Last updated on July 7th, 2024 at 12:34 pm
The rise of cyberattacks and data breaches goes hand in hand with technology progress. We use technology to work, recreate, organize our lives and finances, learn, pay, and sometimes engage in relationships. The digital world affects almost the entire population of the world.
Of all cyber breaches, 46% impact businesses with fewer than 1,000 employees. It seems clear that all businesses, regardless of their size or industry, must count on some type of security system to prevent data breaches.
Hackers are experimenting with new ways to crack systems, and business owners must proactively safeguard against these threats.
It doesn’t matter if you manage a small, medium, or large business; you should understand the potential risks of today’s attacks.
A hacker incident can harshly damage a reputation for life and destroy assets, causing significant money losses.
Let’s examine the different reasons your business might be at risk and learn about the easy ways to protect business data in your company.
What a Hacker’s Attack Looks Like
A cybercriminal can damage your institution in many ways, but data breaches and leaks are the most common examples.
When you get hacked, someone unauthorized gets into your platforms, devices, or data center. Hacking activities usually have malicious and criminal purposes, like stealing, manipulating, and blackmailing.
The risk is higher for businesses for obvious reasons. They usually have more extensive databases from outside people, clients, and employees.
All this information is precious for hackers since it may involve sensitive data they can sell or use.
Here is a simple example of an attack:
The Information Hackers Are Looking For
Have you ever wondered what exactly hackers are searching for? We know they prefer to attack businesses for the amount of information they possess, but…. What exactly do they want?
- Money-related data: They typically target valuable assets, such as money, information, or both. E-commerce is the most damaged industry in this case because it has access to credit and debit card information.
- Sellable information: Hackers may not only be interested in bank and financial data, but they can also be interested in much more common information such as names, addresses, and phone numbers. This information can be sold in the black market for various purposes. Though many people think this might not be alarming, this data is critical as it can be used for stealing identities or phishing attacks.
- Damage Businesses: Criminals can cause different types of harm for reasons you might not be sure of. Financial losses, legal implications, and blackmailing are other forms of hacking. Sometimes, they can ask for money in return for your data or trick your customers into any scam they want at that moment. Strategies among hackers vary and keep updating.
Understanding Data Security Risks
Believe it or not, millions of data breaches occur around the globe every day. In 2024, there was a monthly average of almost 9 billion data breaches.
As internet use increases, the imperative for robust cybersecurity measures amplifies, making security systems mandatory for organizations. These are some of the most prevalent threats to businesses.
- Phishing attacks: This is one of the most common cyber attacks in the United States. The hackers’ goal here is to steal sensitive data and credentials by tricking individuals into installing malware, for example. The most dangerous part is that phishing methods disarmed security controls, and the attackers could browse the company’s data without being detected.
- Malware attacks: Malware, the short form for malicious software, can appear differently. Hackers design malware to be hard to detect and control devices. One of their primary everyday purposes when using malware is to hack your addresses and use them to send links and messages passing as you. Other people can link on the link and accidentally download malware, causing the cycle to continue.
- Ransomware: This form of malware can result in catastrophic business losses. Once the malware is in your device, it locks it up and denies you access to important data until you pay to recover your sensitive information and regain control of your data and device. Ransomware leaves businesses with a tough choice and in a bad position. Some companies prefer to pay the hackers but only sometimes receive the promised access and are tricked.
The Impact of a Data Breach
A data breach can have horrible effects on your business, from severe reputational damage to legal consequences.
Imagine the feeling of sending an urgent message to your clients to inform them that hackers have stolen their data. They won’t probably ever trust you again, and you won’t be able to blame them. The time a data breach can last until it’s solved can disrupt your operations, meaning significant financial losses.
Many people think cybersecurity is only important for big corporations, but that’s completely true. Though it may seem counterintuitive, an employee of a small business will experience 350% more attacks than an employee of a larger enterprise.
Think about it: small organizations usually have fewer security controls and weaker systems to protect business data, if they have any at all. This makes them the perfect targets for hackers.
Small enterprises can limit their exposure to cyber criminals by following the same measures as big companies. Most of the recommended security precautions to protect business data can be adopted by all kinds of businesses.
Strategies To Protect Business Data
Here are proven strategies to protect your business data:
1. Minimize Human Error through Employee Education
If working from an office, your employees probably are very cautious about regular safety measures. Surely, they close the door and windows on their way out, report any unusual noise, and keep the office organized.
Just as they do this, they should also get involved in good practices regarding online safety. Whether you are in the tech industry or not, you will probably still work using digital tools.
Your business should develop a comprehensive risk management strategy. Begin by identifying the most critical assets and devise a plan to safeguard them. Preparing for the worst-case scenarios and having a risk control response is equally important.
It's a good idea to create a formal company internet guideline outlining acceptable and prohibited online activities for employees. For example, your employees should know never to click on an email from a suspicious sender.
You can rely on an IT company to educate your staff. Hosting regular cybersecurity workshops is an effective way to ensure they all stay informed and updated.
You don’t need to keep up with all the trends yourself; this might be a lot of work. Many IT companies specialize in businesses and have training programs you can access, too.
2. Don’t Forget About Your Clients
To make your effort 100% efficient, you must consider extending the training to your customers. Educate them about safe online practices and your company’s data-sharing policies.
