Article Contributed by Elizabeth Stepp
Image Source: https://pixabay.com/en/castle-privacy-policy-security-538722/
Business security has come into the spotlight in the past few years, mainly due to high profile security breaches like the ones at Sony, Ashley Madison and Kaspersky Lab. Small businesses are routinely targeted by cyber criminals, due to the unsophisticated security systems that they have in place, making it easy for the attackers to steal money, data, and other business information.
Security breach compromises sensitive business data and, in many instances, lead to complete destruction of data. When credit card or financial information is stolen, it makes millions of your users or customers highly vulnerable to fraud. Digital natives place a lot of importance on how companies deal with cyber security, and prefer to do business with brands that will value and protect their personal information.
C-suite executives need to be aware of the cyber security risks that businesses face, and should have a sound plan to tackle them.
Here are a few of the top business security risks, and the ways in which you can deal with them.
1. Beware of Employee Indiscretion
Employees are a major source of a security threat for businesses. Disgruntled employees choose to get back at their employer by leaking access codes or other vital data to competitors or criminals. If you detect such breaches, immediately contact your business litigation attorney for recourse.
There were even rumors going around that the infamous Sony hacking episode was an inside job.
Ensure that you monitor key employees who have access to and control over your IT network, admin accounts, online financial transactions, and data centers.
Ensure that you keep security accessibility and employee employment status current. If an employee plans to leave, ensure that you initiate IT system access removal to avoid misuse of sensitive information. Privileged accounts and credentials can potentially cause existential losses to your business, so ensure that you manage and monitor them closely. Track privileged account activity and maintain logs and records. This will help you spot rogue activities in time, and check damages early in the attack cycle.
It is important that you carry out exhaustive background checks before hiring key employees, and also provide ongoing training in best security practices. Employees must be trained to recognize and report phishing and fraudulent emails, and keylogger scams.
2. Wake Up to the Importance of Security Policy
The lack of a well-rounded and comprehensive security policy is one of the biggest cybersecurity risks that any business can ill afford.
Incorporating a culture of cyber safety into your work culture will ensure that your employees do not download malware from suspicious emails, or click on links that may install spyware or ransomware in your systems.
Complex passwords will ensure that accounts are not easy to hack. Have a fixed time frame in which passwords need to be changed, and keep in place Web filters that will prevent employees from visiting sites that can pose a threat to your cyber security. Also, you can consider alternatives to traditional password authentication. The options include biometric features, pictographs, geo-location identification, and Bluetooth proximity.
Intrusion Detection Systems, firewalls, and anti-virus software packages and applications will help stop cyber criminals to an extent. But next generation cyber demands will see you rely more on machine learning and predictive technology to understand where cyber criminals will target next.
3. Manage Cloud Data
The massive quantity of data, accessibility issues, work requirements of remote employees, automated backup, and the freedom to do away with physical storage have all contributed to the popularity of cloud storage systems. But along with that, there will be more cyber criminals eager to gain access to the wealth of data that public cloud infrastructure stores.
Hackers will be able to hide behind other networks in the cloud, and carry out sophisticated attacks to take over large cloud-based data centers. You must be aware of which points of your cloud infrastructure are vulnerable to cyber attacks, and should take steps to prevent them.
Remember that not many cloud storage solutions offer encryption of data at rest. So always think twice before storing really important data on the cloud.
4. Verify Security Practices of Third-Party Service Providers
In many instances, cyber criminals find it easiest to attack businesses through third-party service providers. Many small businesses rely on third-party service providers to manage and maintain point-of-sale systems. Businesses outsource to save time, manpower, and money, but in the bargain, end up risking the card information of their customers.
A remote vendor might not secure their access channels in the best possible manner, thereby exposing entryways into your systems to potential hackers. Sometimes, remote vendors even set the same default password for all clients, which gives a very lucrative opportunity for hackers.
Hackers who gain a foothold in your network can work their way to high-value servers, and make a neat profit out of your data.
Cyber security experts say that companies should validate the cyber security practices being used by their third-party service vendors. Multi-factor authentication, use of unique credentials for individual users, restricted access and less-privileged permissions, and monitoring for intrusions are important to guarantee safety.
5. Patch All Devices
Network devices need to be patched in time, in order to prevent data breaches and thefts. If you haven’t patched for a vulnerability, or if the outdated system makes a patch unviable, then that leaves you open to cyber attacks. If a patch hasn’t been created yet or sent to you, then your system becomes vulnerable.
Businesses can rectify this matter by employing vulnerability management technology that looks for outdated or unpatched equipment in your system. Once you have recognized the dangers, plan a migration strategy to move to a foolproof system.
Remember: Cyber Safety First
Cyber security is no longer a low-priority task for businesses. You need to have and maintain safety and security of your information systems at all times to ensure that your brand does not suffer, and that your customers do not desert you. With the right practices and systems in place, it will not be difficult to keep cyber criminals out of your hair.
Elizabeth Stepp is Senior Counsel at Oberheiden Law Group, one of the leading criminal law firms in Dallas, TX. She has graduated from the prestigious Yale Law School. She has wide experience in dealing with financial services litigation and professional malpractice cases.