7 Strategies to Ensure Cyber-Security for Digital Business Finance

In the modern age, cybersecurity has become a necessity. With high-profile data breaches there is no doubt that any digital business, big or small, will be susceptible to cyberattacks if proper measures are not put in place. 

As online transactions are currently a vital part of business practices, the forms of cyberattacks intended to snatch valuable data or cause havoc have also become increasingly sophisticated and more extensive in scale. 

The most prominent tool used by companies of all sizes and individuals to protect their data are virtual private networks (VPNs). 

As data leaks, privacy scandals, and censoring make the news headlines daily, VPNs have become must-have tools to protect all information sent over the Internet, such as payment information and tax returns. 

In addition to using a VPN to reduce cybercrime vulnerability, below are several additional security measures to follow. 

1. Utilize A Firewall

A firewall is a security measure that monitors incoming and outgoing network traffic based on a set of predetermined rules or ‘perimeters,’ which can stop unauthorized access from the outside.

They block the connection between the malicious source and your computer. For example, if an unsolicited website such as www.virus.com attempts to make a connection, your firewall will immediately block the connection and protect your device. 

Firewalls typically come in two forms–client firewalls and appliance firewalls. A client firewall is a software program installed on the computer itself that monitors all network traffic on it. 

In comparison, an appliance firewall is a hardware device connected between the Internet and your computer. 

Although the routers we use in our households are installed with a built-in firewall, you can never be too safe.

You can also customize your perimeters to increase or relax the level of security, depending on the situation. And here is more detail on why you should use a firewall.

Protect Yourself From Cyber Attacks And Unauthorized Remote Access

Note the emphasis on remote access. Although you should not have an issue with a modern operating system and a properly configured firewall, Windows tech support scammers are particularly good at this.

They use browser-based remote-controlled apps to trick you into permitting them. The most common threats are Trojan horses, worms, or bots. 

Moreover, these threats travel from computer to computer stealthily, inserting themselves onto computers with unpatched vulnerabilities or lower security settings without the user’s knowledge.

Other cyber threats can exploit backdoor vulnerabilities or come in email bombs, email hijacking, denial of service (DDoS) attacks, viruses, and malicious macros. 

For freelancers who spend a lot of time using remote tools to communicate with clients, you will need to ensure you have calculated your freelance fees for service to include the cost of security software and tools to ensure your own, as well as your client data is not compromised.

2. Update Applications And Operating Systems

This is something most of us are silently guilty of; we tend to put off updating an app or software indefinitely as it can sometimes be time-consuming and seen as a hindrance to our productivity. 

Suddenly one day, you find out that your business has been digitally compromised. Software updates are crucial for the following reasons.

To Ensure Compatibility

Software sometimes needs to interact with other pieces of software, namely computer drivers. 

These drivers are software programs that instruct computer features such as graphics and sound on how to function. 

As these drivers are updated, the software interacting with them also needs to be updated to ensure they function correctly. 

Without these updates, compatibility issues occur, and parts of the computer system will not function properly.  

Introducing New or Enhanced Software Features

Software updates are crucial because they allow the end-user to enjoy new features or enhancements made to the app. 

Although these updates may not be essential, it’s still worth taking the time to update them because it ensures that your software is also fully compatible with what your clients, peers, and other customers may be using.  

Eliminate Software Bugs

The initial release of a piece of software is never perfect, and improvements are introduced along the way as updates. 

Because developers can’t test and fix every way that the software might break, it is the millions of users who use it in many different ways that will expose underlying software bugs. 

Based upon user feedback, developers will then fix the problem and release those fixes as software updates.

Not updating will leave you with a vulnerable and dated piece of software, which could leave you vulnerable to security breaches.  

Prevent Security Breaches

The top cybercriminals spend long hours looking for vulnerabilities in widely used software products that become the launchpad for their attacks.

Their goal is to steal sensitive data or infect computer systems. Software bugs not only contribute to an unpleasant user experience it could also leave you vulnerable to cyberattacks. Updating your software ensures that all security vulnerabilities are addressed. 

