Cyber Security Awareness: A Guide for Everyone (Episode3:Protecting Your Business)
Updates on 5th May 2023: Cyber Security for Business in 2023
Jump to a section of the content:
- 0.1 Updates on 5th May 2023: Cyber Security for Business in 2023
- 0.2 Let’s check out some case studies to understand the impact
- 0.3 Where do hackers target most?
- 0.4 Cyber Security for Business: How to protect your business?
- 0.5 Are there any cost-effective solutions to protect businesses from cyber-attacks?
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- 2 LET’S KEEP IN TOUCH!
Businesses of all sizes are vulnerable to cyber threats in the current digital era. Cyber attacks come in various forms, from basic data breaches to severe ransomware assaults that can halt company operations. Entrepreneurs must seriously consider Cyber Security for their business and have a solid plan in place to guard against any threats & protecting their business.
One important aspect of protecting a business from cyber attacks is to have a comprehensive cyber security plan. The plan must have security assessments, employee policies, and disaster recovery for cyber attack contingencies. Additionally, businesses should ensure that all hardware and software are up-to-date and that regular backups are made to protect important data in case of a breach.
Another crucial aspect of protecting a business from cyber attacks is to educate employees about cyber security. Training should cover threat recognition, safeguarding sensitive data, and response measures during an attack. It’s important to remember that even the best cyber security plan is only as strong as its weakest link, and employees can be vulnerable to phishing attacks or inadvertently downloading malicious software.
One of the most significant challenges in protecting a business from cyber attacks is staying ahead of the constantly evolving threat landscape. Attackers are always finding new ways to exploit vulnerabilities, and it’s crucial for businesses to stay up-to-date on the latest threats and security best practices. As cybersecurity expert Bruce Schneier once said, “Security is a process, not a product.”
Businesses can enhance their cybersecurity by utilizing various tools and services in addition to having a solid plan in place. Tools like firewalls, antivirus software, and SIEM can secure against threats; detect and respond to them in real-time.
Let’s check out some case studies to understand the impact
To illustrate the importance of having a robust cyber security plan in place, consider the 2017 WannaCry ransomware attack. The attack hit 150+ countries, including major players like UK’s NHS and FedEx, impacting hundreds of thousands of computers. Using a vulnerability in older Windows versions, the attack quickly spread through networks lacking security patches. The attack prompted organizations to prioritize cyber security and create plans to guard against similar incidents in the future. Here are some case studies on the impact of cybersecurity on businesses:
Case study of Target:
In 2013, Target, the American retail giant, fell victim to a data breach that affected more than 40 million customers. The breach led to a decline in sales and a decrease in Target’s stock prices, which cost the company over $290 million.
Case Study of Equifax:
In 2017, Equifax, one of the largest credit reporting agencies in the United States, suffered a massive data breach that exposed the personal information of over 140 million customers. The breach resulted in a class-action lawsuit, a decline in stock prices, and a loss of credibility that impacted Equifax’s bottom line.
Case Study of Maersk:
In 2017, Maersk, the Danish shipping company, was hit by a ransomware attack that affected its global operations. The attack caused significant disruption to the company’s business, resulting in a loss of revenue and a decline in the company’s stock prices.
Case Study of Sony:
In 2014, Sony Pictures was targeted by a group of hackers who leaked confidential information, including employee salaries, personal emails, and unreleased movies. The cyber attack resulted in significant damage to Sony’s reputation, financial losses, and the cancellation of movie releases.
Case study of Colonial Pipeline:
In May 2021, a ransomware attack on the Colonial Pipeline, which supplies nearly half of the fuel to the East Coast of the United States, caused the company to shut down its operations for several days. The attack disrupted fuel supplies and caused shortages and panic buying in several states. The company ultimately paid a ransom of $4.4 million to the attackers to regain control of their systems.
Case study of Shawpno:
The largest retail chain shop shawpno in Bangladesh face hacking on their digital voucher system in 2021. Hacker sold about 18 lac taka digital vouchers of shawpno through social media.
