THE IMPORTANCE OF CYBERSECURITY IN BUSINESS

THE IMPORTANCE OF CYBERSECURITY IN BUSINESS

Amid the COVID-19 pandemic cyber-attacks rose by almost 300% in 2020, says a study by CERT-In. The spike can be linked to the increased online activity due to lockdown imposed to check the spread of the pandemic. Businesses are increasingly taking steps to ensure tight cybersecurity.

According to a survey by data platform Statista, the banking, financial services, and insurance sector had the highest expenditure on cybersecurity, amounting to 500 million US dollars in 2019. This is estimated to increase to 800 million US dollars by 2022. The second highest expenditure is made by the IT services sector- 430 million US dollars.

Recently Accenture fell prey to a cyber-attack with a 50 million US dollar price tag by a ransomware group LockBit. They later claimed that an attack on Bangkok Airways was made possible by the Accenture hack. Though Accenture and the airlines claim that the attack has had no impact on their operations, it has served a huge blow to the reputation of these organizations.

This rightly points out why cybersecurity must be a top priority for all organizations. Businesses of all sizes are hit with cyberattacks. In 2020 alone Marriott, Twitter, Garmin, SolarWinds, and others were hit with data breaches – a fact that is extremely concerning.

The examples above highlight the need for businesses to protect virtual interests from malicious attacks by implementing strong security measures. Businesses rely on technology to be connected at all times. When the channels of communication are jeopardized, it can have severe consequences for the company.

Tips to strengthen cybersecurity

Making employees aware

The majority of data breaches in 2019 are the result of human error. This troubling statistic, however, has a silver lining. Training staff on how to identify and respond to cyber threats could prevent most data breaches.

Implement two-factor authentication (2FA)

It’s important to think about how to protect both your systems and the accounts of your customers. Using 2FA is one way to do this. It means that PIN or biometrics should be provided to log into the system. Alternatively, you can use smart cards to restrict access to just a few. If that involves a significant investment, you can also use strong passwords that are hard to guess by cybercriminals. Skillmine’s homegrown product Skillmine Auth centralizes authentication by removing the need to remember passwords. It supports multiple login methods and works well on all platforms. 

Keep Updating Your Policies

Most businesses use outdated security policies that fail to keep up with the latest technologies. Having a well-designed and well-planned security policy lays the foundation for a safe organization. Therefore, training your employees on those policies and updating policies can help prevent cyber attacks.

Refresh Security Controls

In case your business has not yet reviewed its network security controls, it is high time that you do so. If not, try updating or even considering replacing it. This will enable you to monitor users and ensure their safety. Secondly, doing a sanity check before opening an attachment, reading the email, and checking the ID can make the business safer. This will help you avoid phishing and other cyber-attacks intended to take advantage of your trust.

The realization that no company, big or small is immune to hacking is the first step in ensuring cybersecurity to your business. Businesses like Skillmine Technology Services offer cyber security consulting and services. It’s good news that India has entered the top 10 of global cybersecurity ranking of countries as the tenth best country in the world, ahead of China and Pakistan as per UN’s ITU Global cybersecurity agenda.

Collaborative work is required to create safe cyberspace. Steps like creating a robust National Information Security strategy, democratizing cybersecurity, and creating a robust innovation ecosystem are all steps that can help us move in this direction. 

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