There has been a massive increase in the occurrence and complexity of cyberattacks over the past few years.
In fact, cybersecurity has become one of the greatest threats to companies worldwide with an estimated 54% of them expected to experience a cyberattack each year.
While large corporations such as Uber and Netflix make the headlines for falling prey to cyberattacks, it’s actually small and medium-sized businesses that are the frequent victims of cybercrime.
Research conducted by Nigerian cybersecurity firm Sidmach Technologies found that:
- 43% of cyberattacks are targeted at small and medium enterprises in Nigeria.
- Only 38% of global organisations claimed to have the infrastructure to handle a sophisticated cyberattack.
- 22% of organisations have had to put an immediate halt to business operations after a breach.
According to the research report, cybercriminals and hackers attack a business’s weakest link – which is usually outside the IT department – and create vulnerabilities across the enterprise. Aside from the obvious loss of income, the harm caused to a brand’s reputation can be more damaging and long-lasting than the hack itself.
You should make cybersecurity a top priority to avoid the reputational damage that accompanies downtime or a data breach. Below, we explain the steps you can take to increase your cybersecurity:
Understand the consequences of cybercrime: There are usually two types of cyberattacks: data breaches and sabotage. While the motivation behind each may differ, the results are the same – commercial losses and public relations nightmares, disruption of operations and even the expense of paying a ransom to restore data. The more you know about the consequences, the more likely your business will be to bolster your cybersecurity efforts to minimise the risks.
Develop a cyber-resilience strategy: Businesses must have a resilient incident response plan to minimise the damage after a breach. A great way to guard your business against these threats is to learn from those that have been previous targets. What were their vulnerabilities? Where did they fall short? How can you use these incidents to improve your resilience? This means developing a crisis management plan and establishing a cyber-resilience team.
Keep your customers safe: When you consider just how much sensitive information a business might have about its customers, a breach could have far-reaching and disastrous consequences. When a company experiences a security breach, customers start doubting how seriously the business is about the protection of its data. This might make them take their business elsewhere.
Countering cyber risk: There is no shortage of advice available to help businesses assess risks and develop suitable cybersecurity strategies to mitigate threats. Establishing an information risk management regime, considering malware protection, following recognised network design principles and developing removable media policies are essential steps in the cybersecurity process.
Cybercrime is one of the biggest threats facing Nigerian businesses in the modern era. It is crucial that you take the necessary steps to prevent and mitigate the effects of a data breach. At IS, our cybersecurity solutions are designed to help you detect potential threats, defend yourself against security breaches and respond quickly when they occur.
For businesses that are uncertain about outsourcing their cybersecurity needs, our Inhouse vs Outsourcing Fact Sheet has all the information you need. Download it here.