4 ways to shield your business assets from cyber threats

February 24, 2022

Ways to shield your business assets from cyber threats

Cyber threats have increasingly become popular over the last few years. In recent years, attackers have been using advanced and complicated methods to manipulate and access business-sensitive data. This illegal access may affect your business operations, compromising your competitive advantage.

Thanks to the dawn of industry 4.0, most businesses store business assets in digital form. Digital assets include sensitive data and underlying IT systems critical to your business operations. The digital assets are involved in streamlining business operations to improve productivity. For this reason, implementing security measures will go a long way in improving your traction in this competitive marketplace.

What are the most common types of cyber threats?

Cyber threat refers to malicious acts to damage or to steal your digital assets. The act may disrupt your business operations, affecting your productivity. As a business owner, you should understand that cyber threats can come from within an organization or from remote locations by unknown parties. There are several types of cyber threats you should know. They include:

Malware

This threat encompasses different attacks such as viruses, spyware, and worms. It uses your vulnerability to breach your digital system. You can easily infect your system with malware when you click a ‘planted’ dangerous link or email attachment, installing a malicious file in your digital system. Malware can access sensitive data from the hard drive or deny access to the system’s critical components, affecting your business operations.

Phishing

The attacker pretends to be a credible source to obtain personal information or influence users to do something, affecting the integrity of your digital assets. The threat involves using both social engineering and technical trickery to manipulate your business assets.

Man-in-the-Middle (MITM)

The attackers insert themselves into a two-way party transaction, for instance, when you’re interacting with your system. The attacker can easily manipulate or steal your data affecting your business operations in this position. One of the common ways a MITM threat can occur is when you are connected to an unsecured public Wi-Fi network.

How can cyber threats affect your business?

Stealing and manipulation of your digital assets can impact your business negatively. The following are some ways a cyber threat may affect your business operations:

Increased Costs

Businesses that want to protect their business assets from cyber threats have to incur some costs to do so. This includes implementing cybersecurity technology into your business operations. Although technologies such as cloud computing may improve your cyber security, they might leave a huge dent in your savings, affecting your revenue. However, utilizing advanced features to monitor identities and entitlements will improve your cloud management, saving you some bucks in the long run.

Brand reputation

If an attacker accesses your sensitive data about your customers or your marketing strategies, this could affect your brand’s image. Exposing customer data, for instance, may lead to convictions and fines, affecting your productivity.

How can you safeguard your business assets from cyber crimes?

The following are some ways you might consider to protect your business assets from manipulation and deletion and improve your brand’s reputation. They include:

Encryption

Encryption involves rendering your data useless if it falls in the wrong hands. In this digital era, most businesses exchange and distribute an enormous amount of data every day. Your sensitive data is at a higher risk of manipulation and deletion during transit. For this reason, encrypting your digital assets will make it hard for attackers to use the data for malicious reasons.

The dawn of cloud computing changed the game of encryption. The service providers utilize advanced methods to encrypt your data, saving your business from cyber threats. The major advantage of these security measures is that an authorized individual can easily access the stored data, improving work productivity.

Secure your devices and network

Securing your devices and network will make it hard for attackers to manipulate your business assets. There are several ways to secure your devices and network. They include:

Use of strong passwords

Passwords are one of the easiest ways to shield your digital assets from cyber threats. Before accessing your device or network, the user will be required to type the correct login details. When developing your password, ensure it’s unique and easy to remember. One of the easiest ways to develop a strong password is ensuring it has a number, special symbol, or letters. This will make it hard for attackers to crack your credentials.

Use firewalls

Investing in an optimized firewall will play a huge role in protecting your assets from cyber threats. Unlike anti-malware tools that respond to an attack that has already happened, firewalls prevent these threats from attacking your system in the first place. However, it’s important to constantly update your firewalls to ensure they can respond to the latest cyber threats.

Provide proper training

One of the major causes of cyber threats is team members’ involvement in handling and distributing business assets. While the breach might be due to malicious reasons, a team member can expose your vulnerability by accident in most cases. Thus, it’s important to ensure you provide sufficient training to your workforce.

This guarantees that they understand the importance of protecting business assets from cybercrime. It’ll also ensure they are equipped with the necessary know-how to respond to cyberattacks, protecting your business operations.

Control physical access

Apart from sensitive data, an unauthorized individual can access the physical form of your business assets, including laptops, hard drives, and more. This will affect your business operations and expose your sensitive data if it falls in the wrong hands. There are several ways you can use to restrict physical access. This includes using biometric systems security cards and avoiding visitors accessing your digital assets.

Conclusion

As discussed above, cyber threats have improved both in complexity and efficiency. For this reason, it’s important to ensure you utilize advanced security measures to protect your digital assets. Conduct extensive research to identify the ideal solutions to implement in your business operations.

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