Cybercriminals continue to demonstrate just how much damage they can do to a business. Cyberattacks and hacks have reached an all-time high without any signs of slowing down. Fairly recently, we watched as Equifax fell into some trouble. Soon thereafter, Deloitte found itself in its own cybersecurity situation. These are huge instances of cybercrime; and if these major companies can be infiltrated, what is preventing a cybercriminal from targeting your business?
These two hacks were possible because the firms failed to have sufficient data security procedures in place and didn’t update their security systems. Again we are reminded that no business, small or large is immune to cybercrime.
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After the attack, Equifax’s stock prices fell and its CEO Richard Smith decided to expedite his retirement. Additionally, Equifax was hit with lawsuits from consumers, shareholders and other institutions affected by the breach. Deloitte has faced similar fallout. And while these companies’ data security efforts may recover from these attacks, their reputations will forever be tarnished.
Protect Where It Matters
So, what can you do to prevent your business from getting hacked? Here are four ways you can protect your business from cyber threats:
- Require Two-Step Authentication
Your business should require all vendors to use a two-step authentication or directly contact your IT department to gain access to your company’s network. Without this process in place, outside vendors could gain access to your network, leaving your company vulnerable to hackers.
- Continuously Monitor Security Systems
Equifax ignored a security vulnerability and didn’t update its security systems in time to protect its sensitive data. It’s important to have your IT team constantly monitoring your systems to make sure they are up-to-date with the latest security software and system patches. If you don’t have internal IT capabilities, there are external service providers that offer security services.
- Encrypt Your Data
One of the easiest and most effective ways to protect your sensitive data is making sure it’s encrypted. Having all of your sensitive records encrypted will prevent cybercriminals gaining access to the information.
- Train Employees
Perhaps one of the most important ways you can protect your company is to train your employees about safe online and email practices. Educating your team on the current security threats and issues will prevent them from doing anything that could put your business at risk.
Visit our website for access to a wide array of information and insights on the topics of cybercrime and data security. Read what some of our experts have to say about these topics in our article library. If you have any other questions about a recent data breach or maybe you are looking for additional cybersecurity tips and insight, email Rea & Associates for answers.
By Travis Strong, CISA (Wooster, OH)
Check out these articles for more information about how to protect your business from cybercriminals:
Can A Cybercriminal Crack Your Company’s Network?