Cyber connectivity is making our lives easier and expanding business competitiveness. However, the increase in cyber threats and digital hacking has substantially increased the risk to all businesses operating in any online capacity: even the most basic use such as email correspondence exposes your business to the risk of cyber attacks.
Cyber threats are not only prevalent for huge multinational companies, but SMEs are also among some of the most common targets of cyber attacks. It’s estimated that about 90 percent of Australian companies receive up to 5,000 threats each day. According to a survey conducted by CISCO, 52 percent of companies estimate the cost of breaches range anywhere between $1 to $5 million USD, while nine percent claim the cost was more than $10 million USD.
The Risks Behind Cyberthreats
Cybersecurity experts won’t forget 2017 when the world held its breath as “WannaCry” ransomware left a trail of destruction in its wake. It showed how capable these threats were to destroy even an MNC in a matter of seconds. One of the most high-profile instances of a ransomware infection came when the Hollywood Presbyterian Medical Center become infected with Locky, taking systems offline and causing disruptions to patient treatment until the hospital paid hackers a $17,000 ransom in order to restore its network. Similarly, several reputed businesses were unable to access their data. Business Systems were shut down.
From confidential email communications and financial transactions to professional networking and collaborative business documents, organizations rely on cyber systems to be connected at all times and manage work effectively. When these channels of transmission are threatened or compromised, as they were during the WannaCry invasion, it can have catastrophic effects on the organization.
Now, more than ever, business products, solutions, deliveries, and services rely on software as part of their crucial infrastructures to effective business activity – thus increasing the exposure to cybersecurity risks. It’s important to be aware that while Global cyber networking of devices will not only generate significant financial advantages it also increases the risk of major security threats as well.
For many companies, cybercrime has to lead to drastic disruption and in some cases major recess of business activity.
When properly implemented and maintained, cybersecurity threat intelligence helps organizations identify and eliminate potential cyber threats; which is why many organizations in Australia are now implementing cybersecurity and risk management into their systems.
Improve The Cybersecurity of Your Business
From confidential email communications and financial transactions to professional networking and collaborative business documents, organizations rely on cyber systems to be connected at all times and manage work effectively. However, when these channels of transmission are threatened or compromised, it can have a catastrophic effect on the organization.
If your business has not implemented adequate precautions to protect against cyber threats, it is imperative you consider and take immediate action to protect the handling of your business data.
We’ve got some tips for you…
Following are some basic guidelines to help you identify risks and strategies to protect your online business activities so that your business can function with strong security against malicious cyber attacks.
1) UNDERSTAND THE RISKS
Learn about the different sorts of threats to your organization and how to prepare against them. Once you understand more about your risks, you should develop an in-depth security policy outlining the risks and how they can be prevented.
2) KEEP YOUR WIFI NETWORKS SECURE
It’s hard to imagine any businesses operating without WiFi networks anymore. Make sure that your WiFi connections are secure, encrypted, and hidden. To protect your Wi-Fi networks, set up your wireless access point or router, so it does not broadcast the network name, known as the Service Set Identifier (SSID).
3) HAVE BACKUPS OF INFORMATION STORED ON COMPUTER
Always backup important information that you have stored in your system. Backup your data automatically if possible, or at least weekly. Collect the copies either offsite or in the cloud and keep this backup data in a secure location that can’t be breached. Therefore, even if your data has been hacked, there will not be a loss of all the data as it’s been stored elsewhere.
4)MAINTAIN ANTIVIRUS FOR PROTECTION ON THE NETWORK
Antivirus software installed in your computer scans all the files you open, providing real-time protection for your data. To maximize cybersecurity effectiveness, it’s very important to allow software updates as new malware and virus definitions are constantly changing and antivirus software is updated accordingly. These are just a few simple tips to improve cybersecurity in your business. If you’re unsure of how to implement these simple measures or would like to discuss more detailed and effective ways of protecting your business
Organizations such as CGI can identify and alert you so you can fill the cybersecurity gaps of your business more efficiently and effectively.
At CGI, cybersecurity is protecting your business is our business… With a unique combination of digital cybersecurity expertise and expert industry knowledge, we are a trusted and preferred partner to a diverse range of clients. It is our mission to guide businesses, striving to ensure their businesses are protected from cyber threats; large or small. CGI individually tailors effective and reliable security to meet the needs of your business.