Cyber security and data breaches are becoming a major concern for organisations, with more private information being accessed by hackers and identity theft becoming an increasingly profitable criminal activity. The loss of customer trust, downtime from network disruptions and the costs to restore systems after an attack can be financially crippling for companies unprepared for attacks. Cyber security is not a topic that should be left to IT professionals alone, as more than ever data breach prevention requires the active attention of senior leadership and employees across all functional areas within an organisation.
What is the impact of cyber security breaches on your organisation?
Cyber security is a pressing concern for businesses across the globe. With a large amount of data being stored and processed by organisations like yours, the risk of a cyber attack is high. Data breaches can result in the theft of confidential information related to your company, employees, customers, and partnerships. Hackers can use this sensitive information and hold it at ransom for financial gain, steal identities, or commit other fraudulent activity. Data breaches are costly not only in terms of money but also in terms of reputation and customer trust. If you don’t take action to protect your organisation from cyber security threats, it can cause catastrophic consequences when you wait till a breach occurs to act.
How to prepare for and prevent cyber security data breaches
1. Ensure your data is secure
No matter the size of your organisation, you are always at risk of a security breach so you should take caution in how you’re protecting your data. Here are the main things you should do to ensure data security:
- Use complex passwords that can’t easily be guessed
- Don’t share passwords with anyone who does not need to know them
- Avoid storing passwords on devices that are shared by multiple people
- Use two-factor authentication whenever possible
- Don’t use open or public internet connections, opt for a secure internet connection that is secured with a password
2. Stay up-to-date with the latest software systems
Every business uses software in its daily operations which can store important and confidential information about staff, clients, customers, and the company. Keeping up-to-date with the latest software updates will enhance your software security to offer better data protection.
3. Have strict internal privacy policies and educate employees on it
Employees in every organisation should be trained on internal privacy policies, and have this written into their contracts. This involves policies against sharing any kind of data, passwords, and information that could lead to a cyber security breach. Staff should also know how to spot security threats including phishing emails or ransomware attacks, and how to report a breach. The company should ensure that all ex-employees should quickly have their accessibility cut off.
4. Monitor and control data accessibility
The fewer people who have access to your data, the safer it is. You should have control of who has accessibility, when, and where. You should ensure that any third parties you work with are trusted and have their own security measures in place.
5. Get advanced data security software
Every organisation should invest in good firewalls and antivirus software to prevent hackers from breaching systems and accessing valuable data. Skilful cyber criminals in today’s age will still be able to outsmart some firewalls but having some form of protection is better than none. This will ensure that company data, customer or client data, and other confidential information have the best protection possible.
6. Work with a cyber threat expert
Sometimes doing all the above data protection measures are not sufficient. The bigger your organisation gets, the more threats you are likely to have. If your company is experiencing recurring cyber attacks or just wants to minimise the chances of a breach, we recommend consulting digital protection experts like FraudWatch. Professional data protection companies offer advanced solutions tailored to your organisation to safeguard against phishing attacks, ransomware, malware, and any other kinds of data breaches.
7. Get cyber insurance
If you haven’t already got cyber insurance, now is the time to. A data breach can cause millions of dollars in damages. Cyber insurance gives you protection from lawsuits, fines, and penalties. It can also help your organisation cover lost income if your business shuts down as a result of a breach.
8. Create a data breach response plan
Prevention is the number one way to protect your organisation, but the second best thing you can do is have a security incident plan in place for dealing with a breach. Acting quickly can save your organisation lots of money and effort, and potentially prevent the situation from getting worse. You should consult with a cyber security professional on the best way to handle a data breach.
What to do after a data security breach?
If your organisation is currently experiencing a data breach, here is how you should handle it:
- Consult an expert company like FraudWatch which can investigate the source of the breach and prevent future reoccurrence
- Stop further data loss – go offline with all affected devices and equipment
- Change credentials and passwords
- Report the breach to law enforcement – in Australia, this is https://www.cyber.gov.au/ and the Australian Federal Police
- Follow your breach response plan if you have one in place
Reach out to FraudWatch – the expert on digital brand protection security
Take the first step in protecting your organisation and assets from cyber security data breaches by working with FraudWatch. We specialise in offering a range of phishing, malware, ransomware protection, and email security solutions including threat hunting, threat intelligence, cyber intelligence, detection, and takedowns. You can learn more about the phishing threats targeting your organisation by speaking with one of our analysts today.