Operating a business is expensive. Inventory, payroll, rent, and countless other costs mean that turning a profit is no easy feat. Modern business owners now have other unforeseen expenses to worry about. Expenses are not accrued by normal business operations, but by nefarious cyber criminals lurking on the net.
The most effective means of deterring a cyber attack is to be informed. For business owners wanting to be in the know, here are three reasons your company should invest in cybersecurity training, the main types of cybersecurity threats and the best solutions available for improving your company’s cybersecurity strategy.
Reason 1: Cyber Attacks Are Increasing
In 2021, cybersecurity breaches involving ransomware increased by nearly 93 percent, suggesting that attacks are growing and cyber security should be a paramount issue for contemporary companies.
Threat: Ransomware is a form of malware, a software akin to a virus, worm or spyware, which is activated by a user clicking on an infected attachment or link. This interaction instantly installs malicious software on the user’s device. The dangerous software then blocks the accessibility of crucial network components, often bringing all business transactions to a halt, then just like a real kidnapper, demands a ransom to release its grip.
Solution: Companies should consider investing in advanced cybersecurity strategy solutions for their businesses to help prevent cybersecurity ransomware threats and attacks, and avoid having to pay ransomware settlements. There is no single solution that guarantees complete safety, but cyber security firms offer personalized packages that pinpoint weak spots and apply protection to these vulnerabilities in a holistic approach.
Reason 2: Save Business Costs Long Term
Though companies will have to dole out monies for cybersecurity training initially, one of the best reasons to do so is that it saves the business significant costs in the long run by deflecting potential cyber-attacks. In contrast, trying to resolve incidents post-attack usually include pricey lawsuits in addition to deflated:
- intellectual property
Threat: Phishing attacks add up to nearly 80 percent of cyber attacks in the U.S. As one of the most utilized methods of cyber breaching, phishing can lure in individuals and businesses alike. This method involves sending out a fraudulent e-mail designed to entice its recipient into opening it and following its detrimental requests, usually involving the sharing of personal information like logins, passwords and credit card data.
Solution: Robust cybersecurity training for your employees is the best method of staving off a phishing expedition. Since phishing relies on user error, educating your staff of best online user practices, red flags and how to safely report suspicious activity could save your business countless dollars by deterring a potential phishing attack.
Reason 3: Cybersecurity Compliance
In 2019, Equifax suffered a framework malfunction at one of its production databases, breaching cybersecurity compliance and causing critical vulnerability to the company’s users. Though a patch was readily available, the malfunction went unrepaired for months. Even after repair, the company failed to announce the breach until weeks later. In the end, the event resulted in the compromised data of nearly 150 million Equifax users and cost the company more than $1.4 billion dollars.
Threat: Non-compliance is a serious offense. Cybersecurity Compliance was derived from the 1996 Congressional Act which aimed to protect the privacy standards of the online exchange of data relating to an individual’s health: Health Insurance Portability and Accountability Act (HIPPA). Such compliance has now expanded to apply to the protection of other “portable” (online) personal information, like personal data divulged during business transactions conducted online.
Solution: Cybersecurity compliance varies from one business industry to the next, so it is imperative for a company owner to understand compliance specifications; however, general cybersecurity compliance requires:
- meeting industry control regulations
- protecting employee and user confidentiality
- maintaining integrity
- limiting the availability of data
- safeguarding saved data
Train Employees In Cyberattack Prevention
Business owners deal with many business expenses, but falling victim to the expense of cyber attacks is easily prevented. Cybersecurity compliance issues, phishing and ransomware attacks can be avoided by being knowledgeable about these risks and investing in cybersecurity training.