How Can Businesses Protect Themselves from Cybercrime?

In 2023, one of the greatest risks to modern business are the threats posed by cybercriminals. Every day across the world, thousands of cyberattacks are attempted. These can be anything from relatively unsophisticated malicious emails (often with attachments that can cause malware to be downloaded onto a computer when clicked on) to complex and highly skilled denial of service (DOS) attacks.

If a business succumbs to an attack, it can cost tens or even hundreds of thousands of dollars to recover from. IT systems may need to be quarantined before being made free of malware, and there’s likely to be significant disruption to normal business practices. In addition, a successful cyber attack can damage the reputation of a business and reduce its brand image, especially if sensitive or financial data is stolen or corrupted during the attack.

In this article, there’ll be a discussion of some of the key ways that all businesses can protect themselves from the risk of cyberattacks.

Protect cloud-based services

The move of business services, software, and applications to the cloud has been rapid in the last decade. Cloud-based systems can deliver efficiency and productivity gains to a company while also supporting remote and hybrid models of working. However, it’s of paramount importance that cloud services are secured and protected from the risk of cybercrime. Recent statistics indicate that 95% of organizations are concerned about the security measures they have in their cloud systems.

Thankfully, by investing in a secure API platform, these risks can be effectively managed. API platforms can manage and monitor traffic between different online applications. Automated security routines can be added to allow firms to receive automatic updates when suspicious network activity is identified. In addition, a secure API platform ensures that there are no weak spots or easy points of entry into cloud-based systems. In short, with millions of businesses moving to the cloud, a secure API platform is vital to protect digital assets from attempted cybercrime.

Ongoing staff training

In any organization, a highly trained workforce gives a company a competitive edge. In addition, staff who are educated on matters relating to cybersecurity are a vital first line of defense against cybercrime. Companies should ensure that all new starters receive comprehensive IT security training as part of the onboarding process. Ideally, this will include information on how to spot malicious emails and attachments, the various types of malware that cybercriminals use, and case studies on how cyber attacks have damaged businesses. This IT security training needs to be updated on a rolling basis, ideally with annual mandatory training packages being updated with the latest knowledge in the field of cybercrime and IT security

IT risk registers

Briefly, all businesses with online digital infrastructures should compile and update an IT risk register. This will detail all the company’s IT assets and online services with information on potential risks that the company may be exposed to. For example, if a piece of software is no longer supported by firmware updates, it may be more vulnerable to attack due to not having the latest security fixes. IT staff should complete a comprehensive audit of all their assets and highlight any areas that may be vulnerable to the acts of cybercriminals.