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Cybersecurity simplified: Consequences of breaches, best practices and more!

Numerous businesses across various industries, large and small alike, have been victims to data & security breaches. Contrary to what some entrepreneurs may think, small businesses are equally vulnerable as big corporations, because hackers and cybercriminals know these companies are not taking cybersecurity measures as seriously. Understanding security threats is just one part of the task; every company needs to take preventive steps before deciding on corrective action. In this post, we are discussing the consequences of a cyber security breach and the best practices that your company needs to follow.

Why worry about breaches? Think beyond financial losses

Businesses are expected to be compliant to necessary rules and regulations and protect sensitive data. In case of a breach, your company would obviously have to incur losses, as there will be reduction in earnings and revenue. However, financial losses shouldn’t be the only point of concern. Lack of compliance can impact operations, and in case an audit finds fault in cybersecurity practices and policies, further fines and consequences may apply. This may also mean decline in market share, consumer trust and reputation, which can impact brand image.

What are the best cybersecurity practices?

To sum up, these are common cybersecurity practices that businesses can follow –

  • Create cybersecurity policies and an incident response plan
  • Get employees involved and let them know of these policies
  • Focus on password protection and management
  • Secure, update and protect all firmware & software
  • Focus on privilege accounts and access rights – Access control is a must.
  • Invest in cyber insurance and consider what can be included
  • Get cybersecurity experts onboard to form a plan for possible lapses
  • Avoid using public Wi-Fi networks and encourage employees to use VPN
  • Ensure that your company has a clear policy on BYOD
  • Test and scan networks and devices from time to time to find vulnerabilities
  • Check for cybersecurity practices followed by other businesses in the industry
  • Ensure unwanted firmware, outdated apps and programs are uninstalled
  • Consider network segmentation where possible, and use firewalls
  • Ensure that all network connections are secured.
  • Educate employees on various threats, such as phishing and malware
  • Invest in antimalware and antivirus software

Finally, ensure that you are using the best practices that are in sync with compliance requirements. If you are proactive in your approach to cybersecurity, there would be lesser worries in the long run. As required, consider getting expert opinion on how to manage cybersecurity concerns better.