Security is an important cog in any business, and failure to implement needed safeguards can bring even the biggest companies to their knees. Cybersecurity is especially paramount for industries that deal with sensitive information every day.
Cyberattacks can happen at any moment, and criminals can use varying approaches. Such attacks can deal a lethal blow to your business, so preventing them is essential. While identity and access management solutions can do wonders for the security of your information, setting up a safety net with the best security parameters will protect your business from unsavory elements.
Our team has pieced together cybersecurity best practices to prevent any cyberattacks from succeeding. These tips range in specificity, but all of these should help you create a solid framework that will protect your business from various manners of attack.
Alarming Cybersecurity Statistics You Need to Know
As the world continues to turn digital, the threats you may face also evolve with it. In fact, cyberattacks have become such a lucrative option for criminals that it’s projected to earn up to $354.4 billion by 2026.
Here are other figures that will let you know just how serious cybercrime has become:
- Cybercrime cases went up by 600% as people had to stay indoors during the COVID-19 pandemic. Phishing became a prevalent means of scamming individuals and companies. (PurpleSec)
- A cyberattack occurs every 39 seconds, and around 24,000 malicious mobile apps are blocked daily. (TechJury)
- The average cost of a data breach in 2020 was $3.86 million. While it’s smaller than the year before ($3.92 million in 2019), it is enough to bankrupt businesses. (Dice)
- While surprising, millennials make up 44% of U.S. identity fraud reports. On the other hand, people over 70 years old only make up 13% of the 2.2 million fraud reports in 2020. (CompariTech)
- In 2020, the total amount of money lost to identity fraud was $56 billion; $43 billion was categorized under identity fraud scams. (CompariTech)
- It will cost companies $6 trillion to fix data breaches made in 2021. (TechJury)
- The rise of the Internet of Things (IoT) and cloud services opens more cyberattack avenues for cybercriminals. Unprotected IoT and cloud networks may give them access to your information. (Kaspersky)
Cybersecurity Best Practices You Should Implement in Your Company
Educate your employees about cybersecurity
Most SMBs don’t have the privilege of having their own IT department, and it’s common for employees to fulfill multiple roles. Given the number of tasks employees need to accomplish, it’s easy to neglect data security.
It’s in your company’s best interests to educate your employees about potential threats regardless of where the threat will be coming from. Arming your employees with the right knowledge on how to prevent cyberattacks can do wonders for your bottom line.
Establish a robust security framework
The most direct way of preventing cyberattacks is to establish a robust framework containing standards, guidelines, and best practices to manage risk. It provides a clear line of accountability in case of a successful cyberattack. This cybersecurity framework should identify the risks and protect data from such dangers. It should also provide a clear course of action in the event of a breach.
Integrate identity proofing measures into your infrastructure
Companies with a small number of employees may find it unpalatable to even consider changing the way they operate by introducing identity-proofing measures to their workflow. However, this minor change to the onboarding flow can protect your assets from being exposed to unnecessary danger.
Implementing multi-factor authentication is an effective way to make sure the login process is more challenging. Moreover, setting up a level of security control can prevent your company’s security from getting compromised.
Always backup your data
As much as you could hypothetically utilize the most intricate data security system in the world, your company must always be prepared for the worst-case scenario. The risk is real of being left with nothing if a hacker manages to get past your defenses successfully, so having a backup of your data is crucial.
There are multiple approaches to creating a decent backup. Whether your company is going for a cloud-based or physical backup, it should be thoroughly researched and discussed within your leadership structure.
Consider using encryption software
If the company handles sensitive information, integrating data encryption solutions to help secure transactions should be on your priority list. This helps protect your business from breaches by ensuring that the data you’re handling is almost impossible to steal.
There are plenty of data encryption software options that can serve your business well. Find one with features that best suit your needs and integrate them into your workflow as soon as possible.
Install a firewall
A firewall is the first line of defense against any digital siege. A good firewall is an effective deterrent against cyberattacks, giving employees time to react to data breaches, making it a vital part of your cybersecurity defense system.
When looking for a firewall, you’ll find them with varying levels of protection. It would be prudent to go for one that offers the most robust security relative to your industry.
Hire trusted personnel to manage network security
Another one of the network security best practices you can implement is to bring in the experts who can handle your IT infrastructure’s security. They will have unrestricted access to your systems, so it’s critical to have them go through a thorough background check before handing over the keys.
It’s worth noting that hiring excellent talent via remote work is a possibility through Q5id’s secure and trustworthy remote identity proofing service. This allows you to bring in a top-notch cybersecurity team from anywhere in the country.
There are plenty of cybersecurity roles that can be filled, but you should identify which aspects of cybersecurity are most needed. Once capable individuals take these roles, you can expect to receive accurate reports from them about the condition of your data security.
Hire an independent auditor to assess your security protocols
As much as you want to build an all-encompassing data security framework, missing potentially vulnerable areas is inevitable. To ensure that you don’t miss anything when securing your systems, hire a trusted third-party auditor to assess the state of your data protection efforts.
After checking every security measure, auditors will usually produce a document assessing the data security features of your company and recommend points of improvement.
Implement the principle of least privilege
This step works hand in hand with setting up a data security team within your company. Since not every employee needs access to your most sensitive data to perform their roles efficiently, it’s in your company’s best interests to apply the principle of least privilege.
If their roles don’t need full access to any sensitive information, you should ensure they can’t see them. Set your systems up to limit their access.
Invest in security upgrades
Even if hackers and cybercriminals come up with new ways to compromise security systems, tech companies also constantly develop new technologies and processes to protect data. Your company should invest in the latest technologies as they become available. Getting high-quality protection is a great way to convince potential clients that it’s safe to conduct business with you.
Employ a security professional or white-hat hacker
Sometimes, there’s no better way to know how effective your data security protocols are unless it’s attacked. What better way to assess it out than to hire a security professional or an actual hacker to do the job for you?
There are plenty of talented white hat hackers in the tech industry who can act as penetration testers for digital security systems. These hackers will point out weaknesses in your security framework and offer suggestions on how to address them.
Bolster Your Data Security Today
Hopefully, these tips helped you understand what you need to do to protect your data. As cyberattacks get more intricate, safeguarding your business by using the best security system for your needs is critical.
If you need to bring in the experts to address your data security woes, get in touch with our team at Q5id. We have specialists with years of industry experience who can recommend the proper identity and access management solutions to secure your data.