Source: genetec.com

5 Cybersecurity Practices to Help Your Business Stay Safe

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Cybersecurity has become a crucial aspect of today’s digital world. With the increasing reliance on technology and the internet, the risk of cyberattacks has also grown exponentially. According to reports, cybercrime cost is projected to hit $8 trillion in 2024 and cost the global economy $10.5 trillion by 2025.

Cybersecurity is a widely discussed topic among individuals, businesses, and governments alike. It involves protecting sensitive information and systems from unauthorized access, theft, or damage by hackers or other malicious actors.

With the increasing number of cyberattacks and data breaches, businesses must especially prioritize their online security measures. Cybercriminals are constantly finding new ways to exploit vulnerabilities in a company’s network, which can lead to significant financial losses and reputational damage.

Neglecting cybersecurity can have serious consequences for businesses of all sizes. It is not just a matter of protecting sensitive data; it is also about protecting the trust that customers have placed in the company.

Below we share some of the best cybersecurity practices to help your business stay safe and safeguard your assets and reputation.

Invest in an Identity Access and Management (IAM) Platform

Access and Management (IAM) Platform
Source: axiad.com

With the increasing number of cyber threats and data breaches, it is essential to have a robust security system in place to protect vital information and thwart unauthorized access. One way to enhance cybersecurity is by investing in an identity access and management (IAM) platform.

An IAM platform provides a centralized system for managing user identities, access rights, and permissions across various applications and systems. By implementing this type of solution, organizations can ensure that only authorized users have access to sensitive information and resources.

Furthermore, IAM platforms offer additional security features such as multi-factor authentication (MFA), and password policies that will help prevent unauthorized access even if a user’s login credentials are compromised.

When going through your possible options, consider a reliable IAM solution provider, such as Ping Identity, that will help keep your data safe all while providing you with a secure and seamless employee and customer experience.

Train Employees on Cybersecurity

phishing emails
Source: eiresystems.com

By clicking on suspicious links or using weak passwords, employees can unintentionally expose a business to security threats. Regular training sessions on current and emerging threats will help employees to understand the importance and dangers of cybersecurity.

The training can teach them how to recognize phishing emails and other social engineering attacks, and also create and manage strong online passwords. You can never be too cautious, as even Aura founder Hari Ravichandran got his credit information stolen back in 2014, which led him to start a cybersecurity company. It’s also important to explain the consequences of not following cybersecurity best practices. Employers must make it clear to employees that cybersecurity is a shared responsibility and that everyone plays a part in protecting the company’s systems and data.

Back Up Important Data Regularly

Back Up Important Data Regularly
Source: acronis.com

Remember to always back up all your important data to avoid major losses. Back up the data and store copies off-site, on the cloud whenever possible.

Keep everything you need for your business in multiple places or devices. Consider an external drive as a backup, search for cloud storage options that are primarily dedicated to small business data, or consider making a hard copy of your information. Businesses can only be safe with backups if all data is protected.

Installing encryption on all devices, and encrypting emails that contain critical information is the best way to keep your important business information safe. Most cyberattacks against smaller businesses happen via email. Encrypting emails is a great way to protect one of your most important streams.

Conduct Security Audits

Security audits are essential to ensuring enhanced website security. A security audit is a thorough review of the security features and practices on your website to identify potential vulnerabilities that cybercriminals may exploit.

A security audit involves reviewing your website code to identify any potential security flaws. It also includes assessing the security practices of your hosting provider and evaluating current security features on your website.

Regular security audits allow you to stay abreast of new security threats, and take proactive measures to reduce potential risks. This reduces the risk of a cyberattack or data breach, which can result in expensive downtime, reputational damage, and financial losses.

Protect Your Wi-Fi

Protect Your Wi-Fi
Source: wired.com

Wi-Fi can be a security risk for any business. Hackers can still get through even with password protection. This is a simple cybersecurity tip that anyone can implement.

Hide the name of your Wi-Fi network so that it is not visible to nearby devices. This can be done at the router or wireless access points. Your Wi-Fi network name will be hidden by hiding your Service Set Identifier (SSID). Also, remember to use a strong password on your router.

Conduct Penetration Testing

Penetration testing, also known as ethical hacking, is a proactive approach to identifying vulnerabilities in your systems and infrastructure. By simulating real-world cyberattacks, businesses can uncover potential weaknesses before malicious actors exploit them. During a penetration test, skilled professionals attempt to breach your security defenses using various techniques to assess the effectiveness of your security measures.

This includes testing network infrastructure, applications, and employee awareness. By conducting regular penetration tests, businesses can identify vulnerabilities, address them promptly, and fortify their defenses against potential cyber threats.

Enable Two-Factor Authentication (2FA)

Passwords alone are no longer sufficient to protect accounts from unauthorized access. Two-factor authentication (2FA) adds an extra layer of security by requiring users to provide an additional form of verification alongside their passwords. This can include a unique code sent to their mobile device, a fingerprint scan, or a security token. 2FA significantly reduces the risk of unauthorized access, even if passwords are compromised.

By enabling 2FA for your business accounts, you add an additional barrier that cybercriminals must overcome, making it significantly more challenging for them to gain unauthorized access to sensitive information or systems. Implementing 2FA is a simple yet effective way to enhance security and protect your business from unauthorized access and potential data breaches.

Final Thoughts

As technology continues to evolve at a rapid pace, so do the threats posed by cybercriminals. Organizations need to stay informed about the latest trends in cybersecurity and take proactive measures to protect themselves from potential threats. While you implement the security best practices highlighted above, remember that to protect your business, constant vigilance is required.

Ricardo is a freelance writer specialized in politics. He is with foreignspolicyi.org from the beginning and helps it grow. Email: richardorland4[at]gmai.com