Atal Bansal is President and CEO at Chetu, a leading U.S.-based custom software development and services company.
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If you've been following the news recently, you'll undoubtedly have read of cybersecurity incidents impacting some of the largest corporations in the world. While this may seem like just an issue for major enterprises — which it certainly is — the truth is that companies of all sizes and in all industries are at risk of cyberattacks.
Furthermore, with countless businesses hastily moving their operations online during the pandemic, there are even more less-protected entities for hackers to target.
According to a recent PurpleSec report, over 18 million websites are infected with malware at a given time each week, and 1.5 million new phishing sites are created each month. A Cybersecurity Ventures report predicted that damages related to cybercrime are projected to hit $6 trillion annually by the end of 2021.
Between the malware and web-based attacks — ransomware attacks, specifically, which SonicWall found (via PBS) have risen 62% worldwide and a staggering 158% in North America alone between 2019 and 2020 — businesses are expected to collectively shell out more than $170.4 billion per year in cybersecurity defense measures by 2022, according to Gartner, Inc.
Despite the advancing tech-savviness of modern hackers, however, it's not all doom and gloom when it comes to protecting your business from malware. Coming from a custom software provider that develops cybersecurity compliance software for businesses across the industry spectrum, there are many technologies and practices that you can and should leverage to avoid becoming part of the "the next breach" headline.
Protect Your Data With Role-Based Access Control (RBAC)
The digitization of business processes and services has saved companies billions across the globe, increasing business efficiency and driving more successful outcomes as more facets are automated and connected to online platforms. However, whenever any platform is connected online (which is vital for companies looking to remain competitive and benefit from digitization), it can leave the door open for malicious players to enter and attack.
It takes several degrees of access to cause data breaches, which is why it's imperative to safeguard all essential data to avoid a digital file breach. Making sure that access to critical files and data is restricted to only essential employees is the best way to mitigate these risks. To accomplish this, businesses should use role-based access control (RBAC) software — which restricts access to certain data, making it only available for full viewing and access by authorized users. Leveraging RBAC is an effective way to improve a business's cybersecurity significantly, as it makes it difficult for hackers to access files that are restricted and secured.
MFAs And VPNs: The Essential Solutions For Cybersecurity
Nearly 95% of web application attacks are performed using weak or stolen credentials. By implementing two-factor authentication (2FA), multifactor authentication (MFA) and end-to-end encryption, businesses can provide an extra layer of protection against these simple data breaches. Adding more secure authentication methods makes it significantly more difficult for attackers to penetrate this additional layer of security.
Additionally, operating on an unsecured Wi-Fi network is just begging hackers to come in and wreak havoc. While most company networks are secure, the modern business now extends beyond the office, leaving companies exposed to unsecured networks — a lesson many learned all too well during the recent pandemic. To combat this, investing in a solid virtual private network (VPN) is crucial. Leveraging the private tunnels created by VPNs can allow businesses to keep a mobile workforce while still working to maintain their cybersecurity.
Consider Custom Software Development
While many consumer off-the-shelf (COTS) software solutions are often backed by companies with strong cybersecurity measures, their pervasiveness could make them a larger target for hackers — increasing the potential for them to be the open door that leaves a business exposed. Investing in customized software development, be it brand-new solutions or tailor-made integrations with current COTS software, could inhibit and deter hackers from attempting to infiltrate a network.
If you decide to go this route, however, it's crucial to assess custom software developers and ensure that they not only have the development expertise to create and/or deploy a solution but also the cybersecurity knowledge and industry-specific experience to ensure your software solution can meet all of the company's business and security needs.
Automated Remote Backup And Data Recovery
Should internal business systems endure a breach, they become highly vulnerable to complete data loss, a server crash or numerous other technical disasters.
To prevent this, business leaders should prepare now and invest in automated remote backup and recovery implementation services to ensure that data is backed up on a single, reliable source that can easily be recovered in the case of a malicious event. Doing so can mitigate the damages caused by ransomware attacks that could render your own data encrypted and unusable.
Practice And Training Make Perfect
Despite the effectiveness of your company's firewall — which should be a critical investment and a given when it comes to any cybersecurity efforts — or any other security solutions your company leverages, at the end of the day, it's your employees who will effectively be the first and last line of defense when it comes to ensuring cybersecurity.
Almost 90% of cyberattacks are caused by some degree of human error, so regularly training employees on what to look out for when it comes to phishing attacks and other cybersecurity threats is crucial. Whether it's constant communication from your IT professionals or third-party training on the latest methods and what to look out for, a well-informed employee can drastically limit your cybersecurity exposure.
Ultimately, understanding how cyber threats work and how to combat them is crucial to avoiding breaches and protecting your company. Whether it's enforcing password rules more frequently, updating your operating systems and applications regularly, implementing VPNs and MFAs or hiring third-party security system providers, it's imperative to invest in your cybersecurity measures and leverage the expertise of those in the industry. Doing so can help protect your business and save you money, and it can help you avoid being part of the "the next breach" headline.
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