5 Cybersecurity Best Practices for Enterprises & SMBs

Cybercriminals are devising activities like ransomware, phishing attacks, and data breaches that can result in devastating consequences for businesses, such as financial losses and irreparable brand damage.

The financial damage caused by cybercrime will likely reach $10.5 trillion per annum by 2025. Recently, some highly publicized breaches exposed vulnerabilities in the strongest security systems, shaking businesses financially and reputationally.

Recognizing the gravity of this threat, businesses must take proactive measures to fortify their approach toward cybersecurity and protect their digital assets. Fortunately, effective cybersecurity practices exist that can help businesses protect their reputation and resources.

Outdated or weak security systems are a haven for hackers, whereby they exploit any vulnerability to gain information and commit fraud. Strong cybersecurity practices are more urgent than ever during intensified cyberattacks and ever-increasing connectivity among devices. 

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In this write-up, we will consider the evolving nature of the business and some important practices you could use today to protect it against cyber threats.

The Evolving Nature of Cyber Attacks 

The landscape of cyber attacks is becoming advanced. Small or large businesses are now subject to sophisticated cyber threats. It has been shown that out of all the existing attacks, 84% are focused on businesses, while only 14% are well-equipped to provide adequate defense.

The complexity and frequency of these cyber threats are rising at an alarming rate. As technology becomes increasingly interconnected, we should focus on incorporating stringent cybersecurity measures.

• Regular Software Update: Security systems should be updated regularly, as these updates patch security vulnerabilities that hackers can exploit to launch attacks. It is essential to ensure that all your software, from operating systems to applications, is updated promptly.
• Strong Password Policies: Strong password policies are required. Employees shall generate intricate passwords, which they modify frequently. Password managers will significantly aid in generating and saving proper, safe passwords that circumvent breaches.
• Employee Training: Employees could be the weakest link or vulnerable if not properly guided and trained. Regular training on recognizing phishing attempts, handling sensitive information, and following security protocols can greatly reduce cyber incidents.

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Proven Tactics to Protect Your Business from Cyber Attacks

Cyberspace protection is difficult nowadays. But you don’t have to worry. With our 16+ years at Cubix, we have listed a few highly effective cybersecurity practices that significantly reduce vulnerability to cyber attacks, protect valuable data and intellectual property, and maintain the trust and confidence of customers, partners, and stakeholders.

Artificial Intelligence as Your Saviour

Artificial intelligence presents both opportunities and challenges in cybersecurity. One of the leading tech giants worldwide, Google, uses artificial intelligence to detect and prevent cyberattacks through its AI-powered system, known as “Chronicle.” This system can detect real-time threats and respond quickly to minimize damage. 

Businesses can navigate this cyber security landscape effectively by adopting the following five lines of effort:

• Responsibly Use AI to Support Our Mission: Leverage AI-enabled tools to bolster cyber defense and uphold critical infrastructure operations. This ensures adherence to ethical and legal guidelines in AI deployment.
• Assure AI Systems: Businesses should promote secure-by-design AI software adoption among diverse stakeholders. They must also develop best practices and guidance for robust AI development and implementation.
• Protect Critical Infrastructure from Harmful AI Use: You should identify and mitigate AI threats to safeguard vital infrastructure. Must collaborate with government agencies and industry partners to enhance AI security measures.
• Collaborate and Communicate on Key AI Efforts: Decision-makers should engage in interagency and international collaboration to shape AI policy and advance global security standards. This fosters transparency and cooperation in AI-based software initiatives.
• Expand AI Expertise in Our Workforce: Companies should educate and recruit talent proficient in AI systems and techniques. They must also ensure staff’s comprehensive understanding of AI-based software’s legal, ethical, and technical aspects.

A Formal & Well Documented Cybersecurity Program

An efficient cybersecurity program identifies and proactively mitigates the risks to the security of data emanating from both within and outside the organization. These come in the form of comprehensive policies, procedures, and guidelines protecting the IT infrastructure and the data.

Microsoft boasts a well-outlined Cyber Security Program. It consists of an overall framework for risk management, incident response, and compliance. The program is constantly scrutinized for updates to ensure it protects systems and data. Here are the cybersecurity documentation best practices companies can consider:

• Data Governance and Classification: Businesses can implement policies and procedures for data handling and classification. This will ensure sensitive information is protected correctly according to confidentiality.
• Identify and Document Risks: Information systems are prone to all kinds of possible risks, which need to be identified, and each risk has to be documented as to how it would affect business. This will help understand the threats and, thus, prioritize them accordingly.
• Risk Assessment and Prioritization: See the potential impact and chance of occurrence for each risk. Rank them in order of the effects they can have on confidentiality, integrity, and availability. Proper control settings will be brought out during this step.
• Design Mitigation Strategies: Plan mitigation or acceptance of the identified risks, including the application of security measures to protect against threats, and specify steps that should be taken in case risks occur.
• Vendor and Third-Party Service Provider Management: Apply rigorous oversight and security requirements to vendors and third-party service providers. This will ensure they use standard cybersecurity practices and procedures to decrease the risk of supply chain attacks.

