How Cybersecurity Can Help SMBs
Cybersecurity is an integral part of running a business, particularly for Aussies, to prevent unwarranted access to your network. Smart devices and Internet access have become necessities, making information security indispensable against viruses. When hit by a cyberattack, it may take years to bounce back, not to mention retrieve the lost or stolen data. With a regular IT audit and other cybersecurity practices, cyber threats will be minimized.
Building Cybersecurity Awareness
In Australia, many businesses often overlook the importance of cybersecurity. Big data and sensitive information are vulnerable to increasingly advanced technology that hackers use.
A study from Kaspersky Security Bulletin suggested that 2017 was the ‘ransomware’ year. It stated that 65% of business owners were targeted by cyberattacks and lost access to a significant amount of data. One in six businesses never recovered their data even after paying the ransom.
A repeat of the incident can be avoided by taking up information technology education, also known as cybersecurity training for leadership roles. Managing and deploying data can be simplified by utilizing a BI management platform to conduct mining and visualizing analytics. The use of integrated reports enables the presentation of flexible data models from varying sources. It requires constant observation and financial support, but robust data protection helps avoid potential disruptions.
Potential Losses from Undetected Cyberattacks
In May 2019, an announcement was released stating that hackers stole bitcoin worth 41 million USD (approximately 59 million AUD) in a single undetected transaction from Binance, one of the world’s biggest crypto exchanges. The breach update was the following: ‘We have discovered a large-scale security breach today, May 7, 2019, at 17:15:24 (UTC). Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info.’ Binance clarified that the hackers used various techniques, such as phishing, to obtain and identify account details. No user was specifically targeted, and the company eventually recovered from the losses. Other than having an IT infrastructure within your company, it is best to be prepared. Trying to recover stolen data without preparing for future attacks will do more harm than good in the long run.
Ways to Secure Your Corporate Network
While cyber threats are ever-present, Microsoft shared a few steps on how to secure a corporate internal network to reduce risks of a security breach:
- Enforce multi-factor authentication (MFA) for all users
- Minimize legacy authentication workflows
- Remove passwords from the directory
It was also encouraged that the administrative team use separate devices and update their software. Employees were taught to avoid logging in remotely via admin-enabled devices due to the possibility of these being compromised.
The Final Word
Having data stolen and viewed by hackers and strangers is alarming. Once these cybercriminals attack, it will be a hefty price to pay whether you’re running a business in Australia or anywhere in the world. Prevention is better than recovering from harm, and thanks to cybersecurity, IT experts can tighten the safety bolt to ensure that no loss will come your way.
