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The Rising Cost of Cybercrime: Protect Your Business

Protecting Your Business Against Cybercrime

Protecting Your Business Against Cybercrime

Experts predict that by 2028, the global cost of cybercrime would approach $14 trillion, up from an estimated $10.5 trillion in 2025. Data breaches in the United States hit a record high in 2022, with an average total cost of $4.35 million, according to a report by IBM.

Loss of productivity, client information, data corruption, or even millions of dollars in damages could result from only one security flaw  in your system.

The reputation and image of your company might take a hit as well as its financial line when cybercrime occurs. When a customer’s personal information is compromised, it can lead to a loss of trust and ultimately, revenue for the organisation. Half of the people surveyed said they would go elsewhere if a company had bad data rules or shared it too freely.

IT system protection involves more than just warding off external threats; it also involves adhering to newly implemented data protection regulations. ASG, a Gauteng-based preeminent IT security firm, has the expertise to fortify your organisation against cyber threats in 2024.

We understand the essential significance of data security for all organisations, virtue of its extensive knowledge of complex IT environments. In the event of an incident, our Managed Security service is intended to reduce the likelihood of security vulnerabilities, avert data loss, and lessen the disruption to your operations.

Our all-encompassing array of services comprises Managed IT Security and Firewalls, which guarantee continuous surveillance and safeguarding of your organisation’s systems. Our service provides unmatched assurance across three tiers: systems monitoring, systems administration, and systems risk consulting. This enables you to concentrate on accomplishing your fundamental business goals with minimal interruption. In this article, we will be discussing how you can start protecting your business against cybercrime.

 

We offer outsourced IT services in Gauteng, contact our teams:

 

Preventing Cyberattacks: Your Business

Methods to Protect Your Organization Against Cybercrimes

Each organisation possesses unique data security protocols and capabilities. The subsequent recommendations can aid in safeguarding your most sensitive data and averting catastrophic harm.

  • Strengthen security protocols: Verify that your existing antivirus and security software includes modern features, such as backups and data encryption.
  • Configure the system in a secure manner: Establish a secure configuration procedure for your organisation’s assets and network infrastructure, encompassing servers as well as portable, mobile, and user devices, if you have not done so already.
  • Equipment and IT system monitoring: Maintaining a state of constant vigilance through the continuous monitoring of network traffic and behaviour can enable one to promptly detect any attempts at data breach.
  • Reduce the risks associated with remote work: When using unsecured home network connections with minimal protection, remote workers may be more susceptible to intrusions. Employee awareness of schemes can be increased, device verification can be implemented, and behaviour analytics can be utilised to identify and flag suspicious activity.
  • Reduce the utilisation of removable data: USBs and other portable devices are susceptible to theft or misplacement, which can lead to a data breach. Protect sensitive data and prevent the propagation of malware between devices by instituting a policy on the use of removable data.
  • Construct a policy that is precisely defined: By establishing cybersecurity objectives and procedures for your organisation, you can bolster its overall protection. An explicitly defined cybersecurity policy may delineate anticipated conduct regarding the encryption of email attachments, the installation of unauthorised software, limitations on social media usage, and the personal use of company devices.
  • Strong passwords are essential, as cybercriminals can easily decipher passwords that are simple to remember. Password complexity requirements and multi-factor authentication can bolster your defences against cybercriminals. Most security experts recommend using password managers to create secure, long passwords for personal and professional accounts. Strong authentication methods like two-factor authentication (2FA) or multi-factor authentication (MFA) prohibit unwanted access even if login credentials are compromised.
  • Eliminate obsolete software and hardware: Should your organisation still possess obsolete hardware or software. Vulnerabilities cannot be patched or updated in software that is obsolete or unsupported, which exposes your data to unauthorised access. Several strategies for appropriate data disposal are delineated by CISA.
  • Maintain business protection with insurance: Your company’s susceptibility to common cyberattacks can be mitigated through a variety of strategies. Nevertheless, the repercussions of a cybersecurity breach could be irreparable. Cyber insurance, which is also referred to as cybersecurity insurance and cyber liability insurance, can safeguard you against monetary losses in the event of a data exposure.

 

What You can do

Technical protections, public education, and adherence to rigorous security standards are all necessary components of a comprehensive strategy to address cybersecurity, which is a shared duty of people, companies, and governments. It will take everyone’s help to stop cyberattacks. Cyber defences can be greatly improved by taking a number of steps on an individual level.

VPNs can improve internet security, especially when connecting to insecure networks in public venues like airports or cafes. A VPN protects against DDoS and Man-in-the-Middle assaults via encryption and a secure connection. VPNs also use post-quantum encryption to safeguard data from future interceptions.

Avoiding frauds and phishing requires vigilance. Phishing emails and viruses seek sensitive information, so staying current is crucial. Personal security requires recognising fraud indications like unsolicited emails with questionable links or spelling errors. Companies should also teach employees on social engineering and phishing.

Suspect internet activities must be reported. Early breach identification and reporting can reduce damage and speed containment. An average breach takes a long time to detect and contain, thus individual awareness and quick reporting can mitigate cybersecurity dangers.

In conclusion, as the global cost of cybercrime continues to escalate, reaching potentially $14 trillion by 2028, the urgency for businesses to implement robust cybersecurity measures has never been more critical. The consequences of cyberattacks extend beyond financial losses to include damage to reputation, loss of productivity, and erosion of customer trust. Protecting your business in this digital age requires a comprehensive approach that not only addresses current threats but also anticipates future vulnerabilities. ASG’s extensive suite of managed IT security services provides the expertise and support necessary to safeguard your organization’s digital assets. By adopting advanced security protocols, configuring systems securely, monitoring IT infrastructure vigilantly, and educating employees about cyber threats, businesses can fortify their defenses against the ever-evolving landscape of cybercrime. Additionally, embracing practices like using VPNs, staying vigilant against phishing attempts, and reporting suspicious activities can significantly enhance individual and collective cyber resilience. Ultimately, cybersecurity is a shared responsibility that demands a collective effort from individuals, businesses, and governments to mitigate risks and protect the digital ecosystem.

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