Why Corporate World Need to Strengthen Their Cybersecurity Strategy

Mar 5, 2019 by

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In the current age of fast-evolving technology, every listed company with an online presence is moving towards a revamped digitization process. Whether its storage or communications, companies are looking to go online for every detail. This is the prior reason cybersecurity acts as a paramount of importance today. Hence, with more sophisticated companies making way, their security is on the brink of collapse as attackers have changed their strategies to exploit the partners who have weak securities.

Right now, communication and marketing agencies are trying their level best to avoid such breaches. Stressing on this the urgent need to turn towards cybersecurity and implementing it in their daily routine checks. With that, the spending spree on cybersecurity made a big jump from $40 billion in 2013 to $66 billion in 2018 and yet the situation is not handled.

So when was the last time your company went through a security check-up of the entire network and data analyses? Um, last month? Your agency and the client details may surely be at high risk.

Companies Alarmed by Cybercriminals – New Targets

With cybercriminals stepping up their game, they are looking for new avenues to make their primary targets and making companies and third party partners are a prime target with extreme precision. This would include all the departments of a company, its supply chain, creative departments, and communications agencies. Majority of the time, agencies do not bother with allocating resources for cybersecurity investments.

Nowadays, instead of taking charge of cybersecurity, adversaries are more interested in outsourcing agencies to streamline data theft. But nowadays, cybercriminals are hitting big targets like agencies which hold hundreds of clients data. Once hacked, attackers will obtain confidential information that they can use to delete, alter and expose or even ask for ransom.

Big Companies Lowering Guards to Ransomware

One of the biggest concern for businesses is ransomware which is a type of malware that encrypts entities data and snatches control from it. This way the attacker asks for a large sum of money in exchange for it. The occurrence of ransomware has been at large because of the constant use of cloud services for storing data. But businesses do not understand that storing data in cloud is not secure.

This is a big concern as businesses ensure that valuable data is stored in multiple places. However, the use of hard drives has decreased with great reliance on cloud services. With malicious softwares increasing in large numbers, security softwares are trying to adapt to these threats as well by using an antivirus service. But more extensive privacy tools are required to block cybercriminals from attacking. This should be part of agencies expenses and taken seriously as well.

Risk of Data leak – Counter Measures

Agencies need to be aware of data leaks as it works as the basis of any companies fall. Every business holds a required data from customers and employees which at times is sensitive information. In case its leaked, the companies will be held accountable if any of that information is used for blackmail. This can be handled by limiting the amount of sensitive data available in the public domain.

Many businesses minimize the risk of losing client data by using a ‘Burner email.’ This is a term used for fake or dummy email accounts that companies create and use while signing up for a new site or service that they aren’t aware of. The benefit of using a burner email is that it can be set up to forward emails and replies to the primary email accounts.

The Impact of Cybercrime on your Business

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Drifting focus from cybersecurity can be lethal to any business, and before you know it, the data and credentials will be harvested. There is a direct cost attached to economic growth for any business such as theft of corporate information, causing mayhem in trading flows or even fixing the affected system falls under financial expenses. Not everything happens online; cybersecurity can also impact your reputation as well.

Legal consequences also need to be considered where failure to manage a clients information would be dreading considering the GDPR regulations. This is regardless of whoever is the culprit of losing the data; whether the company as a whole or the employee. Companies of all workforce need to make sure that people involved in the business are updated with the latest cyber security threats and the best solution to handle it.

To achieve this the business can carry multiple training grounds and workshops to ensure every employee handles information with extreme care and in any case of cyber attack.

Looking to Step Up the Cybersecurity Game?

Companies and agencies need to take serious steps to store client data as it is the clients who could make or break a company. One small mishap would lead to court notices and an instant fall on the stock exchange market. Cybersecurity needs to be considered and given importance to if the company wants to operate in a safe working environment.

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