Especially if you own an e-commerce platform, encourage them to be alert to detect suspicious activities and avoid sharing personal information.
Some banks do this because they manage sensitive information and are usually concerned about their client’s safety and education. They insist on not sharing bank information with anyone, even if they claim to be bank employees. You should know your passwords and credentials.
3. Implement Robust Security Measures
In addition to education, investing in robust security measures is essential to protect business data in your company. This includes many strategies like firewalls, antivirus software, and intrusion detection systems. Here’s a simple list of things you could do to protect business data in your company.
Use Strong Passwords
It is best to use complex passwords; they tend to be more secure and challenging for hackers to guess. Include numbers, letters, and symbols, and don’t use personal data like your birthday or mobile phone. It may be a lot, but avoid repeating passwords across platforms. This can help you prevent further damage in case of a data breach. Consider using a password manager as well to keep track of them.
Use Two-Factor Authentication
Two-factor authentication has become more popular over the years, and it’s very easy to use. Every time you log in from a new device, the platforms and websites will send you a code via message or email to double-check that it’s you. You can also use authenticator apps, which are available in most app stores.
Update Your Privacy Policy
If you handle sensitive information for your customers, it’s highly recommended that you get legal and IT advice. You should update your privacy policy to inform your customers of all changes to improve security within your platforms.
Regularly Back up Your Data
Okay, let’s say after all your efforts, you still get hacked. This scenario might be catastrophic if you haven’t done a proper backup for your most important data. Always keep a second version of your information on external memories or cloud services.
If you choose to save it on cloud services, guarantee to use a reliable platform, and do not hesitate to pay for the full service if needed. This can be a true life-saver even if you don’t get hacked and just suffer from the physical loss of a device.
Install Security Software
Invest in a good anti-virus and software system. This simple act can prevent irreparable damage to your business and clients’ trust. When choosing an anti-virus provider, make sure to get services that fit your specific needs. If your client base is large, you can even ask them to sign a contract that includes your requests and assign you an operator.
4. Reduce Data Access
Similar to the key to your house and office, you have to give limited access to the people who have access to your log-ins. Only those who perform specific job tasks should have access to your most important passwords and tools.
Think about implementing strict controls over who can view and modify your information. Regularly review and update permission, plus control the latest users who access and what they’ve done if possible.
If you are already working in an environment where most employees have access to important data, don’t be afraid to change. There is no need to break workers’ confidence or make them feel accused of nothing.
Explain to them the situation and that you simply want to improve security. They will surely understand and maybe even be released from that pressure.
5. Your Internet Connection Must Be Safe
Hackers usually use techniques to crack systems through weak WiFi and internet connections.
Before, companies preferred wired internet connections because they thought they were safer. The truth is that they are safer but not as versatile as WiFi, and many risks remain.
You should be especially cautious at this point if you or your team members ever work remotely. Many companies nowadays are choosing hybrid or remote work schemes, mostly after the COVID-19 pandemic.
Lots of teams were forced to switch to remote work only to later discover that it was a good dynamic for them. If this is the case, you should ensure everyone always connects to a safe connection, and that’s unfortunately impossible to check when remote working.
Sometimes, it’s even harder to keep hackers away from home connections. Imagine how hard it could be for public or unknown WiFi connections.
6. Protect Yourself With a VPN
We all have at least once connected to an open WiFi source in an airport, maybe a coffee shop, or a shopping mall. Nevertheless, the risks of this type of network are high. VPN allows secure remote access so your team can safely work from anywhere.
If your business uses a wireless network (WiFi) like most businesses nowadays, it’s important to keep that connection encrypted. To do this, you can rely on tools like Virtual Private Networks (VPNs), which secure your data by masking your IP. You can even get a VPN-fixed IP for your business to personalize the connection.
Remember that when surfing the internet, your data goes by various servers, and you probably won’t realize it. A VPN can prevent your information from leaking in that case and keep you as anonymous as possible in the online world.
Also, remember that all devices can be hacked when using public wifis. Using a VPN on mobile phones is a good idea, especially if you or your employees work from your phones, too.
7. Be Creative and Proactive.
In today’s frenetic digital landscape, creativity and proactivity could be your best allies. As technology advances, so do the tactics of hackers seeking to find any small crack in your security system. It’s the best practice for business owners to embrace innovation and anticipate potential risks before they materialize.
After a company has a data breach, 55% of people would be doubtful to continue choosing them and honestly, isn’t that relatable? It is in your best interest to keep your clients’ private data safe, even if it takes some extra time.
Conclusion
Most entrepreneurs understand that to succeed in 2024, they must go digital. They should also comprehend that, unlike in previous periods, the major threats to businesses today are not common scams or regular robberies.
Business owners must protect themselves from the number one threat: hackers. This is not just a matter of necessity; it’s a must in today’s digital landscape.
Implementing a robust security system is not hard. You might need resources, but it doesn’t have to be expensive, either. Securing your business is a good investment that can save you a lot of headaches in the future.
Cybersecurity is also a continuous process, requiring constant updating on trending threats. Take a proactive approach and involve yourself in all the measures your company might need to protect business data.
Also Read:
- Are Hotspots A Secure Form Of Wi-Fi?
- 6 in 10 of Budgeting Apps Share Your Data With Third Parties, Finds Research
