increase business security save money - Frugal Reality

How to Increase Your Business Security Level to Save Money? 6 Ways!

Every company has its security policy and assigns one or more persons to be responsible for the task. Sometimes these people do not have sufficient information about how they need to protect their business from cybercriminals. It’s a mistake as it only brings additional costs as well as trouble.

The Digital Age we live in enables businesses to grow rapidly and expand globally within hours with the help of Information Technologies (IT). However, such companies tend to accumulate sensitive information about their customers; therefore, they should invest time and money to create a proper security level to save money from damages and losses. There are several ways you can increase your business’s security level.

Here are the best options to increase your business security level to save money.

1. PCI Compliant

The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements developed by the PCI Security Standards Council to increase payment account security. It provides specific instructions on how merchants and service providers protect customer information during every step of their transaction process.

PCI isn’t something you can ignore as it does not affect your business directly but instead protects it from hackers who seek your customers’ data for malicious purposes. Partnering up with a PCI Compliant company such as SecureTrust ensures your clients’ safety and gives you a more trustworthy status. In addition, implementing PCI-compliant cloud hosting services gives you complete control over customer data and makes it harder to hack. It also prevents you from financial penalties that are related to data security breaches.

2. Data Encryption

Businesses tend to accumulate sensitive information about their customers, partners, employees, or business data. It’s why they need to protect this data at all costs, especially if it’s not encrypted with strong authentication like certain unique identifiers that can be used only once (passwords etc.), private key of asymmetric cryptography pair (PGP), hardware security modules (HSMs), Secure Shell (SSH) key pairs or two-factor authentication tokens.

If your company keeps such information, you should use an encryption algorithm like AES 256 bit. However, more complex algorithms may have a bigger impact on your network’s performance and specific services.

3. Anti-Virus Protection

The majority of large corporations have antivirus software that should be updated daily. However, small businesses do not have the money to invest in commercial antivirus solutions and instead use free antimalware tools. This is another mistake as these tools are usually incapable of detecting advanced cyber-attacks.

It would make sense to purchase an antivirus solution for your company if you can afford it, mainly because it might save your business from future attacks or data theft. When choosing a security solution for your business, you should pay attention to additional features such as spam filtering, email encryption, and data loss prevention.

4. Keep Your Business Patched

Weaknesses that hackers exploit to infiltrate your network are known as software vulnerabilities or bugs. These can be found both in operating systems and third-party applications. Keeping operating systems and apps patched is extremely important as unpatched software can provide cybercriminals full access to your company’s sensitive information even without advanced hacking tools.

It also allows attackers to take over the entire network by exploiting those undiscovered vulnerabilities with malware or ransomware attacks. As a result, it will prevent you from using those services until you completely remove all of them from the computer system.

Moreover, if hackers find a vulnerability in your system, they will exploit it until the company you are doing business with releases a patch that closes that specific security hole.

5. Implement Network Segmentation

Network segmentation is one of the most common cyber-security measures taken by companies to keep data secure. It allows businesses to encrypt their sensitive internal data and provides complete control over what employees can view and access on the network.

Keep in mind that hackers may use social engineering techniques to trick unsuspecting employees into revealing their login credentials. In addition, it allows hackers unsupervised access for browsing through the company’s internal website, servers, and documents without being noticed.

The best way to protect yourself from such attacks is by implementing strong authentication mechanisms like two-factor authentication tokens and dual passwords (the user password and a company-issued one) to access the company’s network.

6. Keep Your Data Backed Up

If you fail to maintain regular backups of your company’s data, you may be forced to pay a ransom. The hackers can lock your servers or computers with malware and malicious software, which prevents employees from accessing those systems and any information stored on them.

Many companies even purchase cyber insurance to cover the losses they suffer in case of an attack, but the insurance coverage has its limitations. For example, some insurance companies won’t cover ransomware damages. In addition, some insurers require that it must be first confirmed by law enforcement and more.

So make sure to backup everything before bringing these devices online and create a restore point every time a patch is released for your system or service update.

To protect your business from dangers lurking on the Internet, you should know that there is no such thing as 100% security. However, following the steps described above will go a long way in making your business less vulnerable to cyber-attacks and data theft and thus help you save a lot of money.

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