A notorious example is the Wannacry Ransomware attack. In 2017, a high-profile case in the Wannacry ransomware worm saw up to 20,000 Windows computers worldwide in significant organizations like Honda, Renault, Saudi Telecom, and even England’s National Health Service affected. 

In the NHS’ situation, more than 19,000 NHS appointments were cancelled, costing them £20 million in the course of one week, and an additional £72 million to resolve problems created by the hacks, and updating the NHS’ security systems.

That is a whopping £92 million that could have been saved if the necessary security measures were taken.

For those in the financial sector, and especially those who utilize online tools for consumer account management, the prevention of security breaches is mission critical.

You can never be too secure; keep valuable data such as invoices safe with the most current online invoicing software that comes with PCI-DSS certification to ensure that financial data is kept encrypted. Not only is it more secure, it’s also much more efficient. 

3. Perform Regular Backups

Another often overlooked aspect when it comes to business security is an irregular backup schedule. 

You never know when trouble will strike, and you should perform regular backups for these reasons. Depending on the size of your business and the amount of data, backups can be done on a daily, weekly or monthly basis. You can decide this by looking at your RPO (recovery point objectives) that tells you how much data you will actually lose between two backups. 

Cloud Computing Requires Additional Backups

While cloud computing is more economical and convenient, storing corporate data on the cloud means you are placing the security of said data in the hands of the cloud provider. Therefore additional backups are required if you want to be on the safe side.  

Natural Disasters Can Cripple Your Business In An Instant

Sometimes even mother nature can turn on you. Natural disasters are the silent killer that can strike anytime and catch you off guard. 

Ensure that you stay two steps ahead and safeguard any valuable data. For example, if your business is located in Japan, which is prone to earthquakes, you might want to consider backing your data twice as frequently, as 60% of small businesses that lose their data close their doors within six months. 

Lost Data Damages Brand Image

Isn’t it shocking that 58% of businesses have no backup plan for data loss? In the event of a data loss, businesses not only suffer the tangible repercussions of losing that data, but they also suffer the intangible loss of customer trust. 

If your business is known to lose sensitive information, especially customer data, you might end up losing your existing customers and encounter more difficulty in acquiring new ones. 

Constantly Evolving Cyberattacks

Digital transformation has become a key driver for businesses in every industry, but it has also been the key driver for cyberattacks. 

Denial of service, email bombs, supply chain attacks, and ransomware are just some of the evolutions of malware. The Trojan horse is one of the earliest forms that plague digital businesses these days. 

As a result, these cyberattacks have increased in frequency, with criminals targeting business information stored on-premises or in the cloud. 

With every business activity such as lead generation and customer conversion involving massive data streams, hackers are always on the lookout for an opportunity to pounce on this steady stream of valuable data. 

Therefore, taking preventive security measures and protecting your business from hackers is a must to keep these malicious wolves at bay. 

4. Training Employees

A cybersecurity measure is only as good as it sounds if no one is around to enforce and put them into practice. And this is why you should provide employee training on the topic of cybersecurity. 

Instill Awareness Of Different Forms Of Cybersecurity Threats

Employees need to be familiar with the common forms of cyberattacks such as spam, malware and ransomware and phishing so they can identify a threat that could cause a security breach. 

Start with cybersecurity videos that can assist employees in identifying malicious software hiding within spam content.

This will instill the notion that ‘spam’ not only lurks within emails but can take on the form of messages and invitations on social media. 

Facebook friend requests or unsolicited Facebook messages are two examples. Follow that up with tips to allow employees to distinguish and effectively steer clear from malware or ransomware. 

Malware is software that impairs a device, while ransomware leverages a businesses’ sensitive information or other platforms to extort money from a third party. 

Phishing is when an attacker sends a fraudulent message to trick the human victim into revealing sensitive information or agreeing to install malware on their device. 

Provide training for employees new and old, and use real examples of phishing scams to help employees understand what a fraudulent or” spoofed” message looks like. 

