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With Businesses Losing $1.3 Mn To Cybercrime, What You Can Do To Protect Yours?

June 2024 by EarthWeb

Living in the digital age has its advantages, but it also comes with its challenges. One of the biggest challenges businesses are currently facing is threats to cybersecurity. In fact, the cost of cybercrimes to businesses worldwide is expected to reach a whopping $10.5 trillion by 2025!

With millions of businesses’ profits on the line, privacy expert Trevor Cooke from EarthWeb reveals the steps you can take to enhance your cybersecurity.

Cyberattacks Affect All Companies: Big and Small

From 2021 to 2022, there was a 49% increase in the amount of dollars lost to cyber attacks and fraud in the United States. According to the FBI’s Internet Crime Complaint Center, the most reported cases had to do with phishing, personal data breaches, investment fraud, and non-payment/non-delivery scams.

Businesses of all sizes are being impacted financially by cybercriminals. In fact, according to an IBM 2023 data breach report, smaller companies with less than 500 employees experienced a 13.4% increase in their average loss from data breaches. On the other hand, businesses with 500 to 1000 employees saw a 21.4% increase in their average losses.

Interestingly enough, according to USA Today, the country experiencing the most amount of cyberattacks is the United States. In second place is the Middle East, and the third most cyber-attacked country is Canada. Knowing this information, companies from these respective countries should take special care to ensure they are protected from further cyber attacks.
How To Protect Against Cyberattacks

With the growing number of cyber attacks each year, it would be wise for companies to make a point of investing in cybersecurity by using a variety of methods. Trevor offers up some simple strategies for improving your business’s cybersecurity.

Utilize AI and Machine Learning

Leverage AI to detect and respond to threats in real-time. Machine learning can analyze patterns and predict potential vulnerabilities, helping to prevent attacks before they happen.

Secure Databases and Networks

Implement firewalls, encrypt files, and use password-protected Wi-Fi networks. These measures create barriers that make it difficult for hackers to access sensitive information.

Regular Data Backups

Ensure data is regularly backed up to mitigate ransomware attacks. Regular backups mean that even if data is compromised, you can restore it without paying a ransom.

Use VPNs

Protect sensitive information with Virtual Private Networks. VPNs encrypt internet connections, making it harder for cybercriminals to intercept data.

Employee Training

Educate employees on cybersecurity best practices and protocols. Well-informed employees are less likely to fall for phishing scams or other tactics used by hackers.

In order to further enhance their operations when it comes to cybersecurity, Trevor Cooke advises, “Companies should implement robust cybersecurity protocols and continually educate their employees on the latest best practices. Staying vigilant and proactive is key to safeguarding against ever-evolving cyber threats.”

Apart from these methods, companies can also conduct more regular security assessments, generally invest in cybersecurity tools and training, and stay updated on the latest threats and security trends.

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