Nearly every month, another high-profile hack or cybersecurity threat makes national headlines, forever tarnishing its victims' reputations. And because these attacks occur so frequently, many businesses don’t even realize they’ve been breached until cybercriminals have compromised a significant amount of data and cost them millions in damages.
In fact, the global average cost of a company cyber breach in 2019 reached $3.92 million, according to an IBM report. And a whopping 7.9 billion records were exposed in the first nine months of 2019, according to data from RiskBased Security, a global leader in cybersecurity and risk data. This helped cement last year as the worst on record for data breaches.
Even here in the Cleveland area, a local church lost $1.75 million to a highly-preventable email hack.
As a business leader, you know you need to care more about your organization’s cybersecurity, but it often feels outside your wheelhouse. And for a good reason – for decades, data protection fell squarely on the shoulders of IT professionals.
Today, though, the issue has become so prevalent, it’s time for you to get your entire team up to speed.
To help you get started, here’s a straightforward cybersecurity definition, plus several tips to help you boost your company’s safeguards.
Cybersecurity is the protection of systems, programs and networks from unauthorized users or cybercriminals who aim to access, change or destroy information – usually for financial gain or notoriety.
Successful cyberattacks often result in the theft of sensitive electronic data, disruption of business services or both. Cybersecurity relies on people, processes and technology to work together to reduce the risk of a cyber breach.
A good security strategy not only includes proactive software and hardware protections but also establishes a set of best practices team members must follow, as well as a disaster recovery plan should your business endure a breach. This way, even if you become a victim of an attack, you can prevent additional financial loss from excessive downtime.
Read more about all cybersecurity essentials.
Today, nearly all business operations rely upon digital systems. From connected devices and networks to the data you use to make business decisions, the most important parts of your business need technology to survive.
Unfortunately, every new piece of tech within your organization represents yet another entry point cybercriminals can exploit to access your networks and wreak havoc. And cyberattacks can take a few different forms.
Here are two of the most common cybersecurity threats you should consider when preparing your strategy:
Cybercriminals often combine multiple methods. For example, hackers may send a phishing email with an attachment that, when downloaded, infects the victim’s computer with malware or ransomware. Others may use phishing as part of a business email compromise/social engineering attack.
Unfortunately, there is no such thing as a 100% effective safeguard against cybercrime. However, by aligning your people, processes and technology through your cybersecurity efforts, you can significantly reduce your risk.
Here are just a few things you can do right now to bolster your security:
As a business leader, you know it’s crucial you take every possible measure to protect your business assets and prevent sensitive data from falling into the wrong hands. After all, just one hack could cripple your organization and destroy your brand’s reputation for good. Luckily, by educating yourself and your team, investing in the right solutions and partnering with managed security service provider experts, you can significantly reduce your risk and ensure lasting peace of mind.