Cybersecurity is a vital part of every business that deals with any type of sensitive data. With online threats becoming more diverse every day, and the increasing regulations like GDPR. It is imperative that businesses stay on top of the latest cybersecurity developments for 2019.
Here are the most important things to consider when looking for ways to improve cybersecurity for businesses:
Hacking Is an Industry Now
Hacking has become a lucrative industry, with certain types of data being more valuable than others. Medical records, for example, are worth ten times more on average than credit card details.
Because there is so much money involved in hacking, it is not surprising that hackers are launching highly sophisticated attacks that are hard to detect and can be disruptive not only to normal business operations, but also to wider government-operated systems, like power grids for example. As such, hacking threats should be taken seriously, because a data breach can easily bring your business to a halt or end it altogether.
It’s Harder to Detect Breaches
Ponemon’s 2018 Cost of Data Breach Study states that it takes 197 days on average to detect a breach. After that, it takes another 69 days on average to contain a breach. This is a very long time for a breach to go undetected, costing businesses millions. For smaller companies, such a devastating breach could mean the end of their operations. Larger companies have an easier time to recover, but it still takes months or years.
A breach doesn’t just cause loss of revenue, but also reputation, customers, and missed opportunities, as well as any damages that have to be paid after the breach.
Third-Party Apps and Vendors Are Common Vectors of Attack
With cloud computing being the new norm, it can be hard to confine sensitive data within an isolated data centre in your office. The majority of data today is stored in the cloud, with many businesses sharing data no only internally, but also to external third-party vendors or applications.
If these apps or vendors do not take adequate security precautions resulting in a data breach, the business can still be held accountable for the loss of sensitive data. Make sure then to check all third-party vendors your business deals with.
Data Protection Is More Important than Ever
Businesses who don’t invest in cybersecurity should be held accountable. It doesn’t really matter whether it was just an oversight or due to negligence – if the someone steals valuable data, there should be serious consequences.
Lawmakers are becoming aware that cybersecurity is an important aspect that needs to be regulated seriously. We are already seeing the adoption of stricter laws and regulations – the General Data Protection Regulation (GDPR) is just one of them.
Not only do such laws and regulations force businesses to improve their security, but they also help protect users against predatory practices like selling data to third parties without the user’s explicit consent.
Any business who is serious about what they do should have transparent data collection and usage policies. They should have adequate security and encryption for their data.
AI Helps Companies Protect Against Attacks
Advancements in AI and machine learning have made predictive analytics an ally against cyber attacks. Businesses have more overview of their real-time security than ever before. And predictive analysis helps them promptly detect anomalies in their operations. This is especially beneficial for the financial sector such as banks, and other businesses will reap the benefits as well.
As a business owner, you should be aware of the cyber threats lurking about. Know also that no target is too small for hackers. Make sure to update all your software regularly and educate your employees. Ensure that any third-party vendors or applications you deal with are taking cybersecurity seriously too.