7 Cybersecurity Strategies Your Business Needs in 2020

Cybersecurity breaches to your business can lead to significant financial loss - not to mention decreased consumer trust. Use these security strategies to keep your business secure in 2020.

BY: EMILY SNELL ON TUESDAY, APRIL 21, 2020
7 Cybersecurity Strategies Your Business Needs in 2020

The cost of cyberattacks is staggering: the average data breach costs $3.92 million and close to 30% of all organizations are expected to become a victim of at least one breach in the next 24 months.

In addition, 60% of small- and mid-size companies would go out of business within 6 months of falling prey to a cyberattack.

Besides the cost associated with data loss and regulatory fines, security breaches can also lead to tarnished reputations and diminish customer trust. Not to mention, the cost of remedial measures and the loss of business can impact your business’s long-term profitability.

Here are 7 key cybersecurity strategies you should implement to stay safe:

1. Involve C-level Decision-makers

Many organizations used to rely solely on their IT teams to implement cybersecurity measures. But this can no longer be the case due to the extensive implications a cyberattack has on a company’s financial health and reputation.

Nowadays, leadership in HR needs to support IT on policymaking, onboarding, compliance, and employee training so the necessary security protocols can be implemented effectively. Meanwhile, the CFO should be aware of the high cost of data breaches and the importance of cybersecurity so IT can get a sufficient budget.

2. Hire IT Professionals with the Right Skill Sets

You need IT experts with the right knowledge to design and execute an effective cybersecurity strategy. As cybersecurity protocols have become more complex, you need a team with diverse skill sets to ensure that all the bases are covered.

Work with HR to hire, develop, and retain the right IT team members. Fund professional training programs for your IT staff so they’re up to date with the latest cybersecurity best practices.

3. Prevent Phishing Attacks with Employee Training

Most hackers use phishing attacks to steal employees’ login credentials and infiltrate an organization’s network. Since it takes only one person to click on one malicious link to download a malware, it’s important that every employee and contractor is aware of the latest cybersecurity best practices.

Offer training on IT security during the onboarding process and regularly educate employees about the latest threats so they can stay vigilant. Also, make sure employees are following the guidelines whether they’re working in the office or off-site.

4. Reinforce Remote Working and Mobile Device Policies

Remote working has become increasingly common and employees should be able to securely access your network from anywhere. For example, your remote working policy should require employees to connect to your server via a VPN service and use multi-factor authentication to log into applications.

If your employees use their personal mobile devices for work-related activities, you need to enforce a BYOD (bring your own device) policy. Also, provide the necessary IT support to ensure that their devices are set up with the proper security configurations.

5. Ensure the Security of Third-party Integrations

Software integrations help companies break down silos, facilitate real-time collaboration, and increase cost-efficiency. However, you need to choose vendors that follow proper security precautions, especially if the applications are used to handle business-critical information and sensitive customer data.

Use reputable platforms that update their software regularly to protect users against the latest vulnerabilities. After an upgrade is installed, make sure all the integrations stay intact to avoid costly downtime that’d impact productivity or customer experience.

6. Invest in Cyber Insurance

The prevalence and high costs of cyberattacks mean you need to take preventive measures to proactively protect your organization from the potentially devastating consequences of data breaches.

For instance, you should purchase a cyber liability insurance policy (CLIC,) which covers expenses by first-party, claims by third-parties, investigation fees, legal fees, certain business losses, and credit monitoring for affected customers.

7. Secure File and Data Transfer

You’ll inevitably have to share digital files and data with partners, vendors, and customers in today's digital business environment. To protect sensitive information and adhere to industry regulations, such as PCI DSS and HIPAA, you need to use a secure file transfer protocol.

Invest in a trusted solution, such as managed file transfer (MFT) software, that allows you to encrypt all the files and data exchanged across the organization, private networks, web applications, third-party vendors, and cloud environments.

Some robust MFT solutions also offer extensive security controls and automated batch scheduling, as well as advanced auditing and reporting functions, to help you streamline workflows and stay compliant to most industry standards and security guidelines.

Conclusion

Protecting your company from cyberattacks requires the coordination and collaboration of everyone in the organization. You need to have a competent team, provide proper employee training, and invest in the right IT infrastructure to protect your data.

Don’t forget to track the effectiveness of your cybersecurity strategy, which will help you adapt the latest best practices to your organization’s specific needs and business objectives for ongoing success.

About the Author

Emily Snell

Emily is a contributing marketing author at ChamberofCommerce.com where she regularly consults on content strategy and overall topic focus. Emily has spent the last 12 years helping hyper growth startups and well-known brands create content that positions products and services as the solution to a customer’s problem. To contact Emily about writing opportunities, her email is emily.snell@aol.com.

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