Whether you are a large or a small business, cybersecurity is critical if the firm is dependent on the internet. A breach can severely affect business operations and may dent your brand image as well. The cascading effect is a loss of revenue, and, most importantly, the loss of your customers' trust.
Here are some of the recent breaches that came from nowhere:
Central Bank of Bangladesh Attack
The attack took place in 2016 and resulted in losses of $81 Million USD and blocked transactions worth $850 Million USD.
Payroll Company Breached
ADP, a renowned payroll company, suffered a breach which disclosed the tax and payroll benefit information from nearly 640,000 companies.
Power Grid Attacked
A power grid in Ukraine suffered a coordinated attack which rendered more than 225,000 customers powerless in many regions. The attackers got hold of the industrial systems and remotely shut down power systems.
These attacks have reiterated the need to continuously guard your business against cybersecurity threats. The Cisco 2017 Annual Cybersecurity Report says that 44 percent of security alerts aren’t investigated, 49 percent experienced public scrutiny after a breach, 22 percent lost customers because of attacks, and 29 percent lost revenue as a result of attacks.
Cybersecurity Is Crucial
Having the best software and web applications can make your business run smoothly, but without adequate security, your business will remain exposed to the threats which may bring it to a grinding halt. With awareness of these attacks, you can put a cybersecurity system in place which ensures business continuity. Let’s see how these attacks can affect you:
DDoS: A Distributed Denial of Service attack can shut your website down by overloading the servers with repeated attacks.
APT: Advanced Persistent Threats target your network with phased attacks which are difficult to detect.
Password Attacks: This attack involves guessing the passwords for critical business operations, e.g. internet banking.
Malware: This refers to Trojan Horses or other malicious programs that are intended to gain unauthorized access and can take control of critical systems away from you.
Be Proactive and Build Resilience
In the world of cyberattacks, only the best can endure, and those who have built-in resilience move unhindered. Have a cybersecurity mechanism in place which is threat intelligent and will help in network security, implementing security standards, and responds to security incidents.
Have a Security Plan
It is imperative to have a cybersecurity plan in place. This plan will help you in identifying the vulnerabilities. The objective is to know how much of your IT infrastructure is exposed, and to which kind of threat it is exposed.
Secure Your Networks and Gateways
You must have security intelligence in place that is able to detect and prevent advanced threats and attacks before they reach the network. It will solidify your website and web applications against DDoS attacks. By using network-threat monitoring tools, you can detect anomalies and take action against them.
Take a Leap Ahead
If you have a business that runs 24/7, you can consider opting for a device availability and health monitoring platform. It will help in blacklisting the IPs that pose a threat. Besides, the use of correlation analysis and advanced algorithms can identify the patterns that are an indication of cyberattacks.
Have a Response Plan
Identify security breach incidences and prepare for them. This will give you the much-needed resilience to bring you business back to normalcy after an attack.
Only with a preventive security strategy in place can you be assured of a smooth business operation even in the event of an attack. So, don’t wait for a cyberattack; prevention is always better than a cure.