The total number of cyberattacks launched exclusively on businesses has increased exponentially. In fact, within the next five years, cybercrime could cost businesses well over 5.2 trillion US Dollars. After all, over 43% of all cyberattacks are launched against small businesses that often fail to put up a strong defense. This needs to change, which is only possible by improving organizational cybersecurity, following your business model.
We say this because the level of security required varies from one business to another. For instance, financial services providers need a far more advanced SOP when compared to an e-commerce retailer. Overall, there is a sheer need for businesses to strengthen their defenses to combat cyberattacks launched using sophisticated software applications and tricky techniques. To help you define the right security protocols, below listed are seven cybersecurity measures that all businesses can adopt.
Build a Robust SOC
Security Operations Center (SOC) is a unit that most businesses do not invest in until one of their competitors succumbs to a data breach. Now that is not the right way of doing things because it could have been you instead of someone else. Therefore, every business must have a fully functional 24×7 SOC unit comprising dedicated professionals equipped with the latest SOC tools like Security Information and Event Management (SIEM) tools, Endpoint monitoring tools, and advanced threat detection tools.
Quite a few small and mid-sized businesses do not set up a SOC due to the high costs. One way of budgeting your cybersecurity expenses is by partnering up with a SOC-as-a-Service solution provider, rather than investing in the resources required to set up an in-house SOC.
Encrypt your Website
The PCI-DSS has made encryption mandatory for businesses accepting online payments. This requirement is also laid down by several other data privacy laws and regulations like the GDPR, which applies to the citizens of the European Union. As per these standards, you should always buy a cheap SSL certificate and hope that your customer information is secure. So, make sure to invest in a Cheap Wildcard SSL certificate or an Organizational Validated (OV) certificate, depending on your website’s infrastructure. Although slightly more expensive, these ensure better security through comprehensive encryption and provide more credibility through superior validation.
Your organizational data is precious and must be safeguarded and backed up from time to time. Regular data backups are a crucial part of disaster recovery plans, ensuring data safety in times of ransomware attacks. This is essential for businesses because every 14 seconds, a business is attacked with ransomware.
Use Credible Third-Party Applications
In the times of COVID-19, most businesses have experienced an unexpected paradigm shift and have placed reliance on third-party applications to cope with the new normal. Some of the most sought-after remote work management solutions include workflow management, employee monitoring, and project management SaaS solutions. This could pose a serious threat to your organizational security because most of these applications collect sensitive data, which is then stored on the cloud. For instance, most employee monitoring SaaS solutions store keystrokes and screenshots that might contain confidential corporate data.
Install Security Patches
Over 60% of security breaches occur despite the service provider rolling out a prompt and timely security patch. So, the breach occurs solely due to the employer’s neglect to have security patches installed regularly. This was quite evident by the surge in RDP related cyberattacks for which Microsoft had rolled out security patches much before the remote work culture was embraced. So, keeping your operating systems and software applications updated not only increases their efficiency but also makes your systems more secure.
Advanced Threat Detection
Gone are the days when hackers would introduce malware into a system, and businesses would realize that only after a successful breach. In the present times, the cybersecurity landscape is revolutionized by technologies such as AI and Machine learning that immediately detects anomalies and shoots out notifications. Based on the gravity of the issue, your cybersecurity team or service provider can then implement the right measures before things get out of hand.
Periodical Penetration Tests
Penetration tests involve hiring professional, ethical hackers who launch cyberattacks on your organizational network just like the usual hackers do. This reveals the underlying loopholes in your ecosystem, which can then be remedied using the right tools and techniques. Doing this from time to time is essential because with every technology a business adopts, the attacks surface changes.
The above mentioned are seven cybersecurity measures that every firm must implement to thwart cyberattacks. However, none of this is going to be successful unless a business invests in cybersecurity. As mentioned earlier, you can buy a cheap SSL certificate or skip investing in advanced SOC tools, but that would only increase the attack surface and make it easier for the hacker to break into your private network.