As technology rapidly advances, cyber security is becoming a major concern across many industries. For small and medium-sized businesses, security breaches can be extremely costly.
The UK government’s latest Information Security Breaches Survey found that the average cost of such an attack is over £65,000. One third of small businesses in the UK were hit by a cyber-attack last year and a worrying percentage admitted to not knowing where they should begin when it comes to improving cyber security levels.
It is clear that businesses now face a number of cyber security issues. Here’s how businesses can use technology to boost the cyber security of their business.
Two-Factor Authentication
An easy way for businesses to take cyber security into their own hands is to install two-factor authentication methods on all devices using social media and email accounts. Most platforms come with their own two-factor authentication process, which simply means that anyone logging into these accounts from a new device will need an additional password, this is usually sent to another secure device within the company. This measure will help to prevent hackers from being able to break into company social media accounts, even if they have access to the passwords.
Two-factor authentication can also be used to prevent people from making changes to account settings, such as changing passwords, which can prevent internal security breaches. In addition to taking this step, businesses of any size should make sure that they are changing passwords or closing accounts whenever someone leaves the company.
Drainware
Drainware is a technology which can be used to reduce the risk of internal security breaches. Of course, companies want to be able to trust their employees with sensitive information but they can’t be too careful as leaks do happen.
Drainware software can be used to monitor which devices are accessing company information and can alert you to potential threats to important data. You’ll be able to identify exactly which computer in the office has access to documents so you can keep track of how this information is being shared.
Firewalls, Anti-Virus Software and Encryption
These are some of the best known technologies to protect your businesses security but many companies aren’t using them correctly or aren’t aware of their importance. Some of them are firewall, anti-virus software and encryption tools.
A firewall is hardware which will put a barrier between your business and other external networks, such as the internet.
Anti-Virus software runs checks on any new software you install, warns you against visiting untrustworthy websites and scans your computers on a regular basis. The aim of this is to detect any malware threats, which could seriously damage your company’s computers and makes sensitive information vulnerable.
Finally, encryption tools are designed to scramble data when it is sent, making it illegible to anyone who is not the intended receiver. Using a combination of these technologies is essential for protecting the security of your businesses.
Cryptocurrencies
One technology which has been widely debated in terms of its potential to be used within the businesses is cryptocurrencies. These digital currencies were developed to make transactions faster and more efficient. Bitcoin, one of the most valuable and most widely used cryptocurrencies, has been established as the most viable cryptocurrency for businesses to introduce.
There are many advantages and disadvantages of using bitcoin within a business environment, including lower transaction fees for transactions which are being made worldwide and quicker payments as the currency is decentralised. While some feel that cryptocurrencies like bitcoin are more secure as every transaction made using the currency is stored anonymously in a publically visible ledger, some are concerned that the currency is easily lost if their computer is breached.
The latest cryptocurrency causing a stir is Bitcoin Cash, which was developed by splitting the technology responsible for bitcoin’s existence. It isn’t known yet whether Bitcoin Cash will take off in the same way that bitcoin has. In the future, businesses could adopt cryptocurrencies in a huge way.
Takeaway
Cyber security is an issue which is not going to go away any time soon. In fact, in the near future companies across a range of industries will have to take steps to improve their security as it is highly likely that cyber-attacks will continue to increase.
As new technology such as the Internet of Things (IoT), which allows wider connectivity and communication between devices, is implemented the whole networks could be compromised. Companies of all sizes should take measures to improve their cyber security, including start-ups as it is never too early to protect your data.
In the future, it’s predicted that we could be using these networks to remotely control our infrastructure. The good news is that at the moment, hackers are not as sophisticated as some would expect- a large number of security breaches occur from hackers simply guessing the correct password. For this reason, taking small steps such as introducing two-step verification can significantly improve a company’s cybersecurity.