The cybercrime industry has become a multi-billion dollar industry in the past few years. It’s an industry that is growing with exponential speed and is expected to reach $2 trillion by 2019. The primary driver of this growth is the increasing Internet penetration rates, the increased use of mobile devices, and growth in cloud computing. The factors, combined with more sophisticated attacks and tools, are making it more important than ever for businesses to secure their digital environment.
Businesses that protect themselves from cyber threats by taking the services of fraudwatch.com will be more profitable and able to innovate faster than their less protected competitors. Protecting your business from cyber threats will help you grow your company and save you money in the long run. However, securing your business from cyber threats is not easy, especially when you consider the following statistics:
More than 60% of small businesses suffered an IT security breach within the past year; 32% of them suffered at least two breaches. This means that more than half of small businesses fail to protect themselves from cyber threats yearly. 80% of businesses that had suffered a data breach did not discover the breach until law enforcement officials or other authorities notified them. Cyber-attacks cost the global economy $445 billion in 2015, according to Juniper Research.
What can entrepreneurs do to protect their businesses?
- Do a risk assessment
Your risk assessment should include a list of all digital assets you have access to, including email accounts, computers, and mobile devices. You may also want to include your business partners in your list of “assets,” as a security breach from one of these third parties could affect you too.
- Create a policy
Once you have identified your risks, the next step is to create a plan for mitigating them. Make sure potential clients know exactly how their data will be protected and what security measures you will put in place when it is in your possession. If they feel that their data is safe with you, they won’t worry about handing it over. Your policy should also include a plan if your business’s security is compromised — how will it be dealt with, who will deal with it and when?
- Password-protect your computer and mobile devices
Don’t use obvious passwords like 1111 or 1234. Make sure you use a combination of letters and numbers with upper and lower case letters. It’s also important to change any default passwords when you set up new devices.
- Secure your wireless network with a strong encryption protocol
Most newer routers support this feature but consider replacing it with a newer model that supports WPA2 encryption if yours doesn’t. Encrypt any sensitive files and emails on the cloud and in the office with tools like Boxcryptor and ProtonMail.
Consider using an encrypted hard drive such as IronKey or Tresorit to store sensitive data on your computer or mobile device. This is particularly important if you’re traveling with work laptops or mobile phones, which could be lost or stolen.