How To Protect Your Business With Cybersecurity

Due to the changes caused by the pandemic within the business sector businesses have drastically increased their use of data as well as online. This, in turn, has increased the risk of cyber-attacks and cybersecurity risks. This article discusses how you can protect your business with cybersecurity.

Accounting firm PricewaterhouseCoopers recently released a report estimating that about 62 per cent of Canadian organizations were impacted by ransomware incidents and attacks in 2021.

Because these risks have significant implications for both clients and investors and investors, spending on cybersecurity increased by a significant amount.  Global cybersecurity spending increased to over 120 billion USD in the year 2017, up from $3.5 billion back in 2004.

The Center for Strategic and International Studies estimates that cybercrime of a malicious nature cost an estimated $945 billion each year. The other Cybersecurity Ventures estimates cybercrime in the world could grow to $10.5 trillion by 2025.

This is why customers, investors employees, suppliers, and investors are seeking better protection and management of data belonging to companies, with improved information security transparency and accountability to reduce the cybersecurity security risks.

The cybersecurity industry is growing into an engrossing complex that is in this 21st Century and has gained international recognition as an essential component of security for the nation. At first, cybersecurity was thought of as the responsibility of software engineers. Since the demand for cybersecurity was becoming more common, companies began to allocate additional resources to safeguard their digital infrastructure. The two main actors in the cybersecurity sector are both government and private companies Each sector has its distinct capabilities and prices. The cyber component of the government can further be subdivided into contractors for government and civilian use.

A shared obligation

The responsibility for cybersecurity management is no longer solely on the IT department’s shoulders However, it has become the responsibility of all businesses.  We believe that all company departments are required to be involved in cybersecurity planning and programming.

For this to work businesses must integrate trust into their entire system and include security in each job description. As a chief security officer for the world at Box, I’ve identified four key steps that technology and business leaders can use to increase confidence among employees as well as the processes and platforms which contribute to safe remote working.

The best method to establish trust is to learn, listen and be a leader with compassion. If someone tells you that security procedures are hard to adhere to, don’t give them a lecture instead, try to understand and come up with solutions you can implement. Encourage employees to speak out about their mistakes and reward them for their proactive behaviour. The trust within an organization grows when it is wisely and generously provided, and when employees are heard.

Directors and managers are required to be actively involved in implementing the best practices for reducing cybersecurity risk.

Cyber-related risk has emerged as one of the biggest threats to companies over the last few years. Thus, boards of directors need to remain alert to the danger. They have the responsibility to ensure that firms take appropriate measures to reduce the risk of cyber-based fraud. The board should also make sure that the company discloses any cyber-related risks and security breaches.

Results demonstrate a positive correlation between the amount and frequency of cybersecurity disclosure as well as gender diversity on the board. But, the board must have an essential mass of at least three females before this positive effect is noticed. Our findings add to the debate about the importance of gender diversity, by introducing the idea of the positive impact of heterogeneity on disclosure. We also add to the research on the importance of women on boards by providing evidence-based proof that three or more female directors are the minimum required for good governance.

The findings of our study have important implications for stakeholders, investors, and regulators. If investors are looking to increase the disclosure of cybersecurity, they must seek out more diverse boards. Our findings help regulators’ efforts to increase the representation of women on boards, by providing evidence-based proof of the benefits of this kind of composition on boards.

Managers of firms should set the example by integrating security into all aspects of their business activities and quickly resolving cyber-related threats when they occur. Business leaders should thoroughly consider the “why” for cybersecurity and be clear about their decision. The strategy chosen will flow into operational processes and ultimately lead to results for the business. It’s not a good idea to be naive or general in your cyber strategy – there’s plenty at stake.

The first step is to audit

The first step to creating the program is to evaluate the effectiveness of an enterprise’s security risk and the management of data using an audit program similar to that of the Canadian Government’s Cyber Security Audit program, or some U.S. government auditing resources. These freely available tools aid auditors in assessing the security of their businesses.

In the course of an audit, businesses must employ third-party hackers to assess the security of their systems by conducting penetration tests. Hackers can bring unique insights into the auditing process and can spot weaknesses that security experts might overlook.

In a penetration test employed grey-and-white-hat hackers execute a legal cyberattack to discover security holes in a company’s defences. Once they are identified, companies can improve their security to avoid these vulnerabilities being used to attack.

The assessment will provide businesses with a roadmap for the creation of a cybersecurity plan to safeguard the security of information systems that are sensitive, as well as the privacy and security of the company’s employees, investors, and customers.

We also suggest that businesses adopt a whistleblower policy as 42 per cent of occupational fraud is disclosed via suggestions as well. More than half of these tips are provided by employees. A well-designed whistleblower policy should provide a hotline for complaints, and guarantee the confidentiality and security of whistleblowers.

A high-quality security and cybersecurity program will allow companies to modify their security protocols and be better prepared for future cybersecurity threats. The internet is getting more important to business operations as years go by. If businesses want to keep up to date with the latest technological advancements they must integrate cybersecurity into their operations.

Image courtesy of Depositphotos