Most major companies these days are using the internet to expand their reach and business. But with the use of the internet comes one big problem – cyber threats. Cyberattacks are a growing concern, especially for small companies and businesses that don’t have the necessary infrastructure to protect them. As per a Juniper Research report, at least hackers will steal 146 billion records across the globe by 2023. Protecting company and consumer data is, hence, the top priority.
Many companies are improving their security teams and increasing their spendings. In fact, expenditures for cybersecurity will exceed $1 trillion by 2021. There is an immediate need for professionals who can design and incorporate security solutions in infrastructure. Businesses require a software development company that can audit their system for determining existing problems as well as design and install a security solution for them. For example, BairesDev, a nearshore development company, that not only provides software testing services but also on-demand software development to suit your requirements.
Professional consultation can provide a shield against identity theft, data theft, and the overall risk associated with weak security. There are a few other things that you can do on your end to decrease the risk related to cyber threats. Here are a few cybersecurity practices that can safeguard your business.
1. Employee protection and training:
It is one of the most critical aspects of security. All employees must be adequately trained and educated about the same. Employees should know about the companies security policies and safeguarding practices and employees must sign agreements stating that they have understood the security policies and will adhere to it. These policies should be updated at regular intervals to account for new findings in the market.
2. Regular backups:
You should take regular backups of all sensitive user and system information to ensure business availability in case of threat or system failure. Local backups are prone to loss since companies store them in one location. It is better to save the backup in the cloud so that data is decentralized. You can also consider asking your software development vendor for multiple cloud backups so that if one is affected, you can use the other one.
You should test backup recovery for your system to know how long will the service be affected in case of an actual problem scenario. This testing can be compiled along with your Disaster Recovery (DR) plan.
Governance of the system is one of the most critical aspects of cybersecurity. You should monitor points like unauthorized applications, unauthorized accesses, and prohibited website usage. User and file activity both should also be regularly monitored.
4. Password manager:
Insecure passwords are the leading cause of cybersecurity problems. According to a Verizon report, 63% of data leaks are a result of using insecure passwords.
A password manager solves this problem by acting as a middleman, creating and storing complex passwords on-demand, and using them to log in to the system.
5. Multi-factor authentication:
Multi-factor authentication is one of the simplest things that you can do to provide an extra layer of security to your system. Most companies prefer a pin/password and employee number combo. Generally, the more authentication steps required to log in, the more difficult it is to breach the security. These days, most software providers integrate multi-factor authentication into their software.
6. Third-party Vendor Security:
As a business owner, you should properly define the amount of data you’re sharing with third-party application development vendors and contractors. They should be informed about the cybersecurity policies and data protection policies.
You can also do a software development vendor’s security assessment. High-risk vendors are the ones that you should target, i.e. those handling critical data or using the least security measures. To do this, review all existing vendors, assign each one with a security rating based on access and usage of data, and define vendor metrics. After that, monitor vendor activity for some time. The accumulated data will define high-risk vendors.
7. Remote working:
All employees who are working remotely should be monitored to ensure security. Accessing the system network through public wifi has many problematic consequences, such as data leak and Man in the middle (MitM) attacks.
You should educate employees on remote working policies, and it should be a part of the employment contract to work on a secure network.
8. Penetration testing:
You should perform regular penetration tests on your network and your system. It has many benefits, such as discovering vulnerabilities (code bugs, configurations errors, software mistakes, etc.). It helps your business remain compliant with security guidelines such as GDPR, PCI DSS, etc. And most importantly, it helps to increase customer faith in your brand since companies take a massive hit in customer trust when there is a security breach in their system.
Cybersecurity is one of the biggest concerns of online businesses. Many businesses are at risk of cyber threats and attackers. Companies should take solid steps in this direction to prevent this from happening.
Of course, there is no foolproof solution. Since security is continuously changing, with hackers getting smarter every day, the only thing that can prevent an attack on your business is your vigilance. You and your employees must understand that cybersecurity is crucial. They should understand the functionality and follow the best practices. As it’s rightfully said, “the best offense is a good defense”.