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Cybercrime: How Can You Protect Your Data?

Nearly every business today uses some form of internet-connected technology in order to expand their network, increase their visibility or conduct financial transactions. While the benefits of online access far outweigh the negatives, it is important to keep in mind that the recent advances in technology have also led to advances in cyberattacks and hacking. In 2022 alone, cyberattacks cost an estimated $6 trillion, and up to 30,000 websites around the world 1 are hacked daily.

You may think that your business is too small to be a target for hackers, but this is a common mistake. 43% of cybersecurity attacks are targeted at small businesses 2, and the resulting data breaches can lead to significant financial losses, legal implications and a damaged reputation. Investing in cybersecurity measures is therefore a worthwhile investment to ensure the safety of your data, and to help you get started, here are some easy affordable ways to reinforce your operations and reduce your risk of attack.

Implement Two-Factor Authentication
One of the most effective methods of keeping your data secure is two-factor authentication, which simply means that two methods are used to verify your identity – usually a password and a code sent to your phone or email. Although it can be more time-consuming for customers or employees to access their account or information, two-factor authentication is a proven way to discourage potential hacking attempts, blocking up to 99.9% of account takeover hacks 3.

Train Employees on Security Awareness
No matter how many cybersecurity measures are in place, your company will always be vulnerable to cybercrime if your employees are not trained to spot potential security breaches. Set up training sessions two or three times a year to educate your staff on how to deal with suspicious emails, protect sensitive business information and create strong passwords.

An effective way to ensure that all your employees are on the same page when it comes to preventing cyberattacks is to develop a clear cybersecurity strategy for your business that regularly evolves to stay in line with fast-developing technology.

Ensure Remote Workers Are Protected
Following the Covid-19 pandemic, an increasing number of employees have transitioned to home or hybrid working. While this has proven beneficial for many businesses, it is important to keep in mind that home workers can be more susceptible to hacking attempts if the information on their devices is not protected.

All devices used by home or hybrid workers should be cleared by the IT department before use and have built-in security in the hardware. Any networks accessed by the computer or internet-connected device should also be approved by their company to ensure that they are secure.

Purchase Cyber Insurance
If your company deals with sensitive personal data from customers or has an e-commerce platform, keeping this information secure should be a top priority. However, in case of a breach, purchasing cyber insurance is a worthwhile investment that can cover any financial losses, ransomware payments or legal fees that may result from it. A wide variety of insurance policies are available from various providers depending on the size of your company and the scope of the coverage.

Update Software and Secure Wi-Fi Networks
Cyberattacks most commonly occur because the systems or security software in place are outdated and are therefore more vulnerable to assault. Invest in a patch management system that can keep track of software and system upgrades to ensure that everything in your system is up to date.

Because nearly every device these days can connect to online networks, it is also absolutely essential for businesses to secure and hide their Wi-Fi networks to protect themselves from outside attacks. Devices that are infected with a virus have the potential to infect your entire network and leave it open to security threats.


If you would like to learn more about how you can protect your business against online threats, this website 4 has free cybersecurity courses that are specifically aimed at helping small businesses. The National Cyber Security Centre 5 also offers a vast amount of advice, guidance and even certified training for businesses who want to improve their knowledge of cybersecurity.

References
1.) techjury.net/how-many-cyber-attacks-per-day/
2.) fundera.com/small-business-cyber-security-statistics
3.) forbes.com/effective-ways-a-small-business-can-enhance-its-cybersecurity-profile
4.) gcatoolkit.org/smallbusiness/
5.) ncsc.gov.uk/

First published on 15/03/23

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