Cybersecurity - the cutting edge for every business

You cannot overemphasize the importance of data to the sustainability and development of any business. Data has been the primary deciding factor from the production processes to marketing, customer relations, and staff management. These data, in the past, were collected, stored, and processed manually. But with the advent of computers and advancements in technology, businesses have taken most of their activities ( especially data-related) to the digital space. Businesses now process data faster, derive more information from data collected, and make better continuity decisions. 

However, these benefits don't come without their risks. Companies are at risk of attacks from cybercriminals who can inject malicious software into their systems or interrupt their security systems. Thus, exposing such organizations' data and digital assets - including the private and sensitive ones. These could be organizational or customer analytics data such as behavioral analytics, usage data, credit cards, and payment details, staff job role, job family, personal info, health care information, and more. 

This security breach can significantly affect a company and its reputation. It may cause an unimaginable or unbearable financial crisis, one that threatens the survivability of the business. Due to this, companies need to devise an effective way to prevent and manage potential attacks from cybercriminals, hence the need for cybersecurity.

What is Cybersecurity?
Cybersecurity is the process or method of protecting, defending, and recovering computer/electronic systems, devices, networks, and programs from all forms of cyberattacks or unauthorized access. When a company lacks an adequate cybersecurity system, it becomes easier for malicious attackers to penetrate and cause setbacks. Cybercriminals constantly employ new methods and techniques powered by artificial intelligence and social engineering to interrupt and gain unauthorized access to data. These techniques are increasingly sophisticated and continually evolving. It becomes essential for businesses to keep their cyber security systems checked and updated. With the proper system, your business can’t be at the risk of cybercrime.

Examples of cybercrimes:

  • Ransomware  
  • Cyberstalking
  • Defamation
  • Unauthorized access to computer systems
  • Ignoring copyright, trademarks and software licensing
  • Overriding encryption to illegally make copies
  • Software piracy
  • Identity theft
  • Credit card fraud
  • Business Email Compromise (BEC) Scams
As a business owner, your company's sustainability and progress depend largely on how safe your digital assets are. Whether you own a small-scale business, medium or large-scale business, you need to keep your sensitive data and digital assets secure. Not doing so can lead to fines and even high costs of legal remediation. 

Maintaining top cybersecurity systems for your business will:
1. Keep it safe from attacks
2. Protect the reputation of your company
3. Increase customer trust and confidence in your services
4. Boost patronage and customer loyalty5. Increase revenue from improved customer patronage

On the other hand, a flawed cybersecurity system can break your business by:
1. Exposing sensitive digital assets to attacks
2. Destroying the reputation of your company
3. Reducing the trust and confidence of your customers
4. Causing loss from fines and legal remediations
5. Reducing customer loyalty and patronage

How do you ensure Cyber Security for your business?
There are essential steps to provide an effective cybersecurity system: 
Risk Management RegimeThis phase involves accessing the risk to your company's information and systems. Here, you identify, analyze, evaluate and address the cyber threats susceptible to your organization. Embedding an effective risk management regime into your security system will help with this. Your board of directors and senior managers, and all staff members should know the approach and boundaries of the risk management regime.

Secure Configuration
This is the security protocol implemented when building and installing computers systems and network devices. Security configuration helps identify unnecessary functionality from systems and remove them to reduce cyber vulnerabilities. You need to get this right. Cybercriminals always look to exploit any form of system misconfiguration. A recent study by Rapid 7 indicates that network or service misconfiguration accounts for more than 96% of security breaches.

Network Security
When you connect your systems to the internet - directly or via a third-party network, you expose them to potential attacks from cybercriminals. Network security involves the set of rules, policies, and configurations designed to protect, provide confidentiality and accessibility of internet networks. It covers a range of subjects, including access control, virus and antivirus software, network analytics, application security, types of network-related security (such as endpoint, wireless, web), VPN encryption firewalls, and more.

Managing user privileges
You should manage the privileges of internet users based on their roles and duties. If users have unrestricted system privileges or unregulated data access rights, the risk of security compromise tends to be higher. Analyze each user's role and set boundaries to their system privileges and rights. The restriction reduces potential damages arising from users' privilege mismanagement.

User education and awareness
In this phase, your staff is educated and sensitized on the potential cyber risks of not being security conscious. This awareness helps ensure that users discharge their duties as expected and keep the company safe and secured.

Incident management
Virtually all companies will face security challenges at one time or another. Incident management involves policies and processes that reduce the impact of a security breach, improve resilience, and support business amidst adversities.

Malware prevention
Malware or malicious software implies any code or content shared that could have a hostile or negative impact on systems. Every time you exchange information, there's a degree of risk (no matter how little) of malicious software exchange. Depending on how dangerous the software is, it could seriously impact your systems and services. It is essential to develop and implement effective anti-malware policies to reduce the risk of malware.

Monitoring helps detect real or attempted attacks on your systems, networks, and business services. Thus, you'd be able to take the right action to curb the effect.

Removable media controls
Controlling removable media can help to reduce security breaches from malicious software. There are times when removable media will come in handy for organizational processes. Hence the need to develop a policy to control and regulate access to removable media. This includes limiting media types and scanning before importing them onto the corporate system.

Home and mobile working
If you offer your staff mobile and remote working opportunities, you should train them to be security conscious. Home and mobile work expose new risks to your organization. You should develop risk-based policies that support mobile working and remote access to systems for your staff.

With an effective cybersecurity system in check, you can significantly reduce the impact of cyber-attacks and keep your company up and running during emergencies.

Other News

How To Sue A Company For Overtime Pay

Are you working long hours without receiving the overtime pay you deserve? If so, you have the right to take action and sue your employer for the compensation you have ...

Why Do Small Businesses Need HR?

Human resources is an integral part of any business. As a small business, you may not feel the need to place HR as a top priority. However, doing this could ...

Why New Lawyers Should Consider Joining A Startup Law Firm

Starting a career in the American law domain is daunting because the job landscape in the country is competitive. Being a newbie makes it even harder to navigate as you ...

Tips For Managing VAT

For many, if not all small business owners and operators, handling issues of taxes is akin to going to the dentists. It is something that we find boring or bothersome ...


Cold Email Outreach At ...


Discover new products and ...


Ioni is AI chatbot


Motion Graphics and Explainer ...

Using Instagram for marketing your business

Using Instagram for marketing your business

More marketers are using images in social media marketing and due to its millions of users, the popular social media ...

The Story of Bdubz skateboard rims

The Story of Bdubz skateboard rims

The founder of Bdubz skateboard rims, Desmond Martin, had a dream. In his dream, he was skating, and when he ...

StartupInspire is a inspiration gallery for startup's, where a high quality of culture and quality placed from around the world.

We partner with sponsors whose products and services we love. Currently, StartupInspire has no sponsor.

Send us a question and we'll respond as soon as possible, usually within few hours. You can also email us directly at [email protected]