15 Ways to Improve your Business’s Cyber Security

Recent estimates report losses to UK businesses totalling over £3 billion due to cybercrime, and that figure is set to rise in the coming years. In some cases, companies never recover from the devastating effects of online criminal activity; but, you can do plenty of things to keep your business and third-party data safe.

Read this guide to learn some simple ways to protect your network from organised cybercrime gangs.

Why is cyber security so important for businesses?

Cybercriminals are always on the lookout for system vulnerabilities to exploit, and businesses of all sizes and sectors are prime targets.

Robust cybersecurity is critical to safeguard your business networks, data and systems from unauthorised access, malicious damage and theft. It keeps sensitive information secure and confidential, which is crucial for customer confidence, and mitigates the potential impact of a cyber-attack or data breach.

What is the impact of cyber attacks on businesses?

A cyber attack can be devastating for your business, causing financial losses, irreparable damage to customer trust, damage to your hard-earned reputation and even leaving you vulnerable to legal liabilities. 

Your daily operations might also suffer disruption, leading to productivity losses and a consequent revenue downturn. In some cases, companies never recover from the devastation caused by a cyber attack, leading to bankruptcy or closure.

Ways to improve your business’s cyber security

Fortunately, there are plenty of ways in which you can improve your business’s cyber security measures and foil cybercriminals.

1. Get cyber insurance

A good cyber insurance policy protects your business operation from the potentially crippling effect of cyber attacks and data breaches, helping you get back on track after an attack. 

Contact our helpful team of experts here at Stanmore Insurance to find out more about how cyber insurance could keep your business safe from data breaches and cybercrime.

2. Employee training and awareness

Keep your employees up to speed with cybercrime activity and current threats by holding regular training sessions. Teach your staff how to recognise and report suspicious activities, including phishing attempts.

3. Strong password policies

Encourage the use of complex, strong passwords containing a combination of letters, symbols and numbers, and ensure all passwords are changed regularly.

4. Multi-factor authentication

Multi-factor authentication (MFA) provides an additional layer of security by insisting users provide multiple forms of identification.

5. Regular software updates

Implement the latest security patches to keep software and operating systems protected.

6. Network security

Use firewalls to monitor and control incoming and outgoing network traffic and respond to potential threats.

7. Data encryption

Use secure communication protocols (e.g., HTTPS) to protect company and third-party data during transmission.

8. Regular security audits and assessments

Carry out regular security audits and simulated cyber attacks to highlight weaknesses in your systems and take steps to protect them.

9. Incident response plan

Put in place and regularly update an incident response plan, and ensure employees know how to respond to and report a security incident.

10. Endpoint security

Install antivirus and anti-malware software on all company devices, including laptops, computers and iPhones.

11. Access Control

Regularly review and update user access and permissions to your online systems, email accounts, etc, based on job roles.

12. Secure recovery and backup

Regularly and securely backup all your critical data.

13. Vendor Security

Ensure all third-party vendors, suppliers and contractors have robust security standards and policies.

14. Continuous monitoring

Set up alerts and continuous network monitoring systems for suspicious behaviour or potential security incidents.

15. Legal and regulatory compliance

Keep up to date with all cybersecurity laws and regulations, and ensure all your security systems and practices align with legal requirements.

Cyber protection with Stanmore

Today, almost all businesses have an online presence, and that can leave your firm open to attack by cybercriminals. So, a robust company security strategy is critical.

Train your staff members on how to recognise and report malware and phishing attacks, install robust security measures to keep your network safe from hackers, and implement a business incident recovery policy.

Crucially, you should take out comprehensive cyber insurance for your business. If you are unfortunate enough to be a victim of cybercrime, a cyber insurance policy can keep your business operating.

Contact our team of experts at Stanmore Insurance now to learn why your business needs cyber insurance coverage.