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

Every business has a security policy and assigns one or more people to be in charge of it. These folks don’t always have enough knowledge about how to defend their businesses against fraudsters. It’s a mistake because it merely adds to the costs and causes problems.

With the support of Information Technology (IT), businesses can grow quickly and extend globally in the Digital Age we live in. Such businesses, on the other hand, tend to collect sensitive information about their consumers; as a result, they need devote time and resources to establishing a appropriate security level in order to avoid costly damages and losses. There are various strategies to improve the security of your company.

Here are the best ways to save money while increasing your business’s security level.

1. PCI Compliant

The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements developed by the 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 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 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 firm retains such information, an encryption technique like AES 256 bit should be used. More complicated algorithms, on the other hand, may have a greater impact on the performance of your network and specific services.

3. Anti-Virus Protection

Antivirus software is installed in the majority of large organizations and should be updated on a daily basis. Small firms, on the other hand, do not have the financial resources to invest in commercial antivirus software and instead rely on free antimalware products. Another blunder, as these tools are typically incapable of identifying sophisticated cyber-attacks.

If you can afford it, purchasing an antiviral solution for your company makes sense, mostly because it may protect your firm from future attacks or data theft. Additional features such as spam filtering, email encryption, and data loss prevention should be considered when selecting a security solution for your company.

4. Keep Your Business Patched

Software vulnerabilities or bugs are flaws that hackers exploit to gain access to your network. Both operating systems and third-party applications contain these. Patching operating systems and apps is critical because, even without powerful hacking tools, unpatched software can provide attackers full access to your company’s sensitive data.

It also allows attackers to take control of the entire network by using malware or ransomware to exploit previously unknown vulnerabilities. As a result, you won’t be able to use such services until you entirely uninstall them from your computer.

Furthermore, if hackers discover a weakness in your system, they will exploit it until the company with which you do business publishes a patch to remedy that particular security hole.

5. Implement Network Segmentation

One of the most prevalent cyber-security strategies used by businesses to keep data safe is network segmentation. It helps companies to encrypt sensitive internal data and give employees complete control over what they can see and do on the network.

Keep in mind that social engineering tactics may be used by hackers to deceive unsuspecting employees into exposing their login credentials. Furthermore, it gives hackers unrestricted access to the company’s internal website, servers, and data without being detected.

Using robust authentication mechanisms like two-factor authentication tokens and dual passwords (the user password and a company-issued one) to access the company’s network is the best way to defend oneself from such assaults.

6. Keep Your Data Backed Up

If you fail to maintain regular backups of your , 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 businesses buy cyber insurance to protect themselves from financial losses in the event of a cyberattack, but the coverage is limited. Some insurance providers, for example, will not cover ransomware damages. In addition, some insurers demand that it be verified by law enforcement, among other things.

So make a backup of everything before connecting these devices to the internet, and build a restore point every time a patch for your system or service update is published.

You should be aware that there is no such thing as 100% security when it comes to protecting your business from threats lurking on the Internet. Following the procedures outlined above, on the other hand, will significantly reduce your company’s vulnerability to cyber-attacks and data theft, allowing you to save a significant amount of money.

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