3 Key Measures to Reduce Business Cyber Risks

Numerous reports, studies, and available data shows that almost every industry has been attacked by cybercriminals, hackers, and scammers. A report by SIA in association with Wall Street Journal indicates that the number of attacks on business through customers, vendors, and partners has increased over 200% in the last couple of years. For your business, this means two important things – 

  • It is important to take cybersecurity on priority
  • Cybersecurity is more than just about compliance

In this post, we are discussing three key steps and measures to minimize cyber risks. 

  1. Get your employees trained. Most businesses operate in a rather hybrid environment, and it is absolutely important to have employees, who know the relevance and importance of cybersecurity. Ensure that you spend on cybersecurity awareness and training, which is more important moving forward, given that remote working is the new normal. There are companies that handle cybersecurity training programs and workshops for other businesses, and you can hire one that can organize such webinars and programs remotely for your employees. 
  2. Restrict access right. Access right management is an aspect that many companies don’t take on priority. There should be absolute clarity on who has access to what within an organization. Access rights should be easy to manage, revoke, add, change, and update, as and when needed, and in real time. There are several ways to achieve the same, but your best bet is to select an identity & access management suite, which can simplify things for the management. 
  3. Extra authentication. Multifactor authentication is not a choice anymore. You have to consider ways to add security to devices, accounts, networks, and resources, beyond the standard password. While strong passwords are still important, what you need is a second or third layer of authentication. This could be a security question, or a onetime password that’s sent to the mobile number of the user. If there are privileged users, make sure that their admin rights are clear. 

Finally, stay ahead of the curve and consider having a bug bounty program. There are many benefits of hiring and working with ethical hackers, and as long as the basics of your bounty program are well-planned, you don’t have much to worry about as far as getting returns is concerned. 

Every company will have to think of cybersecurity beyond the standard measures, so that hackers can be kept at bay, and the whole exercise doesn’t have to be expensive.