Best Cybersecurity Measures: Why Are They Crucial for All Companies

What are the best cybersecurity measures that organizations must have to save themselves?

Every year that passes by marks another ‘worst-ever year’ for cybercrimes all over the globe.

Organizations, virtually of any size and type worldwide, have been victims of malicious attacks and security breaches.

From the professional networking giant LinkedIn to the famous consumer credit reporting agency Equifax, all the way to the largest shipping company Maersk.

According to the report by IBM, the financial loss of a data breach has reached a staggering $4.24 million in 2021.

While the monetary damages of these breaches are undoubtedly a serious problem, the repercussion of data breaches is an entirely different story.

And this becomes truer for sensitive organizations where a security breach can taint the brand’s reputation in the marketplace and shake customer trust.

And as if the ongoing Covid-19 pandemic wasn’t frightening enough, cybercriminals took advantage of an immense surge of remote working to hack vulnerable IT networks.

The FBI’s Internet Crime Complaint Center (ICCC) reported 12,377 Covid-related scams till the mid of 2020.

To get out of this misery requires businesses to adopt a popularly known term, cybersecurity.

It refers to a series of steps that organizations should incorporate to provide the technologies with protective enclosures and avoid unauthorized access.

Ahead, are reasons why cybersecurity is the only real solution to the ever-evolving threats and cyberattacks:

Enhance productivity

The consistent viruses that seep into the network make the computers crawl and halt business operations.

In turn, this makes the employees squander their crucial business hours.

Availing of cybersecurity services reduces the likelihood of business operations coming to a standstill, thereby increasing employees’ productivity.

However, solely depending on cybersecurity measures can never stop hackers from infiltrating the organizations’ networks.

Training employees to make wise cyber defense choices can help individuals avoid getting conned by cyberattacks.

With the increasing cyber threats, managers should encourage their team members to consider a master’s degree to study the relationship between cutting-edge technologies and human behavior.

The degree empowers individuals to learn various psychological theories and apply them to cyber behavior.

Additionally, employees can also discover and understand the challenges of cyber influence on personal behavior.

Prevent the loss of business data

Cyber breaches tend to spread like wildfire. Even if one computer in the network gets infected with viruses, organizations might have to replace the entire network.

Besides, the viruses and security breaches intend to steal customer data for identity theft and other fraudulent activities.

Not only this, but these breaches also aim to steal confidential business data and employee information.

And this leaves organizations in a pretty challenging situation, specifically if the hackers stole intellectual property.

If any creative idea gets purloined by the cyberattacks, not only do businesses have to face the repercussions of this damage.

But they might also squander the time and money it took to come up with that idea. Not to forget how organizations can also miss out on the potential revenue stream, which might get generated from that particular business idea.

Nonetheless, by utilizing cybersecurity services, organizations can provide digital protection to their businesses and keep the employee’s data secure from threats such as adware.

Prevent financial loss

Aside from the loss of business data, financial damage due to cybercrimes is another thing that can set back an organization.

For instance, in the case of ransomware, business operations become stagnant until the owners pay a hefty fee.

And in most cases, the business data is still irredeemable even if the organization has paid the ransom amount.

While security breaches can put a massive dent in organizations’ bank accounts, substantial financial loss isn’t the only part of the story.

These breaches can also tarnish the organization’s reputation and adversely affect its credibility.

When critical information gets swiped, customers may lose trust in a business since an organization fails to keep its data safe. And they might not prefer the brand anymore. Instead, they may go for other competitors in the industry.

Fortunately, organizations can provide a safe place for employees, customers, and stakeholders with proper cybersecurity measures.

Not only this, but cybersecurity empowers businesses to detect suspicious activities early on and take appropriate actions.

Help fight increasing cyberattacks

With technological advancements emerging at an astonishing rate, cyber crimes have also become more sophisticated.

Although cutting-edge technology streamlines business operations, they also pose severe threats to business networks.

Today, cybercriminals utilize hacking tools to perform illegal and suspicious activities.

What’s even worse is that an assortment of free hacking tools is readily available for less-skilled hackers to launch damaging cyber-attacks quickly.

In the past few decades, there has been a significant increase in the usage of IoT devices worldwide.

Most organizations capitalize on these advanced devices to improve work efficiency in today’s fast-paced and digitally connected world.

According to a report by McKinsey, the emergence of IoT devices will approximately reach 43 billion by the year 2023.

That implies more devices globally will save crucial personal and business information.

And thus, this depicts an even greater need for cybersecurity measures.

Cybersecurity measures to take in the face of a cyberattack

Here are some of the best cybersecurity measures that organizations must have in place to protect themselves:

Frequent system audits

Frequently examining and assessing system security can help organizations stave off catastrophic damages over the long haul.

Additionally, businesses can patch the complexities and detect potential problems through regular audits.

However, remember, security audits don’t only encompass vulnerability assessment and penetration testing.

Instead, it’s a thorough review and in-depth analysis of security regulations and legislation.

Protect information, computers, and networks from cyber attacks

A company’s network and computers are the lifeblood of its operations.

A cyber attack can threaten a company’s reputation, disrupt business, steal or destroy intellectual property, and put sensitive information at risk.

That is why it is necessary to keep the security and protection of your networks in place.

First of all,  Make sure to have the latest version of security software, web browser, and operating system installed on all of the devices.

Also, run antivirus software on your device(s) after any update. These updates are meant to patch any vulnerabilities that may have been discovered after the product was released to the public.

If your employees work from home, ensure that their home system(s), and VPNs are protected by multi-factor authentication. If your company runs Cisco VPN then setting up  Cisco AnyConnect Multi Factor Authentication will ensure that no malicious software can damage your company’s network.

To sum up, the best way to stay protected is to have appropriate technical controls in place.

However, it is not enough to have these controls in place; they must be properly configured and maintained.

Enforce the principle of least privilege

Permitting access to data by default to every employee implies that they can access and use confidential data even if there’s any need.

Such privileges can result in insider threats and other fraudulent actions.

A better approach is to enforce the principle of least privilege.

In simpler terms, grant every new account the least privileges and intensify them only when needed.

That way, organizations can considerably overcome unwarranted trust.

Final Words

In today’s digitally connected world, cybercriminals continually strive to sabotage businesses’ IT infrastructure and security architecture to steal confidential data.

Hence, making it exceedingly difficult for organizations to keep themselves cyber secure.

Although organizations are susceptible to the ever-growing cybercrime landscape, thorough preparedness and preemptive measures can prevent enormous challenges down the line.

Remember, even an ounce of prevention is worth a pound of cure.

Therefore, keep an eye out for security updates, stay abreast of technological advancements, and educate employees about the intricacies of phishing techniques to ward off security breaches.

These best cybersecurity measures will continue to be essential. They will, in fact, probably become more critical in the forthcoming years.

And while there are other effective measures as well. However, all it takes to start is acknowledging that no organization is impervious to cyberattacks.