How To Protect Your Business From Cybercrime In 2020
In today’s competitive environment, businesses must rely on technology in order to compete and survive in the marketplace – all of which must be secure. There are a number of reasons why IT security should be top of mind going into 2020:
- Advancing cyber threats: Techniques employed by cybercriminals are improving and your security strategies need to meet that challenge
- Compliance: Industries are starting to adopt security standards such as NIST 800-171 which require a considerable investment to maintain
- Insurance Costs: Cyber insurance is becoming standard in many businesses. Most insurers have a lengthy qualification form that evaluates your security posture. Your premium (or even eligibility) may depend on how well you are protected.
After all, 2019 was no walk in the park…
2019 Was A Big Year For Cybercrime
More than any other cybercrime threat, ransomware caused extensive damage to businesses around the globe last year. After all, 39% of malware-based data breaches worldwide were caused by ransomware in 2019. In the US alone, ransomware is extremely common:
- 500 schools were hit by ransomware in 2019
- 22 different organizations in Texas, many of which are local government agencies, were infected with ransomware in 2019
- Lake City paid out nearly $500,000 to hackers so they could get their data back. Similarly, the Riviera Beach City Council had to pay $600,000 for access to their data after a similar attack
What Should You Be Watching Out For?
- Small Business Cybercrime
in almost half of all the cyber breaches that have occurred, a small business was the target. Consider these stats reported in Verizon’s Data Breach Report and Forbes:
- 58% of all breaches in 2019 involved small businesses.
- 43% of all breaches involved small businesses in 2019.
- Ransomware attacks are still going strong, accounting for 24% of the malware incidents analyzed and is the #2 most-used malware type.
- Phishing Targeting Your Business
The average phishing attack costs businesses $1.6 million – can you afford to pay that price because one of your staff members can’t recognize a phishing email?
- CEO Fraud
CEO Fraud has quickly become one of the most popular ways for cybercriminals to make money – not too long ago, a Canadian University paid out more than $11 million due to CEO Fraud.
How Should You Protect Yourself In 2020?
The following cybersecurity solutions and best practices will help to keep your business safe in 2020:
1. Cybersecurity Solutions
- Advanced Endpoint Protection: With integrated anti-malware, data loss prevention (DLP), and simplified data encryption, you can rest easier knowing your systems are secured end-to-end.
- Data Encryption: Centralized data encryption and complete protection of your PCs and removable media makes sure that your vital data is kept safe in a range of formats.
- Dark Web Scanning: Digital credentials such as usernames and passwords connect you and your employees to critical business applications, as well as online services. Unfortunately, criminals know this — and that’s why digital credentials are among the most valuable assets found on the Dark Web.Dark Web Scanning services and software detect compromised credentials in real-time on the Dark Web and notify you immediately when these critical assets are compromised before they can be used for identity theft, data breaches, or other crimes.
2. Cybersecurity Insurance
Often referred to as cyber liability or data breach liability insurance, Cyber Insurance is a type of stand-alone coverage.
Cyber Insurance is designed to help businesses cover the recovery costs associated with any kind of cybersecurity incident including:
- Breach and event response coverage
A very general and high-level form of coverage, this covers a range of costs likely to be incurred in the fallout of a cybercrime event, such as forensic and investigative services; breach notification services (which could include legal fees, call center, mailing of materials, etc.); identity and fraud monitoring expenses; public relations and event management.
- Regulatory coverage
Given that a range of organizations (such as The Securities and Exchange Commission, the Federal Trade Commission, the Department of Homeland Security, and more) have a hand in regulating aspects of cyber risk in specific industries, there are usually costs that come with defending an action by regulatorsThis covers the costs associated with insufficient security or “human error” that may have led to a privacy breach. Examples may include an employee losing a laptop or e-mailing a sensitive document to the wrong person.However, this type of coverage is not just limited to governmental and healthcare-based privacy breaches. It can also be useful for nongovernmental regulations that intersect with the payment card industry and are subject to PCI standards.
- Cyber extortion
This type of cybercrime event is generally a form of a ransomware attack, in which a cybercriminal keeps encrypted data inaccessible (or, alternatively, threatens to expose sensitive data) unless a ransom is paid.Coverage of this type addresses the costs of consultants and ransoms, including cryptocurrencies, for threats related to interrupting systems and releasing private information.
3. Backups & Ransomware Protection
The best way to defend against ransomware is to implement a range of cybersecurity protections that will keep your data protected, no matter what happens:
- Firewall: Your firewall is your first line of defense for keeping your information safe. A firewall is a particular type of solution that maintains the security of your network. It blocks unauthorized users or suspicious connections from gaining access to your data. Firewalls are deployed via hardware, software, or a combination of the two.
- Network Monitoring: Your IT company should be keeping an eye on your systems around the clock, identifying and suspicious activity and addressing it immediately to prevent any negative effects.
- Data Backup: If you have you have a data backup solution, then it doesn’t matter if your data has been encrypted. You can just replace it with your backup, simple as that.That’s why you should make a considerable investment in a comprehensive backup data recovery solution so that you can restore your data at a moment’s notice when necessary.Be sure to:
- Back up data on a regular basis, both on and offsite.
- Inspect your backups manually to verify that they maintain their integrity.
- Secure your backups and keep them independent from the networks and computers they are backing up.
- Separate your network from the backup storage, so the encryption process is unable to “hop” networks to the backup storage device. This keeps your backup data from being encrypted.
Don’t Forget To Ask For Help
Servcom USA will help implement simple and robust security measures, deploying security devices like firewalls, patching, antivirus software updates, intrusion and gateway protection, to name a few. With our help, you don’t have to be worried about cybercrime in 2020.
Like this article? Check out the following blogs to learn more:
No Quicker Way To Let Ghouls Into The Network