How to Protect Your Company from Emerging Online Threats

Although cybersecurity solutions are getting better, hackers are finding more innovative ways to attack businesses. According to the Accenture Cybersecurity Report 2020, 40% of security breaches are now indirect, as threat actors target the weak links in the supply chain or business ecosystem.

On the other hand, a large number of small and medium businesses (SMBs) still haven’t recognized the importance of cybersecurity. As per a recent study, 43% of SMB owners owners have no cybersecurity defense plan in place at all. Despite the lack of cybersecurity, one in five SMB owners surveyed stated their organization has zero vulnerabilities.

Unfortunately, most cyberattacks can destroy your business. The global average total cost of a data breach in 2020 is $3.86 million, which is far from what most SMBs can afford to pay. If you are also running your business under a false sense of security, you need to proactively protect your data and applications from cyberthreats.

As a leading cybersecurity expert in Denver, we often ask our clients to take a few simple precautions to stay safe.

Here are a few common steps.

1. Use the Latest Cybersecurity Tools

One of the most common solutions is to use the best and the latest cybersecurity solutions such as firewalls, antivirus, and antimalware, among others. Investing in the right cybersecurity technologies will not only save you money but also protect your business from reputational damage.
As online threats become increasingly complex, many organizations continue to invest heavily in advanced technologies, such as Artificial Intelligence, Machine Learning, and Robotic Process Automation. Today, 84% of organizations spend more than 20% of their cybersecurity budgets on tools that use these three technologies as fundamental components.
These technologies can protect you from a variety of online threats. For example, adding an AI-based firewall to your computer network can help you fend off online threats like brute force or DDoS attacks. On the other hand, an advanced network monitoring tool can help you identify any irregularities in your computer network. You can install these tools with the help of a cybersecurity expert in Denver.

2. Limit System Access

Just like external threats, your computer network is also vulnerable to internal threats. According to the 2020 Data Breach Investigations Report, 30% (i.e. almost one in every three data breaches) were caused by internal actors. They could be your current employees, ex-employees, or even business partners. You need to keep your network safe from all internal threats.
Having control over who can access your network can help you enhance safety. For example, if you have a “Bring Your Own Device” policy, which most SMBs do, anyone can walk into your office with an infected phone or tablet. They can intentionally or accidentally infect your entire network if they connect this device to your system.
Make sure to create an access control process in your organization. You can implement Role-Based Access Control (RBAC), allowing employees to access information and applications based on their roles. For example, you can allow only the system admin to create new user accounts, not your HR or marketing department. RBAC not only enhances operational security but also ensures data management compliance.

3. Update Your System and Applications Regularly

Regularly updating your operating systems and applications can also help enhance your cybersecurity. Updates are necessary because they often have critical patches that seal potential security weaknesses in your system. Hackers often exploit these weaknesses to infiltrate your system. Updates also help improve user experience.
While it is easier to keep a couple of devices updated, keeping track of several dozen applications and multiple devices is often challenging. You need to create a proactive plan to keep track of all updates. You can consult a cybersecurity company in Denver to help you figure out a plan. Make sure never to delay downloading updates, especially for your operating systems.

4. Train Your Employees

As a cybersecurity expert in Denver, we can’t stress enough the importance of training your employees. Despite your best precautions, it is still possible for hackers to get into your network if your employees are not vigilant.
For example, cybercriminals often target employees with fraudulent emails, tricking them into opening a link or downloading an attachment, which could be the beginning of a data breach. You should train your employees regularly to prevent such cyberattacks.
Taking the following steps can help:

Ask your employees to verify email addresses before responding. Ask them to forward any suspicious emails to your IT team.
Never open suspicious links or download such attachments.
Never use personal devices on the office network.
Don’t share personal or business-critical information via email, instant messages, or text. Hackers can intercept these messages and steal your credentials.
Ask your employees to always log out of any application or account, especially browser-based applications.

Remember though, training your employees is an on-going process. Make sure to inform new employees about your cybersecurity best practices. You can also share these instructions via email or a training session every month. You will also need to close user accounts and credentials of employees that have left your organization.

Conclusion
We live in a digital world with ever-increasing online threats, where SMBs often pay a heavy price in the event of a successful data breach or ransomware attack. Staying vigilant is one of the best ways to keep your business safe from cyberthreats. Hopefully, these four simple precautions will pave the way for your enhanced cybersecurity. What cybersecurity best practices have you established in your organization? Feel free to tell us in the comments section.