The modern business is constantly at risk of a data breach. And with data being one of the most valuable commodities a business can own, it’s imperative IT professionals are effectively protecting themselves from cybersecurity risks.
For the longest time, IT security wore the tag of being overly expensive.
However, investing in IT security has now become mandatory for businesses of all sizes and types. This is because the losses that result from cyber attacks are usually much larger.
Businesses can strengthen their cybersecurity by focusing on these areas:
- Keeping software up to date
- Regularly backing up files and systems
- Implementing multi-factor authentication
- Educating employees about how to be cyber secure
- Using anti-phishing software
This list of precautions isn’t exhaustive. For a foolproof solution, businesses should consider consulting dedicated cybersecurity organizations or advisors.
Phishing and social engineering attacks.
in 2018, nearly 62 % of businesses experienced phishing and social engineering attacks.
these are one of the most prevalent cybersecurity risks that businesses face today.
56 % of IT decision makers believe phishing attacks by taking appropriate security measures.
How can you address phishing and social engineering attacks ?
- Use anti-phishing software to detect-phishing and spear-phishing emails.
- Focus on user education and training for better security awareness.
- Require U2F (Universal 2nd Factor) for Authentication to systems that would be targets for
Attackers target businesses and customers by tricking them into downloading malware which then further
infects their network and system.
A study revealed that 92 % of malware is delivered via email. these emails typically mimic legitimate
email addresses and content to trick users.
How can you prevent malware attacks?
- Implement application whitelisting.
- Check url reputation.
- Keep your software up to date.
- Utilize strong Anti-virus (AV) and Endpoint Detection & Response (EDR)
Ransomware takes places when an attacker holds your company’s information for ransom locking you out of your systems, networks or database.
the Average cost of a ransomware attack is nearly $133 000.
It is most common in countries that have a higher number of internet-connected populations.
The United States Ranks the highest with 18,2 % of all ransomware attacks.
How can you Prevent ransomware attacks ?
- Regularly backup your files and systems to offline locations.
- Use trusted firewalls antivirus and Endpoint Detection & Response tolls.
Using weak passwords that can be easily guessed or not adhering to stringent password policies can lead to a potential cybersecurity threat.
About 61 % of businesses have nearly 500 accounts with non-expiring passwords.
Weak passwords put businesses at the risk of cybersecurity threats such as credential theft, data leakage or loss of intellectual property (IP)
How can you prevent Poor Password Policies?
- Implement multi-factor authentication.
- Use strong password policies such as having a minimum length of ten characters and no maximum limit.
- Ensure no passwords used are on known breach lists.
The global average cost of insider threat is approximately $ 11.45 million
The frequency of insider threats has nearly tripled since 2016 from 1 of 3,2 per company and these 204 organizations experienced a total of 4,716
security breaches due to insider incidents over the last 12 months.
Depending on the magnitude , insider threats can be have severe consequences, if not addressed properly.
How can you prevent insider threat attacks ?
- Enforce a formalized insider threat program.
- Clerly document and consistently enforce policies and controls.
- Incorporate a malicious or insider threat awareness training regularly for employees.
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