These scams usually request usernames, financial or personal information, or passwords that allow criminals access to company programs or funds.

Lastly, reinforce your online security awareness training program by including social engineering training. 

Social engineers disguise themselves with fake but trusted online identities and then deceive employees into providing sensitive information that they should not have. 

Enable Employees To Identify And Report Cybersecurity Threats

Your employees are your eyes and ears on the ground. Every program or device they use may contain clues about a hack, a lurking virus, or a password hack. 

With adequate training, they will better comprehend any spam content, fake antivirus warnings, or unexplained errors.  

Use this training to heighten their awareness. Then mobilize them as a force against any attacks by reporting these red flags to the appropriate personnel should they have suspicions of a cyberattack. 

5. Manage User Permissions

Manage user permissions using Role-Based Access Controls programs. It is used to ensure employees are only granted the necessary level of access required to perform their jobs. 

Managing user permissions successfully can significantly reduce ‘insider threats,’ improve employee productivity and reduce overall costs. To ensure a successful implementation, follow the steps below: 

Start Small

Take your time and avoid creating and assigning roles across the whole organization in one shot. 

Think of it as an ongoing program. A comprehensive implementation takes months or even years to complete. To ensure success, implement changes in phases instead. 

Clean Up Bad Data And Entitlements

Ensure you are giving only the appropriate access before creating or defining roles. Also, start from where you are most familiar with first. 

Start Simple And Familiar

Begin with more familiar roles within the business, saving you the hassle of trying to determine who might require access.  

6. Use Unique Passwords And Change Them Frequently

Using unpredictable passwords and updating them regularly can throw hackers off their game for the reasons outlined below.  

Your Eggs Are Not In One Basket

Using unique passwords dramatically lowers the risk of your other accounts not being compromised if one of your accounts is compromised. 

Hackers can access personal media, work information, or bank account details using a reused password once they come across other accounts associated with that person. 

Stop Brute Forcers In Their Tracks

When hackers cannot guess your password, they will typically resort to a technique known as “brute forcing.” 

This is when they attempt to enter every single password combination until they reach the correct password. 

Brute forcing is only effective if the password is simple to guess, so even if they are using a computer to try thousands of combinations per second, the effort won’t bear any fruit. 

And if you change your passwords frequently, you will be making life even harder for hackers. 

7. Develop And Enforce Mobile Access Policies

Mobile access policies allow businesses to empower users by enabling access to corporate files, provisioning apps to mobile devices, and protecting sensitive data by restricting access based on role assignments. Policies are assigned to roles, not to individual users.

Said policies are usually developed around security concerns such as:

• Device enrolment
• Device restrictions
• Data leakage protection
• Authentication Settings

Enrollment policies can verify that the device is policy compliant, meets the minimum OS requirements, and specify the number of devices a user can enroll. 

Device restrictions serve to limit access to specific device functions such as the camera or browser. 

In contrast, other policies such as authentication settings enforce password requirements for devices. 

Data leakage protection limits mobile device features–cut, copy, paste, video chat, etc.–to prevent information from leaving the workplace. 

Enforce these policies at all times to ensure data is highly secured.  

Transact Online Securely

Although the ability to make transactions online has given us considerable convenience, the prevalence of cybercrimes only necessitates best practices to ensure a digital business is safe from harm. 

This involves keeping software up to date, using strong passwords, instilling security best practices with employees, and adhering to access policies established within the business.

Ideally, a secure business should be reinforced internally through best practices via adherence to policies and reinforced externally using the latest security tools and software to ensure confidence when transacting online. 

By Christopher Robinson

Christopher Robinson is a senior productivity research analyst who specializes in optimizing online collaboration and project management using Scrum and agile approaches. In his work, he always emphasizes the need for distributed work training and the formation of efficient work habits. His work was mentioned in various business publications, including Entrepreneur and InfoQ. He’s a strong proponent of the GTD model. He has been cooperating with the FinancesOnline team for 5 years now, and his publications always focus on practical aspects of productivity tools that can have an actual, transformative impact on a company.