A guide to cyberattack protection

With the continued threat and evolution of cyberattacks that can lead to substantial financial losses, data breaches and reputational damage, proper protection from cybercriminals is now a key ingredient in business success.

eftsure protects your business from cyberattacks. We secure your financial transactions by automating the verification of payee information to ensure that every transaction is accurate and secure.

To do this, we utilise real-time cross-verification, vendor management and alerts for discrepancies so you can trust that your financial activities are protected.

In this guide to protecting your business against online threats, we’ll explain what it takes to avoid becoming another cybercrime statistic.

Implement comprehensive cybersecurity solutions

Antivirus software is a crucial first step to detect, quarantine and eliminate malware before it can cause harm. Businesses should also establish firewall protection to monitor and control incoming and outgoing network traffic based on predetermined security rules.

Intrusion Detection Systems (IDS) and Intrusion Prevention Systems (IPS) are also vital components. IDS monitors network traffic for signs of malicious activity or policy violations, while IPS takes proactive measures to block identified threats.

Endpoint protection platforms (EPP), on the other hand, extend security measures to all endpoints such as computers, mobile devices and servers. EPPs provide comprehensive protection against various types of attacks by ensuring that all potential entry points are secured.

Cloud security solutions are becoming increasingly important as businesses move their operations to the cloud, with the market predicted to grow to USD 147.45 billion by 2031. Cloud security protects sensitive data and applications from malicious actors and comes with lower upfront and operational costs.

Utilise strong passwords and multi-factor authentication

Most businesses understand the effectiveness of a strong password, but many employees nonetheless use simple passwords that are easy to remember and thus easy to crack.

Always use passwords that incorporate uppercase letters, lowercase letters, numbers and special characters. It is also important to avoid using the same password for multiple accounts and update passwords regularly.

While strong passwords are a good first defence against cyberattacks, they are but one part of the solution. Another key pillar is multi-factor authentication (MFA), which requires users to provide additional proof of their credentials and purportedly blocks 99.9% of all account compromise attacks.

In general, additional proof takes the form of:

• Something the user is (based on biometrics data).
• Something the user knows (such as a password), or
• Something the user has (for example, a mobile device).

Educate employees on phishing scams

According to the Australian Cyber Security Centre (ASCS), phishing scams were the most common type of cyber attack on Australian businesses comprising some 39% of incidents. In fact, they were more than twice as prevalent as the second-most common, ransomware attacks, at 17% of incidents.

Employee knowledge and awareness are the best defence against phishing attacks. To that end, businesses should establish a phishing awareness training framework that incorporates:

• Suspicious email recognition – practical examples can help individuals recognise the warning signs (or specific tactics) of a phishing scam. This encompasses unfamiliar senders, grammatical errors, minor variations in email addresses and urgent or unusual requests for personal information.
• Link and attachment verification – most employees understand that suspicious links and attachments should be avoided. However, some can be careless if they appear to be part of an official communication. To verify links, it is important to hover over them to reveal the true destination. Attachments, on the other hand, should be scanned for viruses and malware and always be treated with caution.
• Establishment of the right culture – most phishing attacks go unreported. Lack of awareness, apathy and complacency are all drivers, but so is a fear of repercussions that stems from poor company culture. To ensure the company can properly respond to scams, it must create a safe space for employees to report them.

Understand, classify and encrypt sensitive data

A business cannot protect its data from cyberattacks if it has a poor understanding of:

• Where it is stored or what data it has.
• How it is backed up, and
• How it is decommissioned.

Businesses must also undertake proper data classification. This is a process where data is classified based on its sensitivity, importance and value, which enables the business to identify its most important assets and also meet various compliance requirements.

Data encryption is another key ingredient. Encryption converts data into a coded format that can only be understood with the correct key. This ensures that even if cybercriminals intercept the data, they cannot read or misuse it.

Encryption protects from a range of different cyberattacks such as denial-of-service (DDoS) attacks, malware and database invasion. While most websites and email platforms offer encryption by default, businesses in regulated sectors or with highly sensitive information should seek the services of specialist security providers.

Monitor supply chain security

A chain is only as strong as its weakest link, so the monitoring of supply chain security is critical to protect all parties from cyber threats.

Cybercriminals tend to target weaker links to obtain access to larger networks. To mitigate this risk, businesses must ensure that all supply chain partners adhere to stringent cybersecurity standards.

How might this be achieved in practice?

For one, the security measures of suppliers and partners should be audited regularly to identify potential vulnerabilities. It is also important to implement robust contractual agreements that require vendors to follow best practices in cybersecurity such as data encryption and secure communication protocols.

Collaboration with suppliers to enhance their security postures and share threat intelligence (or resources) is also an effective measure.

To conclude

As the scope and severity of cyberattacks continue to evolve, businesses must implement a comprehensive strategy that protects their operations and data as a matter of necessity.

A multi-layered approach to cybersecurity is key. In addition to malware and anti-virus software, businesses must also utilise multi-factor authentication and avoid becoming complacent with passwords.

Employee education around common scams is another key prevention method, as is a company culture conducive to open and honest scam reporting. Data classification and supply chain security also ensure that weak links in a company’s infrastructure or ecosystem are not exploited.

References

https://www.skyquestt.com/report/cloud-security-market

One simple action you can take to prevent 99.9 percent of attacks on your accounts

https://au.marsh.com/products-services/cyber-insurance/insights/increasing-cyber-attacks-australian-small-medium-enterprises.html