What Every Company Should Do to Mitigate Cyber Threats

Both small and big companies are targets of cyber attacks. As most businesses nowadays rely on technology to operate, cybercriminals are using this fact to their advantage. Sadly, smaller organizations often think they are not a target and are safe from such attacks, and hackers are only willing to harm big tech companies.

Cybersecurity – illustrative photo. Image credit: Sigmund via Unsplash, free license

The reality is quite the opposite. According to the FBI, in 2021, the FBI’s Internet Crime Complaint Center (IC3) received 847,376 complaints about such crimes from the US alone. Most of the complaints were from small organizations. Criminals know that small-sized businesses usually invest less into their security, and that means more money for less work. Therefore, it’s essential for everyone to learn everything about cyber security and prepare your company for possible attacks.

Develop a Strong Cybersecurity Strategy

Cyber threats can come in many forms, from phishing attacks and ransomware attacks to data breaches, and they can cause significant damage to a company’s reputation and financial standing. Therefore, mitigating cyber threats is mandatory for all sizes of businesses.

The first step you should take in preventing cyber threats is to develop a robust cybersecurity strategy. This strategy should include a plan for identifying potential threats, as well as measures for preventing and responding to attacks. Such a strategy should also be regularly reviewed and updated to ensure that it remains effective against new and evolving threats.

Conduct Regular Security Audits

However, having a solid cybersecurity strategy cannot save the company entirely. This is why security audits should be conducted regularly. A security audit is an assessment of a company’s security measures to identify potential vulnerabilities and weaknesses. Having security audits in place, a company can stay ahead of potential threats and take the required steps to address them before cybercriminals can exploit them.

Train Employees on Cybersecurity Best Practices

One of the biggest vulnerabilities for any company is its employees. Phishing attacks and other social engineering tactics are often used to gain access to a company’s systems, and employees can be the weakest link in the defense against such attacks. Training employees on cybersecurity best practices, such as identifying phishing attempts and creating strong passwords, can significantly reduce the risk of a successful cyber attack.

Implement Multifactor Authentication

Multifactor authentication (MFA) requires users to provide two or more pieces of identification to gain access to a system or application. MFA adds an additional layer of security to the authentication process, making it more difficult for hackers to gain access to sensitive information. Implementing MFA can significantly reduce the risk of unauthorized access to company systems.

Use a VPN

The meaning of a VPN connection is quite easy to understand. Simply put, a VPN encrypts your data and hides your IP address, leaving you private and away from any third parties lurking for your sensitive data. By using VPNs, a company can ensure that even if an attacker gains access to the data, they will not be able to use it, as the said data will be encrypted and unreadable.

Backup Data Regularly

Data backups are essential in mitigating the damage caused by a cyber attack. In the event of a ransomware attack or data breach, having recent backups can allow a company to restore its systems and data quickly, minimizing downtime and reducing the impact on customers. It is essential to regularly back up data and test the backup to ensure that it is reliable and can be restored in the event of an attack.

Use Antivirus and Anti-Malware Software

Antivirus and anti-malware software are essential tools for protecting against malicious software, such as viruses and spyware. A company can significantly reduce the risk of a successful cyber attack by using up-to-date antivirus and anti-malware software. It is essential to regularly update the software to ensure that it is effective against the latest threats.

Develop an Incident Response Plan

Despite the best efforts to prevent cyber threats, it is still possible for a company to experience a security breach. In such cases, having an incident response plan in place can help minimize the damage caused and reduce the impact on customers. An incident response plan should include steps for containing the breach, identifying the extent of the damage, and notifying affected parties.