We are constantly surrounded by risk. Even when we are just walking down the road, we are facing the risk and conducting risk management. Just think about it; you risk being stuck in traffic, dealing with red traffic lights, being late for an appointment, or even a car crash. This is why we are constantly thinking about how to mitigate that risk and ensure we arrive where we intended to arrive on time without any issues. We might remember how the traffic is heavier on Mondays and that we should leave the house earlier, or how a specific area of the city always has traffic and find a way to avoid it. This is how we manage and reduce the risks in our personal lives, but it is no different in our professional world.
Every business is vulnerable to risk, which can come from different sources, especially security threats. They all deal with the sensitive data that cybercriminals can exploit, from intellectual property, business account information, and confidential customer information such as their credit card details to employee records. Cybercriminals can find profit anywhere, either by using the stolen data themselves or selling it on a black market. It seems cyber worries are growing amongst businesses, according to Checkpoint’s study on cyberattacks, there were 50% more attack attempts per week on corporate networks in 2021 compared to the previous year.
This is why it is essential to take all the necessary steps such as installing a software escrow to protect your business and its customers from online dangers. And you can start this process by following these security and risk management tips.
Conduct an in depth risk assessment
Before you can work on preventing the risks you might face in your business, you need to know what those risks are. By conducting regular risk assessments, you can determine if you have any vulnerabilities within your company that cybercriminals could use against you and what outside and inside risks you need to be mindful of. This will allow you to create a prevention strategy instead of reacting after the worst happens.
Install antivirus software and use a firewall
This is one of the first and the simplest steps you need to take to ensure your business stays protected. It won’t protect you from all different types of cyber dangers, but it is an excellent tool to prevent certain types of malware, such as trojans, worms, and viruses. With more than 70% of enterprises being attacked by the blackmail virus, having a tool to prevent it seems like a good idea. If you don’t use them in your business already, it is the end time to start and ensure all devices with access to your network do the same.
Utilize necessary cybersecurity tools
Not all businesses face the same online dangers, which means your cybersecurity strategy needs to be updated based on your needs. This can be done by using different cyber security tools that are optimized for your business and can adapt quickly when needed. For example, Seon detects and helps prevent transactional fraud, which is extremely useful for companies dealing transactions day to day including companies in industries involving finances, such as fintech, e-commerce & more. Every business should carefully consider the most common risks they might face and utilize the necessary cybersecurity tools to help them prevent them.
Update your computer firmware
Cybercriminals constantly update their malicious activities to ensure they stay ahead of cybersecurity strategies, which is why you need to do the same. By updating your software regularly, you will ensure that you have the latest security patches to prevent cybercriminals from exploiting those bugs or vulnerabilities and keep up with their malicious actions.
Educate your employees and raise cyber awareness within your company
Unfortunately, the human element still presents the biggest danger to your business than anything else. While software can be updated and devices protected, you can’t do the same to your employees. This is why you must conduct regular cybersecurity training for your employees and educate them about safe behavior that can significantly reduce the risk to your business. If your employees are made aware of the dangerous behavior, such as clicking on suspicious links in the email, using an unsecured Wi-Fi connection, or using simple and easy-to-guess passwords, they will be able to change it and start taking steps towards cybersecurity.
In addition to cybersecurity training, you should also implement security policies they need to follow to ensure everyone knows what they need to do to protect themselves and your business.
Implement good password hygiene
Cybercriminals constantly try to get access to your sensitive information, and by using weak and easy-to-guess passwords, you are making it easier for them. Research from NordPass shows that out of 275 million breached passwords more than half of them were not unique. What is worse, 123456 still remains the most commonly used password for the last few years. Using weak passwords or constantly reusing them through different accounts is basically opening the doors to cybercriminals. Implementing strong password practice and putting adequate measures in place can prevent this from happening.
Ensure your data is properly backed up
Backing up your data is essential in risk management as it allows you to stay operational even when the worst happens, such as your data getting damaged, deleted, or held for ransom. Regardless if that occurs due to a natural disaster or a cyberattack, having a backup of your most important data can make all the difference.
Conclusion
Building a successful business brings a lot of challenges, from finding the right niche and customers, coming up with the best marketing strategy, choosing the perfect employees, and implementing adequate security and risk management strategies. Unfortunately, many companies are not as proactive with their security and risk management as they are with other elements of the business. They might think their business is too small or not profitable enough to become a victim of cybercriminals, but unfortunately, they couldn’t be more wrong. Cybercriminals do not discriminate against their victims as they can find profit in even the smallest company, which is why it is essential that every business, regardless of its size, starts taking a proactive approach to risk management.
