Today, cyber threats can attack/may affect many institutions or companies in seconds, regardless of how big the target or the amount of company data is. With the increase of the cyber threats without a specific target, we can see severe financial risks for small companies and consequences that will damage companies, such as loss of reputation, high-value customers, cash and/or time.

Maintaining and managing customer information is critical for all businesses. It is a complex process to comply with existing laws, using the corporate network efficiently, ensuring that the operation is not disrupted, and protecting the corporate network against all kinds of cyber threats. At this point, company data protection is at the forefront. When analyzed, it is seen that cyber threats increased their attacks against small businesses and it costs significant financial burdens.

What is Data Security?

Data Security can be defined as the data protection against unauthorized access. The most critical focus in data security is to ensure its confidentiality and integrity while protecting personal or corporate data. Our data resides on servers, databases, our network, personal computers, and most importantly, in the minds of corporate employees.

We must protect its confidentiality, integrity, and availability wherever the data is. We can store our data in any written, audio, video, or drawing format, and they must be available when authorized persons request this data. As data, hence company data, becomes digitized, it has become the focus of cyber threats. The essential point of this focus is that the data has value, and a profit can be obtained in return.

Data is one of the essential assets for institutions to continue their activities, and generate income. Cyber attackers mostly focus on accessing these data with the aim of easily making money in an illegal way. Therefore, the main target of these cyber-attacks is mostly on the institutions that neglect cyber protection instead of the ones conducting strong cyber security operations.

Accessing personal datawithout permission causes numerous problems for large companies, small and medium businesses, or individual home users. The most common cyber threats are stealing your bank account information, stealing customer information in the database, and demanding ransom by encrypting data.

Main Elements in Data Security;

Data security is based on three main elements. These three main elements are listed as company data confidentiality, company data integrity, and company data availability.

• Confidentiality: To protect sensitive company data from unauthorized persons or unauthorized access.
• Integrity: To prevent deliberate or accidental alteration of information and company data.
• Availability: It is accessible by authorized users when necessary.

Nowadays, our digital company data has become one of the most important sources of income for SMEs or companies.  Malicious cyber threats that get a chance to access any computer connected to the Internet can steal and damage any company data, from the main servers of the institution to their company financial data or demand a ransom in return. Any institution that does not take precautions can encounter these threats at any time, regardless of whether it is small or big. This situation puts companies in the SME class into difficulties and has serious consequences. In the end, they face significant financial losses. Today, the GDPR related fines imposed by the authorities after a data breach can be quite severe.

What Can Be Done to Secure Company Data?

Cybercrime has now become the nightmare of our digital life. Even though large companies try to protect themselves by making serious investments against cyber threats, we see that SMEs, unfortunately, cannot make enough investments in financial matters, and they do not have enough workforce in terms of cyber security teams. Therefore, they may fall short of protecting their assets and the information that makes these assets valuable.

It has become impossible to prevent cybercrime. You can take healthier steps by strengthening your system, protecting it, and managing it well. Educating your employees about company cyber security and raising cyber security awareness across your company could be the first step of securing your company’s data.

For the next step, contact us regarding the company data security and have further information about this matter, you can click this link and fill out our form, and we will get back to you on short notice.

Internet users  must take precautions for the sake of cyber and data security. As technology develops in time, all humanity becomes dependent on and trusts in technology. But most of us are not aware of the fact that we might face cyber threats if we refuse to give vital importance to our data security and privacy. 

Taking Precautions Against Cyber Threats

In a world where the operations is managed on the Internet, establishing our work area with digital tools, working in front of laptops and sharing our personal data about our business, we must be aware of the possible cyber threats and take cautions about it. 

Most small businesses neglect taking precautions about cyber threats because it’s rarely considered a priority. With this frame of mind, they do not believe that they might be exposed to any cyber threat. However, it is a common misconception because there is a range of threats targeting small businesses as well. Therefore, no matter how big or small your business is, every company must have security tools. In order to utilize security awareness, all employees must get the basic training on cyber hygiene and companies must reassure themselves on the integrity of their cyber systems. 

Here are the most widespread cyberthreat types aiming at businesses and how businesses can protect themselves against the threats:

Phishing Attacks

One of the most common, damaging, and simple yet effective cyber threat is phishing attacks. It is known that phishing attacks keep growing in time, becoming a widespread threat. But before all of these, what is a phishing attack? Phishing is a type of attack that makes you believe you are contacting someone you trust using various social engineering tactics. That’s why, it is the most damaging threat disguised as innocent communication attempt. Phishing attacks make you click on a link that leads you to download a malicious file. It can reach your sensitive information, account details and destroy your data security. So, keep in mind that phishing attacks include a fake invoice, it asks you to confirm personal information, it can claim that there is a problem with your account or payment information or it can supposedly notify you of suspicious activity and log-in attempts. 

Malware Attacks

As the second biggest cyber threat, malware attacks are the viruses that attackers create to gain access to networks and encrypt your data on your computer by jeopardizing your data security. Malware attacks generally infect you system via malicious website downloads, spam e-mails, and connection with other infected machines. 

Ransomware Attacks

Being one of the most common attacks, Ransomware Attacks have grown day by day. Ransomware is known to be the most profitable cyber threat option for attackers as it jeopardizes data security by encrypting them. Thus, excluding that company from using or accessing its own data. Ransomware attacks force companies to a difficult choice between paying the ransom that attackers demand or losing that data altogether. 

To not experience a ransomware attack, you must avoid clicking on unsafe links or unknown websites. Those links are very likely start automatic downloads only by clicking that link and damage your device and data security. In addition, be cautious about your personal information because untrusted sources can ask for your personal information. Therefore, it is better not to engage with it. Ransomware attacks can be carried out through your e-mail attachments as well.

Weak Passwords

Employees who use weak or easily guessed passwords are another major threat to businesses. Many small businesses use multiple cloud-based services, each requiring a separate account. These services frequently contain sensitive data as well as financial information. Using guessable passwords or using the same password for multiple accounts can open the doors for compromising this data. 

Multi-Factor Authentication (2FA) technologies should be considered by businesses and individuals. These make the users require more than a password to open business accounts and applications. Multiple verification steps, like a passcode sent to a mobile device, are included in the features that these technologies offer to the users. Even if an attacker steals a password, 2FA security controls prevent them from accessing those accounts.

Insider Threats

The insider threat is a serious risk that companies might be overlooking. An insider threat is a possible vulnerability to a business caused by the actions of current or former employees, business contractors, or associates. This is a rising issue that may endanger employees and customers and cause financial harm to the company. Businesses must ensure that they have a strong monitoring system within their organization to combat insider threats.

Solution

The best way for businesses to protect themselves against cyber threats is making more than 2700 independent cyber security experts inspecting their system. By using BugBounter’s platform, you can mobilize cyber security experts by rewarding them with gifts that you’ll be deciding and you will rewarding the experts only for the bugs and vulnerabilities they found and validated through our specialized team.

For more information on how you can keep your business safe contact us for a demo.