Cyber breaches hurt businesses; case studies show reputation damage, financial loss, and customer trust loss as significant consequences. It highlights the importance of investing in cybersecurity measures to protect the organization and its customers.
Where do hackers target most?
All organizations, regardless of size, need a cyber security plan, employee education, and the latest security tools for proactive safeguarding. As former FBI Director Robert Mueller once said, “There are only two types of companies: those that have been hacked, and those that will be.”
Hackers can target any organization, regardless of its size or industry. Some organizations are more vulnerable to cyber-attacks based on their operations and the sensitive data they handle. For example:
Financial institutions: Hackers target banks and financial institutions to steal customer information, personal identification numbers (PINs), and financial data.
Healthcare organizations: Hackers target healthcare organizations to access sensitive medical records and personally identifiable information (PII) of patients.
Government agencies: Hackers target government agencies to access classified information, sensitive government data, and confidential information.
Small and medium-sized businesses (SMBs): SMBs are often targeted by hackers as they may have less sophisticated security measures in place and may not have the resources to implement robust cybersecurity practices.
Educational institutions: Hackers target educational institutions to access sensitive student information, research data, and financial information.
E-commerce websites: Hackers target e-commerce websites to steal credit card information, personal data, and other confidential information of customers.
In general, any organization that handles sensitive data is at risk of being targeted by cyber attackers.
Cyber Security for Business: How to protect your business?
Here are some quick steps that businesses can take to protect themselves from cyber attacks:
Keep software up to date:
Ensure that all software, including operating systems and applications, is up to date with the latest security patches and updates. Many businesses often ignore updates in the operating systems or the software they are using rarely and this ignorance is dangerous for them.
Implement strong passwords:
Use strong passwords and two-factor authentication wherever possible to secure access to sensitive data. Use the Google Authenticator app to add additional protection to access any application. It’s proven that those who use 2-factor authentication are more protected than those who don’t. 2-factor authentication generates unique codes that dissolve quickly, making it almost unhackable. If they want to generate that 6-digit unique codes they need multiple supercomputers to match that unique code.
Educate employees about cyber threats and train them to identify and report suspicious activities.
Back up data regularly:
Regularly back up all important business data, preferably to an off-site location.
Install antivirus and firewall software:
Install and regularly update antivirus and firewall software to protect against malware and other cyber threats.
Limit access to sensitive data:
Limit access to sensitive data only to those employees who need it to perform their job duties.
Monitor network activity:
Monitor network activity for unusual or suspicious activity and be prepared to respond quickly to any security incidents.
Develop a cyber security plan:
Develop a comprehensive cyber security plan that includes policies and procedures for protecting business data, responding to security incidents, and recovering from data breaches.
A cyber attack can result in financial losses, damage to reputation, and loss of customer trust. In some cases, the impact of a cyber attack can be so severe that it can lead to the closure of a business. Cybersecurity investments cost time and money, but the cost of an attack can be far higher.
Are there any cost-effective solutions to protect businesses from cyber-attacks?
There are several cost-effective steps that businesses can take to protect themselves from cyber attacks, such as:
- Training employees on cyber security best practices.
- Implementing strong password policies.
- Regularly updating software and operating systems.
- Using firewalls and antivirus software.
- Conducting regular vulnerability assessments and penetration testing.
- Backing up critical data regularly.
- Implementing multi-factor authentication for critical accounts.
Investing in cybersecurity is crucial due to the potential cost and long-term impact of a cyber attack. Proactively protecting against cyber threats can save a business from financial losses and reputational damage.
Next episode: Emerging cyber threats and steps to stay ahead of the game in cybersecurity. We will explore new technologies, such as artificial intelligence and the Internet of Things, and their impact on cyber security. Click here to read the final episode.
Read Episode 1: Click here.
Read Episode 2: Click here.
Author: K.A.M. Rashedul Mazid, CEO, Rits Browser.