The landscape is constantly shifting, and recent years have brought a few changes, to say the least. The pandemic and different geopolitical disputes have affected all types of businesses, large and small. The pandemic has increased cybercrime because of the uncertainty surrounding remote working and how businesses can protect themselves. It resulted in a 600% increase in cybercrime (abc news, 2021), which includes everything from theft or embezzlement to hacking and data destruction. Almost every sector was forced to adopt new solutions, and it forced companies to adapt quickly to avoid paying “higher price” in the future. According to Cybersecurity Ventures, by 2025 cybercrime will cost companies worldwide $10.5 trillion a year, up from $3 trillion in 2015. With a year-over-year growth rate of 15%, it is also reported that cybercrime represents the largest transfer of economic wealth in history.
Cyberattacks occur on a daily basis, are becoming more and more complex and pose a major threat to all types of businesses, but especially to small and medium-sized ones. According to Accenture's Cost of Cybercrime study, 43% of cyberattacks target small businesses, but only 14% are prepared to defend themselves. That is why it is extremely important for organizations to keep themselves protected from emerging cyber threats by following these four principles of cyber hygiene.
1. Network Protection
To avoid unauthorized personnel or programs to interfere, it is essential to keep your firewall constantly updated. User authentication can be achieved with a directory of people or devices, so only trusted people or devices have access to the network.
2. People Protection
All the stakeholders of your organization should be aware of cybersecurity and potential threats. Therefore, raising attention to it and trainings can help prevent unintentional security breaches.
3. Endpoint Protection
Every endpoint must have its own updated anti-virus software to remain effective. Failure to update the software on time can cost you the attraction of viruses and ransomware to your company.
4. Facility Protection
This includes the inner cyber threats from within the organization. You can control internal activity by implementing a visitor policy and access points, e.g. computer terminals or network jacks. Besides, home office workplaces also must have security policies set up.
Learn more in our whitepaper “Cybersecurity. Protection for your business”.
Do you want to know more about our experience in transaction advisory? Get in touch!
Development and Execution of a Customized Digital Growth Strategy