Cyber attacks are on the rise, even though technological advancements have made it easier for businesses to bolster their security measures, malicious hackers make it their mission to stay one step ahead.
Implementing strict cyber security policies is no longer enough, proactive measures are also necessary to reduce cyber security risks. Given that the financial implications of cyber attacks can seriously harm, or even, close, a business, here are nine expert tips to help with your cyber security planning.
1. Strong passwords and multi-factor authentication (MFA) are key
The latest Verizon data breach report highlights that the use of stolen credentials accounted for more than 40% of cyber incidents in 2022.
The advancement of password cracking technology has rendered simple passwords ineffective in deterring cyber crime. To enhance security, it is imperative to use complex passwords and implement multi-factor authentication strategies. Additionally, discouraging password sharing among employees is essential to prevent a breach on one desktop from compromising the security of the entire system.
Multi-factor authentication provides an extra barrier and layer of security that makes it incredibly difficult for attackers to get past. According to Microsoft, MFA can block more than 99.9 percent of account-compromise attacks.
2. Perform routine assessments of your IT infrastructure
With the rapid development of technology and frequent introduction of new software in the market, it’s crucial to periodically evaluate your approach to ensure its relevance and assess the effectiveness of your security measures. Conduct a thorough examination of all your servers, desktops, and infrastructure to detect any instances which have published vulnerabilities that haven’t been patched, particularly looking out for those which are out of support and therefore security updates are no longer being made available. Vulnerability Management can help automatically identify and categorise hardware and software based on its vulnerability status and suggest prioritised remediation schedules.
3. Encrypt and back up your data
Saving data in plain text makes it vulnerable to hackers. Encryption restricts data access to authorised parties, meaning that even if unauthorised parties gain access to the data, they cannot read it. Additionally, some data encryption software can notify you when there is an attempt to tamper with the information.
Regularly backing up your critical data is also important, as cyber attacks can result in data loss. In the absence of a reliable and secure backup, the resultant operational disruptions can lead to significant revenue losses for your organisation. The 3-2-1 rule is a highly effective data backup strategy, which recommends having at least 3 copies of your data stored, with 2 of them stored on different media and one in an offsite location.
4. Raise security awareness
Despite the fact that employees can inadvertently pose a significant threat to businesses, many organisations overlook the importance of educating their staff on cyber security. Thus, it is crucial to provide training that empowers employees to recognise, take responsibility for and report any potential security risks.
5. Control the use of company equipment
Ensure that your organisation has implemented solutions that enable your IT team to restrict the use of staff equipment, monitor their internet usage, and regulate their downloads and installations. By adopting a mobile device management (MDM) solution, you can enforce policies and remotely erase devices that contain sensitive data via the cloud, thereby reducing the likelihood of a security breach.
6. Create a BYOD policy
Although permitting employees to use their personal devices at work may boost morale, it can also expose your organisation to the risk of a cyber-attack unless you have implemented a bring-your-own-device (BYOD) policy. It is important to educate your staff on their responsibilities and inform them of which categories of corporate data they are authorised to access. Additionally, it is advisable to require employees to install antivirus software on their personal devices.
7. Install firewalls with next-generation functionality
As cyber threats become more sophisticated, it is crucial to defend your networks from attacks by installing firewalls with next-generation capability such as intrusion prevention system (IPS) and cloud sandboxing. A reliable firewall platform can effectively protect you from perimeter attacks and prevent security incidents from causing irreversible damage.
When selecting a firewall platform, exercise caution and opt for one that provides full security control and visibility of your application and networks.
8. Consider your physical security
While many cyber risk management policies focus on digital threats, physical security is often overlooked. To mitigate risks, conduct a security assessment of your physical premises to ensure your critical infrastructure is safe from breaches. You should also review your data protection policy and evaluate if it includes data disposal strategies.
9. Assess and monitor your vendors
It is likely that your organisation relies on third-party vendors, which unfortunately makes their security flaws your problem, so vendor risk management is crucial to mitigate risks. To effectively manage vendor risks, you should focus on technical, legal, regulatory and compliance, operational, and strategic risks by onboarding reputable vendors and monitoring them continuously.
Need some help?
A reputable cyber security provider such as Daisy will help you to protect your business from cyber attacks. Daisy can help you identify vulnerabilities, develop and implement a security strategy and provide ongoing cyber security management.