Are you concerned about the security of your online business?
In today's world, being online is not only a way to get things done - it's a way of living. We use our phones and computers to manage our finances, stay connected with friends and family, and even care for our health. Yet, as convenient as these tools are, they also carry risks.
Online security is an important topic that every business owner should be aware of these days. Because the more vulnerable your business is, the more at risk it is for cyberattacks. However, there are many ways to stay safe from these threats - and you can use the tactics below.
What are the typical online business vulnerabilities?
Many things can cause your online business to be vulnerable. Here are the top five:
- Phishing scams: This happens when an email or website tries to trick you into giving up your personal information. Or it may lead you to click on a link that will infect your computer with a virus.
- Malware: Malicious software is any software installed on your computer without your knowledge or permission. This can include viruses, spyware and other malicious programs.
- Human error: When someone accidentally causes damage by doing something they're not supposed to - like deleting important files or sharing confidential information online.
- Technical glitch: Occurs when something goes wrong with hardware or software, causing all sorts of problems. For example, a technical glitch in a payment system can lead to customer data exposure.
- Third-party security breaches: You may not know about this because it happens outside your organisation. Yet, third-party security breaches are still dangerous because they allow hackers access to sensitive information about a business.
How to assess your online business for vulnerabilities
In online security, you should always know what's at risk and how to protect your business. Conducting a security risk assessment is the first step in assessing your online business for vulnerabilities. This will help you identify potential threats and risks, evaluate current security measures, and determine the likelihood and impact of potential vulnerabilities.
To conduct a security risk assessment, you'll need to answer the following questions:
- What are the assets that need protection?
- Who has access to these assets?
- What are their roles and responsibilities?
- What are the current security measures in place?
- What could happen if you did not properly protect something?
By answering these questions, you can realise the next steps to take in eliminating the vulnerabilities for your business.
What are the strategies for mitigating online business vulnerabilities?
In 2021, around 68.5% of organisations experienced a ransomware attack, and the average payment was $570,000. This can happen to any online business. Without taking online security measures, you risk the possible consequences of a security breach - including revenue loss, a damaged reputation, legal matters and loss of customer trust.
Consider using these tactics below to mitigate your business’s vulnerabilities and prevent disruption to your operation.
Implement strong password policies
Passwords are among the most common ways hackers access customer and employee information. Therefore, you must set your system up in a way that protects your users. By requiring them to use complex passwords and enforcing these rules with regular checks, you ensure your employees' and customers’ accounts remain secure.
Use a secure hosting service
A secure hosting service is one of the most effective ways to mitigate online business vulnerabilities. They are especially important if you store sensitive information on your website, such as credit card numbers or financial records. The best hosting providers offer high-security levels and 24/7 support if something goes wrong.
Regularly update software and systems
Regularly updating your software and systems is one of the most important things you can do to protect your business. This includes updating any operating system, firmware, web browser, and other applications that you use regularly. This will keep systems safe from known security vulnerabilities and ensure you're using the latest version of each application.
Educate employees and customers about cybersecurity
Start by creating a comprehensive digital security policy that includes a set of rules for all employees on how they should act online. For example, employees should avoid using public Wi-Fi or accessing sensitive information via their personal devices. You should also train them to spot phishing emails and other attempts at social engineering.
You can also educate your customers on digital security by publishing articles and sending emails periodically.
Backup your data
It is a good idea to make multiple copies of your data and store them in different locations. That way, if something happens to your computer or website, you’ll still have access to your information.
You can either back up your data on a device or store it in the cloud. Either way, you must have a backup plan because losing all your valuable information can take months or even years to rebuild.
Use encryption
Encryption is a method of securing data that makes it unreadable to anyone but the intended recipient. The data is stored on your computer and decrypted when you want to access it.
Businesses can use encryption for everything, from emailing sensitive documents to protecting a company’s intellectual property. It works by creating an unbreakable code that only authorised users can unlock, meaning unauthorised users won't have access even if they manage to break into your system.
Protecting your online business from vulnerabilities
Online business vulnerabilities are rapidly changing, so staying current on the latest cybersecurity trends is important. Remember, cybercriminals can attack a business in many ways. So take these tips to heart and protect your online business from malicious hackers. With the right precautions in place, you can rest easy knowing that the data on your website is safe.
Copyright 2023. Featured post made possible by Eleanor Hecks, founder and managing editor of Designerly Magazine. She’s also a web design consultant with a focus on customer experience and user interface.