Cyberattacks are everyday threats in today’s digital world, and without the right safeguards in place, you could find your business exposed. From fraud to reputational and financial damage for failing to comply with legal guidelines, the consequences of these attacks can be severe.
Discover the dangers of leaving data unguarded and the measures you can put in place to protect this information and your business from ever-evolving digital threats.
Preventing unauthorised access
Ensuring open networks within your company is essential to effective communication and collaboration, but these networks must be well hidden from prying eyes to avoid data breaches which regularly make news headlines for their impacts on companies and customers. Preventing unauthorised access requires you to build walls around your digital framework to ensure hackers cannot access internal systems and documents.
Cybercriminals rely on weak passwords, phishing emails and malware to infiltrate systems. If you haven’t already, consider implementing two-factor authentication (2FA) wherever possible. This simple step makes it significantly harder for someone to gain access, even if they know your password. Regularly updating your passwords is another easy yet effective way to limit potential threats. Always use a combination of numbers, symbols, and both uppercase and lowercase letters to make your passwords harder to crack.
Protecting sensitive information
Extra steps should be taken to protect sensitive information. Customer details, classified data and access information such as passwords must have an additional layer of security as these would be most damaging in the hands of a hacker.
Using a VPN to operate in an encrypted network is one of your best defences. Data is scrambled into a secret code that requires a key to be unlocked, so even if cybercriminals access your information that won’t be able to read it. Integrate a password manager with end-to-end encryption too so you can safely store your access details somewhere other than your head. Ensure all employees are connected to your company’s VPN when working remotely and you significantly reduce the risk of sensitive data being stolen, changed or compromised.
Avoiding financial loss
Data breaches can lead to significant financial loss, whether it’s through direct theft, costly recovery efforts or legal battles. For example, a business experiencing a breach might need to spend money on public relations campaigns or compensate affected customers. A stolen company credit card can quickly lead to identity fraud and unauthorised purchases or transfers.
Regularly monitor your financial accounts for unusual activity. Set up real-time alerts for transactions and consider asking employees to invoice expenses directly rather than handing out individual cards. You could also consider getting cybersecurity insurance as a safety net in the event of catastrophes. Though it won’t prevent a breach, it can help cover the costs associated with resolving it such as legal fees, customer notification costs and remediation.
Safeguarding your reputation
Brand reputation hinges on trust. If a breach exposes sensitive data and impacts public opinion, your business could suffer lasting reputational damage resulting in negative press, fewer customers, a smaller talent pool and lower profits.
Keeping data secure is therefore essential to the smooth running of your business, from talent acquisition to growth. Ensure protection is a priority in all of your projects large and small, and put together a plan of action for what to do if there is a breach. Being transparent and acting swiftly and efficiently when a breach occurs could go a long way towards protecting your reputation.
