Modern-Day Threats: How to Reduce Your Digital Business Risks

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Every business faces potential losses from cyber threats. Whether it is customer information, intellectual property, or fraud, these kinds of theft can damage your reputation and business growth. As our networks and technologies expand, protection against digital theft is now a major priority with many companies. Here are some ways to reduce your risk.

Insurance

Many companies are now adding cyber insurance to their coverage. Most insurers providing this will enable you to customize it to reflect the needs of your unique business. You may have specific risks regarding network security, business continuity, or intellectual property that could seriously jeopardize your profitability.

Talk to a company that provides this coverage to see whether the costs and benefits will work to improve your risk management strategies.

Build Digitally-Skilled Teams

Identify the key people both in existing staff and new hires who can take responsibility for cyber issues. You needs may go beyond the usual IT roles to security experts, social media managers, regulatory compliance officers, and more.

For example, hiring someone with an online finance master's degree can help to define the financial risks and rewards your decisions will entail. There should be a system of communication and cooperation throughout these functions and with business partners.

Educate Employees

Every team member should be familiar with your company’s digital policies. They should understand who to report incidents to, seek guidance from, or will further train them. Your policy should also include things like least-permission levels to restrict access, encryption, strong passwords, and regular password changes.

All employees should log off or shut down their computers at the end of the day. You’ll also need to establish policies regarding the use of personal devices and the potential of copying or introducing malware to your sensitive data.

Analyze and Test

Have your own IT security specialist or an outside firm evaluate and test your network vulnerabilities regularly or whenever you expect a problem. Understanding the weaknesses of your network architecture allows you to protect them.

For instance, organizations have seen a 79 percent reduction of crime when using a strategy of opportunity blocking. No matter what kind of risk management and safety policies you implement, you should periodically test them to see that they’re working effectively.

Don’t assume that your smaller company won’t be a target. Hackers will assume you won’t have the security resources that a large enterprise does. Stopping cyber threats has to be a priority if you’re going to survive as a business.

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