Cybersecurity Practices for Businesses

Cybersecurity is a growing concern in today's digital world. In 2020, more data started to be exchanged electronically, and cybersecurity threats increased by 31% in just under two years. As we maintain the electronic tools and resources we grew accustomed to during the pandemic, there is no indication that this trend won't continue.

Because of cultural and technological shifts, businesses must ensure their systems are secure and their customer data is safe. By demonstrating that their security measures are robust and reliable, organizations can continue to build trust with their clients.

Why cybersecurity is important

Digital platforms, such as websites, apps, and social media, are critical components of modern commerce. A company’s cybersecurity practices directly impact its ability to conduct business online. 

The average cost of a cybersecurity data breach is over $4 million, and it takes an average of 277 days from identifying to containing a breach. Cyber attacks can result in decreased profit margins and hundreds of hours diverted to handling the issue instead of focusing on business growth.

Businesses that don’t prioritize cybersecurity risk missing critical data, leaking customer information, losing system access, and more. This doesn’t just affect someone else’s company; poor cybersecurity at one business can also disrupt their business partners. IBM recently studied 550 cybersecurity attacks, and 19% resulted from a compromised third-party partner. Cybersecurity is everybody’s problem.

What to look out for

Cyber attackers try to steal sensitive information, damage systems, and disrupt operations. These threats can come from internal and external sources. 

External threats might be infected systems, breached network connections, and malicious software from outside the company. Today’s most common external cybersecurity threats include:

• Malware - A file or code delivered over a network to accomplish the nefarious objective of the sender, like taking control of your system, exploring files, or stealing sensitive information. 
• Ransomware - Malware that allows hackers to deny victims access to their files until a ransom is paid.
• Spam and Phishing attacks - Unsolicited messages from senders attempting to get the victim to install malicious software or share sensitive information. Most of the time, these messages come from someone pretending to be a reliable person or business. Like, say, a prince from Nigeria.
• DDoS - When an attacker makes a machine or network resource unavailable to its intended users. They do this by disrupting the services of the host connected to the network.  

Internal cyber attacks, on the other hand, may include employees trying to steal data or sabotage operations, unintended configuration mistakes, and poor employee cyber hygiene practices. 

It is essential to have a robust cybersecurity strategy to protect your organization and its data and to conduct business with companies that are committed to the same.

How to handle cybersecurity 

How can businesses demonstrate that their cybersecurity is robust and reliable? A strong, multifaceted approach is necessary to protect their systems and data from threats and build customer loyalty. Some cybersecurity methods include:

Data Loss Prevention

DLP tools can help organizations detect and prevent the loss of sensitive data, such as customer and financial information. They can also block unauthorized access to data by employees, customers, and bad actors.

Backups and Disaster Recovery

Businesses must have a well-thought-out disaster strategy in the event of a breach or accident. This should include automated backup and data recovery. If you choose to backup data off-site, be prepared to move your data to a new location if needed.  

Authentication and Authorization

An authentication and authorization method is used to verify the identity of employees and customers accessing the company’s systems. This is done using a three-tiered approach, which includes an identity verification process, an access control mechanism, and an audit trail.

Access Control 

An access control mechanism can control who has access to sensitive data in a company’s systems. It could be as simple as keeping the wi-fi password hidden and not sharing it. A good rule of thumb is that only employees with legitimate business purposes should have access to data. 

Employee Training

To promote employees’ good cyber hygiene, server and network security training is essential for businesses to protect against cyberattacks. Employees should be taught to spot potential vulnerabilities in the system and how to correctly implement security measures to protect against threats.

Building trust through good cybersecurity

With the right tools and transparency, businesses can ensure their customers’ data is safe and secure, resulting in a stronger connection and a healthier bottom line. Systems are just the beginning—how you communicate with your clients about security issues is also crucial to developing trust!

Share your security policies online or in customer communications as a proactive way to educate on how you will safeguard their information. Be honest with customers and employees about any possible cybersecurity threats or breaches and what your company is doing to recover or mitigate the loss. 

Building trust with customers is an important part of establishing a reputable brand, developing loyalty, creating a stronger presence in the marketplace, and improving marketability. Visit the Better Business Bureau for even more ways to build trust and credibility for your business.