There are more and more business processes in the world that are becoming automated. Also, the company’s communication is more often digital than analog. As a result, cybercrime poses a growing threat to business bank accounts and business continuity. In this regard, the question arises: Is your company really ready to protect its business critical data and systems? There are many consequences of cybercrime.
Some of the most well-known are damage to computer data and programs, computer sabotage, computer viruses, fraud, etc. If you want to protect yourself from that, you need to take all preventive measures. However, to know if your company is at risk, you need to know which signs indicate the presence of cybercrime.
The causes of this growth are in the ever-improving hacking tools, which is why hacker attacks make up more than half of all cyber incidents. Many companies are not doing enough to address cybersecurity issues, and not just in terms of people. Only 50 percent of the surveyed companies have regular checks of their information security system and according to the Cytelligence one of the crucial things is to understand your weaknesses. However, other measures that are actually crucial for the early identification of cyber-attacks are also neglected. A number of companies are still in the early stages of learning how to deal with digital risks. Also, one of the biggest risks is often neglected – the risk of compromising data integrity. The fight against cybercrime cannot be waged alone. It is necessary to coordinate actions in the fight against cybercrime.
This means that companies must work closely not only with their customers and suppliers, but also with their competitors in the industry who face exactly the same problems. Instead, many companies have the opposite approach – they are completely isolated from the environment on cybersecurity issues. Cybersecurity is key to any company’s digitalization strategy. In the midst of large-scale cyber-attacks, companies that are properly prepared will be able to recover faster than others and emerge stronger from the crisis, which will give them an advantage over the competition.
One of the most common consequences of cyber attacks is taking control of a registered domain. It is about abusing the unavailability of internet services or redirecting users to services that are controlled by attackers. Many other methods are also used, such as using emails, registration, identity theft, etc.
Fortunately, you can find a security solution that will prevent these types of attacks. For example, you can opt for Secure Mode, Client Side Lock or Registry Lock. We must not forget the bad habits of users that can lead to similar problems. That is why it is important to introduce corporate procedures, procedures and education in order to strengthen the security culture.
Regardless of preventive measures, sometimes a defensive wall can break through. One of the indicators of a cyber attack is the financial consequences. It is a theft of corporate information or bank data. This leads to disruption of online transactions, but also the loss of customers and business partners. All this leads to reduced profits.
With the increase of such attacks, the development of the cyber insurance market began, so many companies began to look for a solution, and insurance that would protect them from such attacks. In these cases, the cyber risk insurance policy will provide coverage by reimbursing the costs of hiring IT experts. These costs are mainly related to determining the extent of damage in terms of the type and number of endangered or lost data and the like.
Employees need to know everything about digital security. Companies are obliged to provide them with adequate training for the purpose of acquiring knowledge. Otherwise, they put their company at great risk, as well as the business actors they work with. Employees must have a developed awareness of the importance of risk in cyberspace, security culture and everything else. Remember that their habits are reflected in the entire organization.
Encryption is the simplest way to protect your data from being misused by unauthorized persons. Your organization can survive a cyber attack only if you have an adequate plan and if you have trained employees who will be able to implement it. You need to be prepared as much as you can, because there are many cyber security strategies. However, if there are no trained staff who can implement them, you will not be able to apply them effectively.
If you want your business to respond successfully to cyber attacks, you need to look at the bigger picture. The defense mechanism should consist of layered protective measures, because that is the only way you will be able to protect all valuable information. This approach imitates the defense of medieval castles that avoid external attacks. That is why it is mostly called “castle approach”. Technology, control, policy and organizational mechanisms are used for this purpose.
Opt for technological defenses that will be an obstacle to cyber attackers and detect attempted attacks. We must note that technology is not enough, because your employees must be aware of fraud in order not to become victims. This also applies to directors, because they are also the target of cyber attacks. Fake emails and notifications are the most common types of scams.
An investment in cyber security
In the end, no matter how much you invest, you can’t be 100% sure. However, if you have an excellent security team that will solve technical problems and identify vulnerabilities in certain business functions, you will be prepared. Adequate preparation will allow you to detect vulnerabilities early, minimize potential damage, protect against risks and protect your budget. You will also get a more efficient investment of time, money and other resources.
Protecting against high-tech crime is one of the biggest challenges of the digital age. An increasing number of data and information exchange networks, encouraged by technological innovations, have a positive impact on society’s opportunities, as well as on the quality of life in general. So identify the company’s basic cyber capabilities and determine their current level of maturity. Then, map the results of the analysis against your strategic goals to improve planning.