If you’re running a business that’s even slightly connected to the Internet, then online security should be a topic of serious concern.
Threats might come from an unprecedented variety of sources – ranging from phishing to ransomware.
At the same time, there are regulatory pressures that match the threat. If you fail to keep your operation secure, in other words, you could suffer a breach with enormous legal and reputational consequences.
Understanding the Rising Threat Landscape
You don’t have to search very far to find high-profile examples of organizations that have been breached. In late July, a third-party CRM platform used by Allianz Life was compromised, exposing the data of more than a million customers. In the UK in the same month, the loyalty management system of the Co-op chain of retail outlets was compromised, resulting in the names and contact details of more than six million people being leaked.
But it isn’t just big, headline-grabbing breaches that we need to worry about. A recent survey from Hiscox found that around two-fifths of small businesses in the United States had also fallen victim to a cyberattack in 2023.
Compliance and Regulatory Pressure Businesses Can’t Ignore
If you want your business to be resilient and compliant with new and upcoming regulations, then you’ll need to be proactive. In particular, it’s worth looking at rule changes concerning privacy and the Department of Justice’s Data Security Program. Getting on the right side of the law will not only save you from having to pay hefty fines – it will also keep your reputation protected.
Practical Steps to Safeguard Your Business Data
Keeping your business and your clients’ data protected is a matter of implementing a few procedures and instilling the right kind of culture. Make sure your employees are aware of the risks and provide them with regular training on security risks, especially phishing.
Make sure that all documents have some sort of access controls in place, even if it doesn’t contain sensitive data. Set it up so people have to request access to folders, and that you or trusted members of staff have to grant access. Also, set up multi-factor authentication so that malicious actors have a trickier time getting into your systems. Finally, work with the best available cloud storage solutions for business.
Leveraging Technology for Long-Term Security
Hackers have access to a range of sophisticated, AI-driven tools. It’s therefore essential that you implement new, modern tools of your own. Among the most important of these are compliance tools, which will scale alongside your business while keeping you on the right side of a continually evolving suite of regulations.
