Cyberattacks on businesses have become much worse in the last several years as there are more thieves online hoping to take advantage of their vulnerabilities. Unfortunately, these criminals are gaining momentum as many companies that have recently moved to all-digital processes have failed to manage them very well. Whether providing Sports News online or service for the growing gaming industry, more than half of the businesses that went digital during the pandemic haven’t considered the added risk to their businesses.

Combined with the current shortage of cybersecurity experts, it’s turned into a dangerous situation for everyone. However, there is a lot that companies can do to improve their cybersecurity and lower the potential risks as many of the options available are also cost-effective. Here are some things any business can do to protect itself from cyber threats:

Update Software

Companies can instantly upgrade their cyber defenses by simply keeping software up to date. Most cyber-attacks that occur usually exploit vulnerable software that companies use. They can only make these attacks if businesses fail to keep software updated.

Updating all the software a company utilizes by employing tools to identify which software is vulnerable will help bring everything up to date and ensure all data and operations of the company are safe.

Protecting Against Ransomware

One of the biggest threats businesses are facing today is ransomware. This malware will encrypt company data, denying access to users, and attackers then force them to pay a fee to unlock access. Additionally, the criminals will sometimes threaten to leak sensitive company data. This type of attack can sometimes be very lucrative for lawbreakers. Research indicates that about 80% of businesses that pay to unlock their data are again targeted a second time.

While there is no specific method to protect from a ransomware attack, tools and software can be used to look for vulnerabilities within the data and patch them with additional security measures or updates. Businesses can also seek additional protection like email authentication and intrusion deterrence software which provides updates automatically. 

Phishing Attacks

This type of attack is when an attacker contacts someone within the business by email, text, or phone and entices a user to click a link or download something which gives them access to sensitive company data. This is usually accomplished by using pretexting, which is when the attacker has some information that makes someone lower their guard and trust them.

Businesses sometimes provide training to employees on how to spot scams. There are also some software options available, like a secure email gateway that blocks viruses, spam, and malware, so it never reaches an employee’s inbox. Website filtering software can also help by using an anti-virus system to scan for threats.

DDoS Attack

This is another common threat that companies face that uses internet traffic to cripple a company’s network. Criminals use thousands of devices or computers that have already been compromised and have them generate an extremely high amount of internet traffic towards the business. After a short amount of time, the company has no resources to handle the high traffic and goes offline.

There are many platforms available that can identify this by using multiple authentication failure events. This will stop the attack long before it gets far enough to cause damage to the system.

Cyber Insurance

Cyber insurance is a great option that can protect businesses from losses related to a cyber attack. There are many policies available that will fit most companies’ needs.

Along with coverage for various types of attacks, research things about the insurance provider. Find out if it will defend the company in a lawsuit or provide coverage beyond any insurance the company already has.

First-party coverage will protect data that includes customer and employee information. At the same time, including third-party coverage also protects from any liability if a claim is brought against the company by a third party.

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