Fortifying Your Business: Essential Cybersecurity Tactics and Statistics for 2023

Effective utilization of knowledge is what empowers you, and it's no different in the case of cybersecurity. One of the best practices to achieve this is reading articles that help with your business strategy and preventing hackers from posing a threat to your personal or business data because of knowledge and awareness. The United States Department of Commerce, specifically the National Institute of Standards and Technology (NIST), recommends this approach.

According to Proofpoint, 90% of Security Professionals consider security a top priority, while only 33% of employees consider security a top priority. This article will briefly highlight three harmful ways cyberattacks can impact you.

Next, I will provide ten methods you can implement today to prevent unscrupulous and fraudulent activities and increase employee awareness and proactiveness.

1. Ransomware Attacks:

Did you know that only 5% of cybercriminals are apprehended for heinous crimes? Sophos says the average ransomware attack is $1.54 million, double that from 2022 of $812,380. 47% of those attacks originate in the United States of America, while 93% of them are from Windows-based applications.? 59% of companies allow employees to access applications from personal devices. According to Astra, extortion of over 33 million records is expected to occur in 2023 with ransomware or a phishing attack every 11 seconds. Rest assured, with the increasing frequency of cyber-attacks, it's imperative to acknowledge that hackers can infiltrate your business systems and hold crucial data hostage, leading to significant financial losses.

2. Phishing Scams:

According to Cloudflare, 90% of successful cyber-attacks start with email phishing. Phishing is a tactic often used by cybercriminals to retrieve sensitive information such as passwords or financial details. This is usually done by sending deceptive emails or messages that appear genuine, creating a sense of urgency and appealing to the recipient's curiosity or desire for financial gain. Even the most tech-savvy individuals can fall prey to this type of attack. Phishing exploits human psychology and can result in unauthorized access to a business's systems.

3. DDoS Attacks (Distributed Denial of Service):

These attacks overwhelm your business's website or network with traffic, causing it to become inaccessible to users. This can disrupt operations and damage your business's reputation. Because a user most likely innocently clicks on a link, the system becomes infected, and over a short or extended period, the infiltration creates the virus.

To safeguard your business against potential threats, it is advisable to implement these ten prevention strategies.

1. Regularly Update and Patch Systems:

Keeping your software and systems up to date is crucial to protect against known vulnerabilities. This applies to your personal and business applications.

2. Employee Training and Awareness:

A study by Proofpoint Security reported that regular training can reduce phishing click-through rates by up to 89%. Educate your staff about the risks of phishing scams and the importance of safe online practices, such as not clicking on suspicious links and using strong passwords. This is not a once-a-year training but quarterly with professional testing by organizations like Infinavate to keep your employees sharp and focused.

3. Implement Strong Security Protocols:

Use VPNs, firewalls, antivirus software, and intrusion detection systems to safeguard your network. Implement robust authentication methods, like two-factor authentication, to enhance security. Use a minimum of 10 characters with numerical, upper & lower case, and special characters to begin and have a password changed every 90 days.

4. Regular Backups:

Regularly backing up critical data can minimize damage in case of a ransomware attack, as you can restore data from backups instead of relying on paying the ransom.

5. Incident Response Planning:

It's not “If” your systems will get hacked; start facing reality and the word “When”. You must have a clear plan in place for how to respond to different types of cyber-attacks. This should include steps for securing systems, communicating with stakeholders, and restoring normal operations. You need to protect your intellectual property, your employees and customers' private information, your vendor's trade secrets, and even your business plans.

6. Network Monitoring and Security Audits:

Continuously monitor your network for unusual activity that could indicate a breach. Regular security audits can also help identify and address vulnerabilities before hackers exploit them. Use the frameworks at NIST, The National Institute of Standards and Technology, and work with firms such as Infinavate to implement those recommended standards into your operations.

7. Use of Secure Connections:

Ensure your business uses secure, encrypted connections to transmit sensitive data. This includes using VPNs (Virtual Private Networks) for remote access and ensuring websites are secured with HTTPS. Using Multifactor Authentication can be 99%, according to Microsoft.

8. Limit Access to Sensitive Information:

Implement strict access controls so only authorized personnel can access critical data. The principle of least privilege should be followed, ensuring employees only have access to the information necessary for their role.

9. Cybersecurity Insurance:

According to The U.S. National Cyber Security Alliance, 60% of small companies go out of business within six months of a cyber-attack. According to Businesswire, 81% of consumers would stop engaging with a brand online after a data breach. Consider investing in cybersecurity insurance to mitigate financial losses in a cyber-attack. This can provide a safety net and help your business recover more quickly.

10. Collaboration with Cybersecurity Experts:

If your business does not have enough expertise in cybersecurity, it is recommended to partner with cybersecurity firms or consultants like Infinavate. Our professionals can provide specialized knowledge and support to secure your business. Consultants can perform penetration testing to uncover vulnerabilities and weaknesses and correct any shortcomings.

Proactive and comprehensive approaches involving technology, employee training, and strategic planning are crucial to defending your business against evolving cyber threats. Regularly reviewing and updating your cybersecurity strategies in response to new threats and technologies is also critical.

Resources:

Sophos: https://assets.sophos.com/X24WTUEQ/at/h48bjq7fqnqp3n5thwxtg4q/sophos-the-state-ransomware-2023-infographic-1200-1200px_2x.png

Astra www.getastra.com

Businesswire October 22, 2019

National Cybersecurity Alliance, May 8, 2022: “60 percent of businesses close within six months of a cyber-attack.”

Proofpoint “2023 State of Phish”