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Cyber Insurance

10 Cybersecurity Practices to Prevent and Respond to Cyberattacks

The internet has enabled businesses to reach new heights. However, cybercriminals too use the internet for illicit gains. Internet–based crimes like phishing, spoofing, identity theft, data breach, ransomware, etc., are on the rise. Therefore, businesses must have a robust cybersecurity system in place. Here are ten best cybersecurity practices to minimize the risks associated with cyberattacks.

What is a Cyberattack?

A cyberattack is when cyber criminals attempt to breach computer systems to steal sensitive information or extort money. These criminals use malicious software and phishing techniques to penetrate a business’s internal systems. Without a sound cybersecurity system, criminals can access customers’ databases and threaten to leak confidential data or hold companies to ransom.

Ten Cybersecurity Practices to Prevent Cyberattacks

Listed below are the best practices for internet security.

  1. Train your employees

    Cybercriminals often share spam or phishing emails to your employees’ email addresses. These emails usually contain malware that enables attackers to access user information, including login credentials. Hence, employers must educate employees about possible online threats through training.

  2. Update your systems

    Software and system updates involve fixing bugs or patching security flaws of the existing systems. To prevent attackers from taking advantage of cyber vulnerabilities, companies must keep their systems up to date. They must also replace outdated hardware and install newer models as old computers are typically susceptible to cyberattacks.

  3. Install secure firewalls

    A firewall is a security device that prevents unauthorized access to computer networks. Imagine a firewall as a security guard at an establishment. The guard allows authorized personnel with proper IDs to enter the premises. The guard also scans all visitors thoroughly before granting them entry. A firewall works in the same way and protects your systems from intruders.

  4. Managing passwords

    A critical cyber hygiene practice to follow includes not setting one password for all systems. If attackers get access to the password, they could jeopardize all company systems. Set strong, different passwords comprising upper and lowercase letters, numbers, and special characters and renew the passwords frequently.

  5. Choose multi–factor authentication

    Multi–factor Authentication (MFA) adds an extra level of security, making it one of the best practices in information security. MFA includes mobile numbers, biometrics like fingerprint, iris scan, voice commands, security tokens, etc., besides the basic login credentials. Thus, even if cyber criminals get hold of user credentials, they cannot access the system.

  6. Constantly backup sensitive information

    Backing up your data can protect you in the event of cyberextortion. It prevents attackers from leaking sensitive information to the public or business rivals in exchange for money. Also, data backup can protect you from data loss due to hardware malfunctioning. Backing up your data in a separate, secure location proves fruitful.

  7. Use a VPN

    A Virtual Private Network (VPN) allows devices to send and receive information securely even if the device is connected to a public network. VPN can be beneficial for remote workers. If your device is connected to public Wi–Fi systems, attackers can potentially intercept your personal information.

  8. Monitor third–party accesses

    Third parties like vendors or partners who have access to limited company resources can fall victim to a supply–chain attack. This paves the way for attackers to breach the systems. Cyber security practices like monitoring third–party access via one–time passwords or manual approvals helps tighten the security.

  9. Consider kill switch mechanisms

    A kill switch is usually the last resort, wherein all systems get shut down during a large–scale cyberattack. Until the issues are resolved, all systems stay shut to restrict possible attacks.

  10. Get cyber insurance

    While you may deploy the best cyber hygiene practices, cyberattacks like data breaches and extortion may still occur. They can cause extreme financial losses. To protect your business from financial ruin, cyber insurance is crucial. Such an insurance plan covers you against monetary losses and expenses occurring due to various cybercrimes.

Invest in a cyber insurance policy

Protecting your business is more vital than ever thanks to rising cybercrimes. A cyber insurance policy can help you cover the costs arising from various cybercrimes. You must invest in a good cyber insurance policy to safeguard your intellectual and financial assets. Click here to get started.

Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.

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