Main cybersecurity mitigation techniques in an organization
With the adoption of Internet solutions, hacks have become more prevalent. During the COVID-19 pandemic, due to the increase in the number of remote workers, cybersecurity breaches increased fourfold from the previous rate in 2019.
Due to the increase in the number of home devices used to access online workplaces, it has become easier to breach an organization’s network. Hackers have improved their malicious techniques to penetrate networks. Whether you work in an auditing company, a marketing agency or a website that gives a quotex professional broker reviewyou are not safe from hackers.
Businesses have started implementing IoT devices to increase employee productivity. Nevertheless, IoT is a relatively new and unexplored technology. This translates to IoT devices being hacked more easily than conventional tech devices.
There is also the problem of increasing ransomware attacks on computers. Since 2020, this form of cyberattack has hit more devices since cybercriminals can get away with cryptocurrency ransoms and go undetected. Even cloud services are not entirely secure. Cyber attackers are beginning to breach cloud services by attempting to blend in with legitimate services.
Financial consequences of a cyberattack
The financial consequences of a cybersecurity attack vary from company to company. For a business implementing cybersecurity mitigations, the cost is greatly reduced.
The Ponemon Institute has published research indicating that the median cost of a cybersecurity breach to a business is $5 million. However, when all factors are considered, the average cost of a hack is higher. On the one hand, there is the loss of consumer confidence in the company. This could lead to lower revenue, especially if sensitive customer data is lost.
In 2021, at least 3 billion records were reported lost in cybersecurity breaches. The cost of this data loss is usually divided into data recovery and financial penalties for the organization.
Loss of business reputation
A cybersecurity hack usually results in a loss of business reputation in the eyes of potential investors and existing customers. For larger companies, it can be argued that the financial consequences are worse as the losses run into the millions of dollars. For small and medium sized businesses, the business can collapse due to negative media.
A technique frequently used by hackers is the Distributed Denial of Service (DDoS) attack. This type of attack prevents visitors from accessing your website. In this case, you suffer operational losses because new customers will tend to visit your competitors’ websites.
Best Cybersecurity Mitigation Strategies for Your Business
Here are some best cybersecurity mitigation strategies for your business:
Frequent risk assessments
The importance of a risk assessment lies in discovering security vulnerabilities in your network. With an IT risk assessment, you would be able to identify the areas that you need to protect. You will also determine the existing susceptibilities in your network.
Like all other attackers in all industries, hackers try to find weak spots in a system. A single weak point can be exploited to the maximum, allowing a security breach to occur.
As soon as these vulnerabilities are discovered, your cybersecurity team can focus on those that hackers commonly use. Once the first set of security vulnerabilities have been patched, lower ranked vulnerabilities can be addressed.
Allowing several of your employees to have access to a lot of sensitive data increases the risk of a computer security breach. The more workers with access to the data, the greater the points of failure. Besides insider threats, employees could see their home devices infected with malware, opening up your network to facilitate security breaches.
You should limit network access to employees who do not need to get their hands on a sensitive level of data. This way, even if their devices are hacked, your data remains safe. As soon as an employee leaves the company, the account with access to the network must be deleted instantly.
Firewalls and cybersecurity tools
Without firewalls and other basic cybersecurity tools installed on their computers, any organization is set up for a cyber security breach. Although a firewall cannot stop all forms of malware attacks, it will help protect your device against the majority of Internet threats.
Firewalls are crucial as they come pre-installed with operating systems like Windows and Mac. It’s practically the security guard repelling attacks from the fence which is your device’s memory. As soon as a suspicious data packet is sent to your computer network, it is restricted by a firewall.
Other basic cybersecurity tools include antiviruses. Antivirus programs are essential for finding and eliminating existing malware threats on your PC.
Create a patch management schedule
If you’ve often wondered why software teams frequently release app updates, it’s because of cybersecurity. When updated versions of software are released, hackers attempt to find out where previous security flaws originated.
By examining the code, they can find vulnerabilities in the program and exploit them. Therefore, if you are late in updating your programs, you are likely to be hacked. Your IT security team should ensure that programs are updated immediately after software patches are released.
Since the coronavirus and the ensuing explosion of remote working, cybersecurity attacks against organizations have increased. The cost of a successful break-in on a business runs into the millions. This leads to an overall loss of trust and reputation for the business.
In addition to data and reputation loss, there are associated losses such as operational losses. To prevent hackers from gaining access to your systems, your organization should perform a risk assessment, restrict network access, install firewall and cybersecurity tools, and create a patch management schedule.
(Devdiscourse journalists were not involved in the production of this article. The facts and opinions appearing in the article do not reflect the views of Devdiscourse and Devdiscourse claims no responsibility for them.)