criminals on the dark web
When your customers provide you with personal information, they trust you to keep it out of the wrong hands. Victims of identity theft can have their lives upended, and it takes years to undo the damage.
Some hackers aren't interested in personally identifiable information, but what they want is just as dangerous: passwords. With the proper system credentials, a terrorist organization can infiltrate businesses and government agencies, putting the public at risk.
Even if cybercriminals don't steal information, they can still interfere with daily operations. An attack on your website can prevent customers from accessing your services, which seriously impacts your profits. In the worst-case scenario, a cyberattack can put you out of business.
Best Practices To Keep Your Systems Safe
Everyone needs to be vigilant regarding cybersecurity, from the top brass to the newest hire. The good news is that you can protect your enterprise with adequate training and a robust cybersecurity team.
When creating your training, a few key topics can make or break your entire system. The first is passwords. You probably have several systems that need passwords, which employees create independently. A weak password is easy for hackers to figure out, so employees must make strong passwords, which, at a minimum, require the following:
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Combination of lowercase and capital letters
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Special characters
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Numbers
The best systems won't accept passwords with anything less. Employees should also know how to spot phishing attempts. Hackers often lure people with email links leading to official-looking but fake websites or tempt people to download infected attachments. Anti-phishing training teaches employees red flags to look for, including:
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Suspicious email address
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Grammar and spelling mistakes
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Urgent email line
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Unfamiliar name
Necessary Steps To Take If Your System Is Under Attack
Even if you make an effort to protect your business, there's a possibility that hackers will still find a way through your firewalls. However, if you already have a plan to mitigate such a breach, you can minimize the damage. It can be helpful to engage in process mapping, establishing what internal and external parties are responsible for specific incident-response actions in the event of compromised security. Having this information written down and accessible to the necessary individuals will make responding to a security issue much less stressful.
For example, you should know who to contact—whether a government agency or a third-party professional. You won't likely be able to fix the problem independently, so you need analysts who specialize in rooting out the breach's source and securing the rest of your system.
You should also establish a culture of transparent communication between departments and with your customers. While it's tempting to hide a breach, customers should know as soon as possible so they can take steps to protect themselves. Keeping your employees in the know ensures they comply with mitigation steps. A marketing company can help mitigate damage to your reputation in the event of a breach.
Cybersecurity requires constant vigilance, but diligent work in this space can mean the difference between recording profits and shutting down operations. If you stay updated with the newest risks and emphasize online responsibility for everyone in your organization, you can beat cybercriminals.
For a list of common cyber-attacks and numerous cybersecurity resources, visit Cyber Degrees. This is a free resource for all to use, so be sure to bookmark it to remain vigilant about your business’s cybersecurity.
This article is brought to you by My Rich Brand, which specializes in digital marketing for brands and businesses. We help you increase your brand awareness, generate leads, and acquire new customers. Please visit our website or contact us today!
