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Does your business make these cybersecurity mistakes?

Doesn't it seem like we are receiving a new cyber security hazard warning every day?

Attacks using ransomware alone hit 65 percent of Singaporean businesses last year. A Frost & Sullivan analysis that Microsoft made indicates that Singapore's potential economic loss from cybersecurity disasters might reach $ 17.7 billion. That represents 6% of Singapore's overall GDP of $297 billion.

As we can see, too many companies are still ignoring this issue. You could lose more than just your data if your business is the target of a cyber-attack. Remediation or mitigation might cost tens of thousands of dollars.

At the same time, there is an average of 21 days of downtime after a cyberattack. Imagine ... you cannot use all enterprise technologies normally for 21 days. That is out of the question. Needless to say, you lose the trust of your customers and you can lose them.

Does Your Company Making These Mistake?

The following are three mistakes that businesses make most often, and they are also some of the most dangerous mistakes.

Does your business make these cybersecurity mistakes? 1

1: Cybersecurity Policy
The establishment of cybersecurity rules inside your firm is a crucial step in reducing cybersecurity threats. But the majority of businesses don't. Despite the hazards, a survey found that 60% of SMEs lack a cybersecurity policy. An organization's Cyber Security Policy makes sure that everyone is on the same page. When it comes to setting strong passwords and safely accessing corporate data, not everyone shares the same perspective. Cybersecurity rules outline your employees' duties to protect company information and assist in identifying dangers to the organization.

Does your business make these cybersecurity mistakes? 2

2. Permit lateral movement
It might not be a catastrophe if a cybercriminal gains access to a management team member's computer. But what if they had access to your management system, billing system, CRM, and someone else's email account all at once?

The term for this is lateral movement. The more sensitive system is accessible to criminals, who grow familiar with it. You can request a password reset or block users if you get an email from someone with administrator rights on a different system or company bank account. One strategy for this is called air gapping. This means that there is no direct access from one part of the network to another.

Does your business make these cybersecurity mistakes? 3

3. Not securing business information
Companies can protect their company data with a few easy procedures, but they frequently omit them. Business data protection risks and data recovery expenses in the event of a breach increase when precautions are not taken. It is important to not undervalue the value of data protection.

If something happens to your business, backing up your data on a regular basis can be a lifeline. Make sure to back up to a safe place. Cloud storage or an external hard drive that you keep securely. It helps your business recover quickly from data breaches with better mitigation.

If you are aware that your company is committing one of these errors, you must take action immediately. Please contact us at 6259 5962 or drop us an email at info@achievement.com.sg. We can examine your present security measures and provide the best solution for your organization.

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