Data is one of the most crucial assets of a company. These days, organizations rely on data to make informed decisions in any aspect of the business, whether for investments, marketing campaigns, customer support, or product development.
For companies across various industries to operate, collecting, storing, analyzing, and applying data are indispensable.
Since data collected by these companies are precious and sensitive, they have become something of value for cybercriminals. And this places companies at risk.
Cybercriminals have now become more sophisticated in exploiting the defenselessness of companies concerning their IT environments. Hackers break into an organization’s IT system to steal, destroy, or alter data for financial gains.
In this age where everyone and everything is reliant on the internet, there is too much to lose for organizations to fall victim to cybersecurity threats. A lot is at stake.
Falling a victim of a cyberattack not only means losing valuable data but also means the risk of losing customers, revenue, and even experiencing downtime.
On top of that, if the company does not follow data protection rules and regulations, such as the General Data Protection Regulation (GDPR), they might pay a huge amount of fines. Even a single data breach could actually ruin your company’s financial standing.
Your company can protect itself by keeping abreast of the latest trends in cybersecurity and committing to comply with cybersecurity regulations and measures.
What Is Cybersecurity & What Are Cybersecurity Threats
Cybersecurity refers to the practice of companies in protecting their systems, programs, networks from any cyber threats and attacks. These attacks aim to extort money from users, disrupt business processes, and obtain, alter, and damage any sensitive company-collected data.
Meanwhile, cybersecurity threats pertain to any malicious attacks that aim to unlawfully obtain data, interrupt operation, or destroy any information. Anyone can carry out a cyber threat. It could be the work of corporate spies, terrorist groups, or even a disgruntled employee.
Over the years, numerous cyber-attacks have been deemed high-profiled since they involved big names in various industries. Cybercriminals have become more ingenious, and it is left for us to be more vigilant and prepared in dealing with any cyber-attacks and threats.
Common Cybersecurity Threats
This is the most common cybersecurity threat where hackers would obtain sensitive, personal information from victims through what seemed like a legitimate and reputable source. An example is a seemingly legitimate email or phone call from your bank asking for login credentials or bank information.
This malicious software takes advantage of the weak security to gain access to a company’s network. This usually happens when someone unintentionally downloads a program loaded with malware or clicks on a suspicious-looking email attachment.
Structured Query Language (SQL) Injection
This type of cyberattack happens when someone inserts a malicious code into a server that uses Structured Query Language (SQL). It can be as easily done as entering the code into the website’s search box. Once the server becomes infected, it releases information.
This cybersecurity attack occurs when the hackers intervene in a two-party transaction to divert data. A good example is logging into your bank account using unsecured public Wi-Fi. Chances are, hackers could easily divert your bank funds to their own accounts.
How You Can Protect Your Data
The good news is, there are many ways your company can protect itself from these unscrupulous attacks, such as network segmentation, data encryption, and more. Here are some ways to can protect your company’s data.
1. Encrypt Data
The process of data encryption involves transforming sensitive data into complex code. Doing so would make any stolen data useless unless the hacker knows how to un-encrypt them. Thus, make it a company practice to encrypt all information either leaving or entering the company.
2. Back Up Your Data
It is prudent for organizations to take proactive measures such as backing up all data. That way, even if hackers stole your data and held it for ransom or took your whole system offline, you still have access to everything to continue operation.
3. Invest in Secure Hardware
Hackers can use all devices in your network as an entry point to compromise your data. These include computers, mobile phones, and even printers. That said, it is important to employ multi-factor authentication.
4. Educate Your Team
Lastly, the most crucial step your company needs to take to protect itself from cyberattacks or threats is to educate your workforce. Single negligence or error could lead to a domino-like effect in cyberattacks.
Take time to educate your workforce on the best practices to avoid these breaches. Doing so is the most powerful step you can take to protect your company.