How To Protect Your Business From Cybercrime

It’s no secret that cybercrime is on the rise. A recent study found that global losses from cybercrime will reach $10.5 trillion by 2025. That’s a staggering amount of money, and it’s only going to continue to grow as more and more businesses become increasingly reliant on technology. In today’s blog we will take a look at all the aspects of cybercrime and how to prevent it from happening to your business.

What Is Cybercrime

Cybercrime is any criminal activity that involves a computer or a network. This can include anything from hacking to ransomware attacks to data breaches.

One of the biggest reasons you should be worried about cybercrime is because it’s on the rise. The global losses from cybercrime are expected to reach $10.5 trillion by 2025, and that number will continue to grow. Additionally, cybercrime is often very difficult to track and prosecute, so it’s often difficult to get your money back if you are a victim.

The Most Common Types Of Cybercrime

There are many different types of cybercrime, but some of the most common include:

Hacking

Hacking is unauthorised access to a computer or network. Hackers can gain access to your system in various ways, including through phishing emails, unsecured Wi-Fi networks, and malware.

Ransomware

Ransomware is malware that encrypts your files and demands a ransom for the decryption key. This can be particularly devastating for businesses, resulting in the loss of essential data.

Data Breaches

A data breach occurs when sensitive or confidential information is accessed without authorisation. This can often result from poor security practices, such as using weak passwords or failing to patch vulnerabilities.

The Impact Of Cybercrime On Businesses

Cybercrime can severely impact businesses, both in terms of financial losses and damage to reputation.

According to the 2019 Cost of a Data Breach Report, the average cost of a data breach is $3.92 million. Of course, this number can vary depending on the size of the business and the type of data that was compromised, but even a minor data breach can have a significant financial impact.

Understanding and complying with privacy laws based on where you operate, can be an avoidable business expense. You need to be familiar with the set privacy laws in your area, as they differ in different regions. For example, the Colorado privacy law imposes strict penalties for those who fail to comply with the privacy act and can be fined for offences.”

In addition to financial losses, businesses also need to worry about the damage to their reputation resulting from a cyberattack. Customers are increasingly concerned about data security, and they may not be willing to do business with a company that has been breached. 60% of consumers said they would stop doing business with a company after a data breach, according to a 2017 study.

How To Protect Your Business From Cybercrime

There are several steps you can take to protect your business from cybercrime, including:

Educate Your Employees

One of the best ways to protect your business from cybercrime is to give your employees cyber security awareness training . For example, make sure they know how to spot phishing emails, use strong passwords, and keep their computers updated with the latest security patches.

Implement Security Measures

Another critical step is implementing security measures such as firewalls, intrusion detection systems, an attack surface discovery solution, and antivirus software. These tools can help to detect and prevent attacks before they happen.

Create An Incident Response Plan

If your business is attacked, it’s essential to have a plan for responding. This should include steps for reporting the incident, backing up data, and restoring systems.

Tips For Creating A Firm Password Policy

One of the best ways to protect your business from cybercrime is to create a firm password policy. A strong password policy will help to ensure that employees are using strong passwords and that their passwords are changed regularly. Here are some tips for creating a firm password policy:

Require Employees To Use Strong Passwords

A strong password should be at least eight characters long and include a mix of letters, numbers, and symbols.

Change Passwords Regularly

Passwords should be changed at least every three months.

Enforce Minimum Password Complexity

Passwords should not be easily guessed, such as your name or your company’s name.

Don’t  Use The Same Password For Multiple Accounts

If one of your employee’s passwords is compromised, all of their accounts could be at risk.

Important Steps

You can take steps to protect your business from cybercrime, including educating employees and implementing security measures. However, cybercrime is a serious threat to businesses, and we need to do all we can to protect ourselves.