In 2024, 41% of enterprises were hit by a malware attack, one of the most threatening forms of cyberattack. Whether you’re running a small business or a large-scale corporation, cybersecurity threats are bound to occur.
Here are four steps you can take to minimize the risk of a devastating cyber incident:
Understand Common Cybersecurity Threats
The first thing you can do is understand the different types of threats you may face.
Phishing Attack: Cybercriminals send deceptive emails and make phone calls posing as legitimate entities, such as a trusted vendor. During a phishing attack, the cybercriminal would ask the employee to share sensitive company information or download a harmful attachment. This gives a hacker access to confidential client data or financial details.
Malware: It consists of viruses or spyware that can infiltrate your system. Once installed, malware can rewrite security codes and steal data. Malware can infiltrate your network through infected email attachments or websites.
Ransomware: During a ransomware attack, hackers can encrypt business data and demand hefty amounts to restore access. Despite robust backup systems, data loss is prevalent in such attacks. Research shows that only 8% of companies that pay ransom to hackers receive all their data back.
By learning the types of threats to business data, you can adopt tailored cybersecurity measures to prevent data loss and financial consequences.
Implement Strong Passwords
Choosing difficult-to-guess passwords is a simple and underrated measure to prevent unauthorized access. Start by encrypting your company’s WiFi network and hiding the SSID (service set identifier).
Set strong WiFi passwords, containing a mix of uppercase and lowercase letters, and special characters. Share the password with employees and other authorized personnel. Change it at least every three months. You can also institute centralized password management systems.
Invest in a Virtual Data Room
If you’re looking to implement an all-in-one data protection system, look no further than virtual data rooms (VDRs). A data room is a secure space to store and share sensitive business data.
Investment banks, private equity firms, and real estate firms can use a VDR to collaborate with multiple users on a single platform. This significantly reduces the chances of data breach or unauthorized access. Other dedicated security features of VDRs include:
- Advanced encryption.
- Multi-factor authentication.
- Access control.
- Track file access.
Take a look at a guide for virtual data rooms to understand different features and pricing structures.
Educate Employees on Security Practices
Research shows that nearly 88% of all data breaches occur due to employee mistakes. Despite setting stringent firewalls and buying robust antivirus software, untrained employees can put sensitive client data at risk. Educated them on a range of security practices, such as:
Recognizing Phishing Scams: These are most common among businesses. Teach your employees to spot and report suspicious emails or links.
Secure Password Management: Teach them the importance of setting strong and difficult-to-guess passwords.
Internet Browsing: Clicking on an untrusted website while using company WiFi can be dangerous. Train your employees regarding safe browsing practices.
Hold workshops and training events to make cybersecurity measures a daily part of their lives. This will save you from adverse circumstances.
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Abdul Wahab 
Sarah Durrani 
