Nobody wants to become another cybercrime statistic number. Despite that, as technology progresses, criminals find new, more sophisticated ways to succeed with their attacks. For this reason, businesses should prioritize security.
Nowadays, it’s not enough to have a basic password policy. Let’s face it, without a proper cybersecurity defense, the chances of getting hacked quadruple. To avoid such damaging consequences, you can protect your business and your data. How? Keep on reading to find out.
Prioritize Your Security Strategy
According to IBM, the average cost of data breaches reached $9.05 million in the United States last year, once again showing us that cybersecurity needs to be prioritized. Having that in mind, online businesses need to know how to detect the potential risks and prevent data breaches.
The first step is to secure all devices that your company uses. You can apply new security patches to your web browser as well as the operating system to keep your data as well as all of the devices safe. It’s a known fact that you need to keep your devices updated. The same principle applies to all of your company devices.
Analyze, Detect, and Report
A vital step towards a secure cybersecurity system is to ensure that your staff is aware of the potential fraud risks and is well informed about the most popular cyber threats.
They constantly change; therefore, a smart thing would be to invest in training. New attacks develop very fast, and without proper awareness, your business and its cybersecurity maintenance can be jeopardized.
Afterward, you should create and employ a fraud and cyber-threat reporting system. If there’s any chance of suspicious activity, your online business’ teammates should know how and where to report any red flags that they spot.
As an extra step, you can make the reporting system fully anonymous. That’ll motivate your employees to report a fraudulent case, even if it involves another member of the team.
Protect Data at All Costs
Data is called the most valuable asset for a reason. Another vital step in your business infrastructure should be implementing a strict data protection policy. Of course, that requires you to have a detailed IT security strategy, which involves a step-by-step plan of what to do if anything goes wrong.
Keep in mind that making rushed decisions can lead to worse consequences. But what happens if your business becomes a victim of a cyber-attack? In a scenario like this, backing up data is the only responsible move.
To shield your online business from bad actors, you must use multiple data backup methods, including daily, yearly, or quarterly server backups. This technique allows you to restore data even if it was deleted.
Keep Your Network Secure
If one device gets hacked, all of the connected devices in your network are at risk. It’s essential that you prepare an incident-response strategy to guarantee security at all stages.
All of your company’s portable devices need to be disconnected to prevent physical damage and data theft. Once that is crossed out of the list, your next move should be to install firewalls to shield your business from outgoing traffic.
This isn’t news, but you should also protect all of your accounts by setting up strong passwords. Recycling credentials is a no-go when it comes to an effective security strategy.
On top of that, keep in mind that all online businesses should use Multi-Factor Authentication. This multi-layer data protection practice requires your users to provide more than one proof of identity, which automatically is a safer option than a simple password.
Implement Internal Controls
An effective internal control system can be challenging, especially if you’re in the early stages of developing your online business. In general, internal controls help the company to define its cybersecurity plans, setting a clear fraud prevention system.
Internal specialists work on it to analyze the system and its effectiveness. That is why such controls should set grounds for your business’ accountability and compliance.
Large amounts of data and documentation are a big part of any internal control system. All partners, transactions, and procedures need to be archived under regulations.
Sometimes, manually reviewing all files and databases takes weeks or months, not to mention the possibility of human error. To avoid such risks and minimize fraud, your online business can use digital tools, such as Business verification services.
These tools are powered by artificial intelligence and can spot any inconsistencies in real-time. Unlike humans or any traditional data management process, it takes minutes and is a cost-effective solution to scan and review potential business partners.
If, for example, they are involved in shady activities or use shell organizations to launder money, the AI-powered tool detects the risks and notifies you about potential financial crime activities.
Eleggible’s Final Words
Now that we’ve established the main reasons why cybersecurity matters, you should review your online business’ security strategy and check if you need to do some upgrading.
Training your staff and having a strong fraud prevention package will help you prevent data breaches and save your business from damaging consequences, such as reputational or revenue loss.