Global cybercrime trends suggest annual losses will exceed $10.5 trillion in 2025, that’s $11.4 million of damage sustained per minute and $16.4 billion every day. Cybercrime is not just one of the fastest-growing markets on earth. However, it is also, according to Cybercrime Magazine, it also is the most significant transfer of wealth that has occurred in human history.
Survive a cyberattack: 7 tips entrepreneurs must take care of in 2021
Cyber attacks that succeed usually begin by targeting employees of companies via social engineering, which is the manipulative and psychologically manipulated behavior of people to taking actions such as releasing private information or giving access to crucial infrastructure. The social engineering technique is the most common method cybercriminals use to access sensitive information, infrastructure, and even money. Adam Anderson is co-founder of Hook Security, offering cyber security awareness education and director of general partners at Ansuz Capital, a cybersecurity venture fund. With more than twenty years of assistance in cybersecurity, Anderson has pioneered and invented a new area of study in security and psycho security (PsySec) to fight the growing problem of cyber-attacks.
In an interview by Anderson Seven ways business owners can take to ward off and defend against an attack from cyberspace.
Regularly backup your data
Backups of your most important information are crucial. It reduces the chance of finding yourself the victim of a ransomware-related attack, decreasing the damage by allowing you to get your information. Ransomware is malicious software designed to stop access to computer systems until a specific amount is paid. Ransomware is serious business. Garmin was believed to have spent a 10 million ransom after its systems were breached in 2020.
Anderson suggests that you “use cloud-based applications like Dropbox, Google Drive, and Box instead of saving data solely on your personal computer. Set them up to backup your most important data promptly. “While it is true that online companies such as Microsoft, Google, and Apple get hacked, they are still many times better at security than you are,” said the expert. Cloud-based programs, in the event, that something happens, the worst should happen, you can “simply rebuild the computer, or pick up a new one, and log back into your applications,” that means you’re down in “hours, not weeks.”
Ensure your cybersecurity
Insurance policies for cyber security are beneficial in two primary ways, as per Anderson. First, they can help lessen the risk of cyberattacks through reimbursing losses and providing resources to assist in recovery. Additionally, “they explain exactly what they need to see from your security posture to guarantee a payout on the policy.” By complying with the insurance regulations and ensuring your security, your protection will be more excellent.
Anderson suggests that the policy you select “comes with a disaster recovery team, a financial payout, and clear instructions on what you must do to be compliant,” however, Anderson claims that “there isn’t a significant difference” between the two providers.
Automatic updates
Another source of risk stems from security problems present in the software your company employs or the ones that are already inserted on your company’s devices. However, before you dispose of your laptop, remember that most of these weaknesses are likely to have been identified and fixed in the most recent edition of your software. Software updates are crucial.
Anderson said the fact that “the technology and paths used to breach a machine are dependent on holes in the system that hackers can exploit.” The computer industry released fixes to these weaknesses on Patch Tuesday, and everyone offered software updates. However, it’s not as simple. “Cybercriminals know that most people won’t update their machines, and they immediately deploy new attacks that count on the presence of those security holes.” Updates are crucial for staying safe. “By updating your computer, you defeat the majority of automated attacks that hit users thousands of times each day.”
Two-factor authentication
A password is only one of the ways to authenticate; however, “cracking a username and password can be very simple.” Cybercriminals will either “trick you into giving them the information” or “crack it using technology.” With 2FA (2FA) installed, it is necessary to provide more details for accessing your accounts. It is much more difficult. It’s not easy. However, Anderson believes it’s worth the effort.
“When 2FA is in place, even if they have your username and password, they can’t log in because they don’t have your key fob, phone, or whatever else they need.” Two-factor authentication is generally an app for phones or a text message containing a code to type in when you log in. “Almost all applications support 2FA. Go to the help page on the websites of these applications and adhere to the directions.” Be aware that you shouldn’t put your 2FA into the 1FA location. “Programmes such as LastPass offer to store your 2FA codes safely, but LastPass only requires 1FA to log in.” If you’re unsure, make sure to keep them separate.
Utilize non-admin accounts
“Don’t give yourself permission to accidentally hurt yourself,” Anderson insists. Multiple logins are a way to protect yourself. In each application you use, “create a non-administrator account for your computer and conduct your day-to-day access using that account.” This is logical. Maintaining your master accounts unaffected and accessing them with reduced administrator rights implies a “reduced likelihood of you installing harmful software by accident.”
If you don’t need full access to your software regularly, why should you expose yourself to being exploited? Make a list of your programs and software, then create new user accounts to minimize the risk.
The ability to surf while traveling
Moving to new locations poses additional dangers. To get more productive while traveling, WiFi networks that are not secure can be attractive. What is the likelihood of something went wrong is it? There are many possibilities. Remotely working, such as hotels and coffee shops, is riskier than connecting to your home network, but it’s not a choice most of the time.
Anderson suggests using the “virtual private network (VPN) to protect your data while you access it.” VPNs protect your online data and hide your identity online, making cybercriminals more likely to attack an individual. Secure yourself even more with “never using WIFI networks that don’t have a password as they are rife for hacking.” It’s not difficult for a hacker to access the computer of your choice to “record your keystrokes, camera or microphone, plus all your files.” It’s simply not worth the risk. Instead of relying upon shaky internet at the coffee shop, “carry a portable router, tether from your phone, or stay offline.”
Think like hackers.
Gadgets and programs aside, “the most important part of all this is training your brain.” Think like a hacker and make sure they can fill in the gaps they take advantage of. Be aware of what they’re trying to find to ensure that they’re not discovered. Cybersecurity awareness training programs provide a means to “train yourself and your people to spot scams and stay safe.” Being aware of the difference between a legitimate email and a scam and locking down software and data could help you avoid thousands of dollars in material emotional and reputational harm.
What is the worth of your software and data? Just a few steps will ensure that hackers are thwarted, thus reducing the possibility of a successful attack and the consequences it could have on your business.
