Protect Your Business From A Cyberattack. Here's What To Do Right Now

The COVID-19 pandemic has had a significant impact on the global economy, and it has accelerated the shift toward online business. According to various reports, the global e-commerce market grew by an estimated 20-30% in 2020 compared to the previous year.

As the world moves towards a digital economy, the worst-case scenario for businesses is getting hurt by a massive cyberattack. Comparing 2021 to 2022, there was a 38% rise in global cyberattacks

With the threat of cyberattacks on businesses, are you wondering how it impacts business? What's the best thing you can do? The Growth Jockey team can help you with this guide to protect your business.

So, Let's dive in.

How do Cyber Attacks Impact Business?

Cyber attacks are one of the biggest threats to the modern global economy, with over a billion dollars worth of damages. According to the UK Cyber Security Survey, 39% of UK firms reported experiencing a cyberattack in the preceding year.

The serious impacts of cyber attacks on businesses are:

• Financial losses: A cyber attack can result in direct financial losses, such as theft of funds, lost revenue, and ransom payment.

• Reputational damage: Cyber attacks can harm a company's reputation, leading to loss of customers, a decline in stock prices, and decreased investor confidence.

• Data loss or theft: Cyber attacks can result in the theft or loss of sensitive information, such as customer data, trade secrets, and intellectual property.

• Compliance violations: Certain industries, such as healthcare and finance, have strict regulations that can be violated by a cyber attack, resulting in fines and legal penalties.

• Disruptions to operations: A cyber attack can disrupt a company's operations, leading to downtime, lost productivity, and potential loss of customers.

• Loss of Confidentiality: Confidential information, such as company secrets and customer data, can be exposed in a cyber attack.

• Increased Costs: Recovering from a cyber attack can be expensive and require significant investment in new technology, security measures, and employee training.

• Legal Liabilities: Companies may face legal action and potential lawsuits from customers, shareholders, and other parties affected by a cyber attack.

Cyber attacks can significantly negatively impact a business's bottom line and take a long time and substantial resources to recover. But how to protect against cyber attacks? Luckily, there are simple solutions to protect your business.

Read on to learn about the best tips by Growth Jockey for protecting your business from such negative impacts.

Ways for Cybersecurity Protection-

Cybersecurity is a growing concern. Many people have lost their data due to online fraud and hacking in recent years. With technology growing faster, cybersecurity has become more important as time passes. It is a broad technique. Different layers of Cyber security protect businesses from hackers, identity theft, and other malicious attackers.

We at Growth Jockey discuss some useful ways for you to start protecting your firm's data from online threats-

1) Keep the Systems p to Date

Keeping software and systems up to date is a critical aspect of cyber security as it helps to patch vulnerabilities and prevent cyber attacks. Regular updates help to ensure that the latest security features and patches are in place, reducing the risk of cyber criminals exploiting vulnerabilities.

2) Use of Cybersecurity Protocols

Using cybersecurity protocols is an important aspect of protecting against attacks. A protocol is a set of rules and standards that govern how data is transmitted over a network. Several widely-used cybersecurity protocols can help to improve the security of your network, including:

• SSL/TLS: Encrypts data transmitted over the Internet to protect against eavesdropping and tampering.

• HTTPS: A protocol that uses SSL/TLS to secure data transmitted over the web.

• IPSec: A protocol that provides encryption, authentication, and data integrity for data transmitted over a network.

• VPN: A virtual private network that provides a secure, encrypted connection over the Internet.

• SFTP: A secure file transfer protocol that encrypts data as it is transmitted over the network.

It's important to note that while protocols can provide a high level of security, they must be properly configured and implemented to be effective. Additionally, regularly monitoring and updating your network and devices to ensure they are secure is an important part of protecting against cyber attacks.

3) Educate the Team

Educating yourself and your employees about cybersecurity best practices is important for improving cybersecurity. This includes understanding the types of threats, such as phishing attacks, malware, and social engineering, and how to recognise and respond to them.

Employees can be the weakest link in a company's security, especially if they are unaware of how to protect themselves and their devices from cyber attacks. Providing regular training and resources to help employees understand and follow best practices for cybersecurity can help to reduce the risk of successful attacks.

4) Backup Data

Regularly backing up important data is an important part of protecting against data loss in the case of an attack. Backups provide a way to restore data lost or corrupted due to a cyber attack, hardware failure, or other incidents.

There are several different types of backups that you can use. Regardless of the type of backup you use, it's important to regularly test your backups to ensure they are working as expected and that you can restore data if needed.

5) Use 2-Factor Authentication and Strong Passwords

Using strong passwords at least 12 characters long can help prevent unauthorised access to your accounts. It should include a mix of numbers, symbols, and uppercase and lowercase letters. Using a different password for each account is also important to reduce the risk of multiple accounts being compromised if one password is cracked.

Additionally, two-factor authentication strengthens security by mandating a second factor in addition to the password. It may send a code to the phone. Even if your password is stolen, this aids in avoiding unofficial access to your account.

6) Install Firewalls

Installing a firewall is an important step in improving cybersecurity. It is a network security system that manages incoming and outgoing traffic following pre-established security rules.

It acts as a barrier between your private network and the Internet, helping to prevent unauthorised access to your systems and data. It can also help to protect against malware, viruses, and other types of cyber threats by redistricting incoming traffic from known malicious sources.

7) Wi-Fi Security

Securing your Wi-Fi network is another essential aspect of overall cybersecurity. To improve Wi-Fi security-

• Use a strong password.

• Disable WPS.

• Hide your SSID

• Use a virtual private network

8) Use Antivirus and Anti-Malware Software

Using antivirus and anti-malware software is an important aspect of improving cybersecurity. These types of software can help to detect and remove malware, viruses, and other types of malicious software that can compromise your devices and steal your personal information.

Antivirus software typically focuses on detecting and removing viruses. In contrast, anti-malware software is designed to detect and remove a wider range of malicious software, including spyware, adware, and other types of unwanted software.

When choosing antivirus or anti-malware software, consider the following:

- The reputation of the vendor: Choose a reputable vendor with a history of providing effective and reliable software.

- Update frequency: Ensure the software is regularly updated to protect against new and emerging threats.

- Compatibility with your devices: Choose software compatible with your devices, including desktop computers, laptops, smartphones, and tablets.

- Features: Consider the features offered by different products, such as real-time scanning, email protection, and parental controls.

Antivirus and anti-malware software can help protect your devices and data from cyber threats and reduce the risk of data loss, identity theft, and other cyber attacks.

To Wrap-up

As more and more businesses become targets for cyberattacks, it's imperative to keep up with best practices in the era of cyberwarfare. The Cyber Attack Guide by Growth Jockey discusses the measures you can take to protect your business and data.

The takeaway from this article is to be proactive and prepare for whatever eventuality you can to protect your business. With an understanding of the danger of cyberattacks, you'll be in a better position to prevent them from happening.

At Growth Jockey, we are fully committed to providing tailored solutions that effectively tackle the crucial challenges in cloud and cyber security faced by our clients across diverse industries. Regardless of the size of your company, whether it's a small-scale enterprise or a large corporation, you can now leverage the advantages of advanced technologies in cloud and cyber security.

Take the decisive step towards unlocking the next level of growth and protecting your brand by contacting us today!