Prudent Annual Risk Assessments

Regular risk assessments help businesses identify and address potential cybersecurity threats. As IT threats constantly change, a systematic approach to evaluating risks is essential. 

Global financial services provider firms like JPMorgan Chase conduct regular risk assessments to identify potential system vulnerabilities. In 2017, they discovered a vulnerability in their online platform, which they quickly addressed to prevent a possible breach. Here are five critical lines of effort for practical risk assessments:

• Identify and Document Risk: Identify potential risks to your information systems and document each risk by noting how it might affect your business. This will help you understand and prioritize threats.
• Evaluate and Categorize Risks: Assess the impact and likelihood of each identified risk. Categorize them based on their potential effects on confidentiality, integrity, and data availability. This step helps in setting up appropriate controls.
• Develop Mitigation Strategies: Craft plans to mitigate or accept identified risks. This includes implementing security measures to protect against threats and outlining steps to take if a risk materializes.
• Update Controls Regularly: The revision of security controls addresses technological changes and emerging threats. Regular updates ensure that your defenses remain effective against new types of cyberattacks.
• Review and Adapt: Regularly update your risk assessment process to keep it current. Consider changes in your information systems, nonpublic information, and business operations to maintain a robust cybersecurity posture.

A Reliable Third-Party Audit of Security Controls

An independent auditor allows you to assess your security controls. It provides an unbiased view of your system’s strengths and weaknesses. Regular audits ensure your cybersecurity measures are up-to-date and effective. 

Walmart contracts third-party auditors who annually test its security controls. In 2019, they hired one of the largest global cybersecurity firms to perform an end-to-end audit. The exercise furnished them with invaluable insights into the enhancement of their security posture and defense against cyber threats. The following are five important steps when performing a full-scale third-party audit:

• Comprehensive Audit Reports: Ensure detailed reports from the auditor regarding his findings. Such reports should consider all aspects of your security controls and pinpoint strengths and vulnerabilities.
• Penetration Testing: Penetration tests are part of the audit. Penetration tests involve simulated cyberattacks to help point out flaws in your defenses. They will let you know where improvements are needed.
• Compliance with Standards: This allows you to ensure the audit is conducted according to recognized standards. Compliance with these standards ensures that your security measures meet industry benchmarks.
• Address Identified Weaknesses: Identify and correct any weaknesses during the audit. A clear plan for addressing vulnerabilities is vital to improving your security posture.
• Ongoing Monitoring and Updates: Update your security measures regularly based on audit findings. Yet continuous monitoring and improvement are vital in staying ahead of new threats.

The peak time for online shopping is the holiday season and, unfortunately, for cybercrime.

Cybercriminals target unsuspecting shoppers through fake websites, links, and deceptive charities. They aim to steal personal and financial information, install harmful software, and commit fraud. 

Amazon takes extensive measures to protect its customers during the holiday season. They use machine learning algorithms to detect and prevent fraudulent transactions, and their security teams work around the clock to monitor and respond to potential threats. Here are five key steps to protect your business and customers during the holiday season:

• Use Strong Passwords: Encourage employees and customers to create unique passwords for all accounts. Password managers can help generate and store these passwords securely.
• Enable Multi-Factor Authentication (MFA): MFA adds an extra layer of security by requiring verification beyond a password. Implement MFA on all critical accounts. 
• Regularly Update Software: Ensure all software, including antivirus programs, is up-to-date. Turn on automatic updates to keep systems protected against the latest threats.
• Educate About Phishing: Train employees to recognize and avoid phishing emails. Remind them to think before clicking links or downloading attachments from unknown sources.
• Monitor for Suspicious Activity: Monitor your network for unusual activity. Use security tools to detect and respond to potential threats in real time.

Ready to Protect Your Business from Cyber Threats?

Protecting your business data is now more critical than ever. Partner with specialists who can offer the assurance you seek. Here at Cubix, we grasp modern businesses’ distinct cybersecurity hurdles. 

Our expert team specializes in crafting tailored software solutions that embed advanced threat protection, sturdy encryption protocols, and thorough malware detection capabilities. With our adaptable scalability and secure remote access features, your business data remains shielded, adapting seamlessly to your evolving needs.

Don’t let cyber risks jeopardize your company’s future. Contact us now to discuss how our cutting-edge cybersecurity solutions protect your most valuable assets.

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