According to a 2021 report from IBM, the average cost of the data breach that the companies have faced during 2021 is around $4.24 million, the highest data in the last 17 years. The rapid shift to remote work operations has caused a surge in cyber security threats. As per the reports of IBM, Indian organisations have suffered a loss of around Rs.16.5 crore to cyber theft during the pandemic because of the new remote working structure.
Thus, data protection has become a rising concern among global companies. Most organisations nowadays are vulnerable to such cyber threats because of the lack of sufficient infrastructure and awareness about cyber threat prevention among employees. The personal data breach has been a matter of concern for all organisations because the situation gets alarming when sensitive company information like email, photos, IP addresses and biometric data are hacked by cyber officials.
Thus the question arises, what can organisations do to protect themselves from cyber security threats? To know the answer, read on.
3 measures companies can take to deal with cyber security threats
Educate employees about cyber security threats
Around 95% of the data breaches are caused by human error. According to cyber security experts, appropriate human behaviour is essential to thwart phishing. Thus, companies must educate employees immediately about the types of malware practises, phishing activities and cyber threats that they might encounter daily. Approximately $6 trillion must be spent by global companies to develop the necessary infrastructure and train employees within 2022 to fight cyber threats.
Implement a multi-factor authentication program
Every organisation must implement a multi-factor authentication system that requires two or more layers of security verification from a single user. According to the figures cited by the US national security cyber chief, this program can essentially prevent 80 to 90% of cyber frauds. Companies should teach employees to get rid of the default password settings on the devices to avoid external infiltration.
Enforce correct encryptions
Imposition of the correct set of encryptions will also help the companies to present a set of scrambled data to the intruders. This makes it difficult for the hackers to crack the code and get the personal information out of the system. Even if the hackers are smart enough to get past the firewall, encryption will ensure that none of the data is decipherable.
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