Businesses need to review the ways they are protecting their digital capabilities. Source: Shutterstock

Businesses need to review the ways they are protecting their digital capabilities. Source: Shutterstock

Cybersecurity: Are businesses making the right call in tempering threats?

AT ANY given moment, businesses can fall victim to some type of cybercrime or cyberattack. From trojan viruses to ransomware attacks, affected businesses around the world have testified to the costly and disruptive effects of cyber threats.

With more data available to be harnessed by businesses in order to digitize effectively, it is not surprising that data has become one of the most valuable enterprise assets.

Naturally, cybercriminals are constantly and consistently devising ways to steal data and exploit businesses’ digital platforms for personal gains – signifying a great need for cybersecurity.

So, the most important question to be raised here is: Apart from installing cybersecurity software, are businesses implementing the right strategies to secure themselves from rising threats?

Arguably, while authority figures and cybersecurity service providers across industries have raised greater awareness surrounding cybersecurity, many businesses still lack behind when it comes to maximizing their security measures.

Nevertheless, not all is a lost cause as there are key actions that businesses can adopt to mitigate threats – efforts that are simple, yet highly fundamental and impactful in protecting operations.

# 1 | Keeping all systems optimally up-to-date

One thing that businesses need to understand is that the nature of cybercrime and cyber threats is always evolving. Once cybersecurity components are able to counter certain attacks and minimize the impacts, criminals will not just end their attempts.

Instead, they evolve against the limitations to device new techniques to cause greater impacts.

This is why it is important for businesses to update all software and available systems to the latest version – ones that are compatible and supported by the security software.

Sometimes, businesses overlook how old systems and outdated software may significantly increase the risks of cyberattacks as they are flawed and unpatched with relevant security mainframes.

Though it can be expensive to not only update but upgrade old systems, businesses can be better protected in the long run as it slowers attackers’ attempts and allow early detection.

# 2 | Encrypting data to secure transfer and storage

A lot of businesses are adopting online payment capabilities to offer customers greater accessibility to products and services.

However, a lot of risks can entail if the right security measures are not leveraged. Encrypting data using blockchain technology can thoroughly elevate the platforms businesses use to enable faster and better-secured transactions.

This is because the technology decentralizes payment systems, allowing protection on a more user-centric level through digital wallets.

An encrypted system will also help guarantee better security as it will not allow interception at any point in a transaction.

Similarly, for international trading, blockchain-powered systems and data encryption can go a long way in ensuring cyber-secured, infiltration-free trading processes.

# 3 | Ensuring employees can manage threats

While adopting technology capabilities and enabling cybersecurity software throughout operational systems may seem like enough, businesses must also remember to educate employees thoroughly.

Hosting training sessions consistently to make sure employees are well-informed of cyberthreats and the impacts of cybercrimes can dramatically boost operational security as the workforce itself is being nurtured to avoid risky online habits.

Sending constant reminders throughout the organization about sketchy emails, spam links, and unfavorable password-saving settings can significantly minimize risks of breach and attacks.

Additionally, it would greatly benefit the business to train employees with the capabilities of managing and understanding cybersecurity software so that they would know the best steps to take when possible threats are alerted.

According to a study, it is projected that cyberattacks will cost global businesses US$5.2 trillion over the next 4 years – signifying a great need to address security concerns.

Businesses must move forward with a security-first mindset to ensure a seamless transformation journey and highest operational efficiency.