3 Tips to Dodge $525k in Cybersecurity Damages

Trust. It’s a word that will define the use of engagement with both technology platforms and companies big and small from 2018 onward. No matter the size of your organization, companies are finding themselves center-stage in embarrassingly public or financially depleting data breaches and cyber-attacks. And in the worst of cases, both.

Business Insider recently released a report outlining major consumer brands who had faced significant hacks over the last 12 months. The reality of their report is that millions of shoppers and consumers like you and me have had profoundly personal and private information potentially exposed to those who shouldn’t have access to that data. In some cases, impact is minimal, in others, it results in significant personal loss and costly legal action due to identity theft that can take years to resolve. My suspicion though is that the long-term negative effects of a data breach that take place today will be felt years down the road as hackers and data thieves become more skilled at using compromised data quickly and with specific purpose.

So where does this leave you as a business owner or as the trusted steward of your organization's data? The reality is that it leaves you in a difficult, but defensible position if and only if the right precautions are in place, adhered to and taken seriously across the organization.

Per Webroot’s 2018 Annual Security Survey the average estimated cybersecurity attack costs small and mid-sized businesses over $525,000 per instance.

Regardless of whether or not an unexpected bill like that would put you out of business, the negative impact to brand perception, your customer base and internal slow-downs are in many ways avoidable.

The right cybersecurity approach is one that takes a holistic view of your organization and focuses on three specific areas.

  1. A premium must be put on building out and maintaining policies and procedures that are clearly documented, organized and shared cross-organizationally.
  2. Proper training for your internal employees is a must. One of the most common ways for hackers to get inside the four walls of your organization is via phishing emails. These emails come across many times as less than obvious attempts to steal your data and in most cases look like they are coming from “known” senders with requests not overly out of the ordinary. Training your team to spot and avoid these emails is key to ensuring your corporate account isn't depleted after sending money to a rogue bank account.
  3. Pro-active monitoring of your systems via integration between both a Security Operations Center and a Network Operations Center. This powerful duo can proactively monitor all of your systems and applications and then make intelligent decisions on who and what is “normal” behavior and what instead needs to be addressed before it’s too late.

IT Authorities is committed to helping organizations protect both their reputation and pocketbooks by providing industry-leading cybersecurity support for clients of all sizes. While companies are often unique in how they go to market and differentiate themselves competitively, one thing remains true; in 2018, every organization needs a comprehensive strategy and partner to combat the ongoing and increasing threat of cyber-attacks. We are here to help, advise and partner with you. Please reach out with questions or if you would like to engage in a complimentary cybersecurity consultation. Stay secure out there!