Cyber Threat: A Red Alert for every Company

We all love to spend time on Facebook. And why we shouldn’t? It gives us all possible reasons to stay with it entertains us, feed us with information, helps us to make connections, have fun, and many more. Over time, Facebook has become our best pal. We share all our personal and professional information and daily activities with it. But, are we sure that our best pal will stay best with us forever? Will it not betray us? To find its answer, let’s go a year back, 2018. 

We all know that 2018 was the year of massive technological revolutions. But do we know that the year also reported the largest breach in the history of Facebook? Some 50 million users lost their personal information and exposed to identity fraud. Attackers exploited a feature in Facebook’s code to gain access to users accounts and potentially take control of them. Because of that, countless people deleted their personal information from the  company’s website and applications. And some of them removed their account from the company’s website. This caused a huge loss for both: the company and individuals.

But, do you think that Facebook was the only victim of cyber-attacks? The answer is “No”. In 2017, some 412 million users’ accounts were stolen from Friendfinder’s sites. A year back, while stealing data of over 57 million riders and drivers from Uber, hackers stole 3 billion Yahoo accounts. And, Equifax data breach is not hidden from anyone —147.9 million customers were affected. So, not only Facebook, but many other companies suffered and became the prey of cyber-attacks. 

Here, comes a question; despite taking all major steps to stay away from potential cyber-threats, why these companies still face such major security failures? The only reason is “the weak link”. Every business, irrespective of size or industry, is a possible target of a cyber attack. They have key some assets like, money, financial information, staffs and customers records, and business’s infrastructure which cyber-criminals may seek to exploit. One weak connection can allow cyber-attackers to hack the company’s security system and steal their pivotal information.

Thereby, every company, whether it’s big or small, must implement some major steps to effectively protect their security system from cyber-crime. Few of them are: 

• Companies must safeguard their hardware system: Usually, companies — big or large, are so much engrossed in buying sophisticated cyber security software that they often overlook the safety of their hardware system. As most of the data breaches happen because of stolen devices or hardware, so companies must protect hardware with complicated passwords — hard to crack. They should share these passwords with device users only, and instead of writing down anywhere, they should make a habit of memorizing it.

• Must focus on encryption: Encryption is the best way of protecting security infrastructure from hackers. A company should ensure that it’s all important information including, customer data, employee information, and business data should be encrypted. Even attackers attack the company’s security system; it must be hard for them to decode that information. 

• Strictly say NO to unsecured websites: Accessing unsecured websites on work devices provides the direct access to cyber criminal to attack on company’s sensitive data stored on that device. Every employee in a company should be aware of such risk and they should strictly avoid using unauthorised websites or applications. 

• It’s always suggestible to buy Cyber Insurance Policy: Cyber Insurance policy work like first aid. If a company experiences a cyber attack, Cyber Insurance policy covers the losses and costs occur to revamp the damage. Hence, by seeking specialist help to select suitable type of insurance policy —based on attack and financial impact, a company can minimize cyber risks.