By 2021, cybercrimes will cost companies USD 6 trillion, according to a study.
The number of internet users has grown from an estimated at 2 billion in 2015 to 4.4 billion in 2019, but so have the cybercrimes which are expected to cost companies USD 6 trillion worldwide, according to a study by Cybersecurity Ventures.
Similarly, the number of smartphone users has grown from 2.5 billion in 2016 to 3.2 billion in 2019 and is forecasted to grow to 3.8 billion by 2021. Smartphones and the internet will make further inroads to our economic system. But there are certain risks involved as well.
Mobile phones are becoming targets of cybercriminals because of their widespread use and increasing computing power. Consider the fact that more than 60 % of online fraud occurs through mobile phones. This threat is not just towards individual users but businesses as well. It does not matter how large the company is either. 43% of the cyberattacks in 2019 were aimed at smaller businesses because they do not have adequate protection.
Given how vulnerable smartphones are and that the threat from cyber attacks is only expected to increase, here are some measures you can take to protect your business from cybercriminals:
Bring Your Own Devices (BYOD) offers several benefits to both the organization and employees. Such a policy allows employees at a company to use their mobile phones, tablets, or laptops for work, saving companies the hassle to purchase devices.
However, you need to rethink if you are saving more than what you are losing. Employees have confidential company information on their devices. Such a door into your organization can cost you heavily. Set aside the funds to obtain company devices for use by employees at the office. Consider such an investment as part of your cybersecurity strategy.
The cybersecurity threat landscape is ever-evolving due to the fast nature of innovation. Develop a comprehensive cybersecurity program that includes a regular assessment of your company’s security needs. Identify the strengths of your IT infrastructure against potential attacks, and do not let advances in technology or techniques take that away from you. Similarly, you should identify the vulnerabilities in your systems. Make sure any gaps in your defenses are appropriately plugged. A threat assessment should be an integral component of any cybersecurity policy.
Make sure that employees at your organization are informed and up to date on the latest in cyber threats. This way they can protect themselves and the company from cybercriminals. Even a single mistake by one employee can end up creating a door for individuals or groups wishing your company harm. All employees must be trained as a matter of policy. This way, they can identify phishing attacks and manage social engineering scams. Another factor your employees must be mindful of is resource monitoring. Suspicious resource use on company devices, whether it is excess internet or battery usage, should raise alarm bells. However, employees may not look into such things in detail because they do not own the devices. Train your staff to keep track of resource use too.
Most organizations have some form of an employee monitoring policy and track their workers. If you haven’t done so already, develop such a policy, and keep your employees informed to ensure transparency. If you have decided to use company devices, you can opt to install monitoring apps on them. There are several modern monitoring apps currently available such as XNSPY. The app can keep track of online activities, generate a list of call logs, and remote control the device. Furthermore, you can track the location of the device in real-time, and use features such as geofencing and GPS history. There are other powerful features too, such as ambient recording, multimedia access, and online activity tracking. You can also wipe off all the data from a device in case of theft. Monitoring apps such as XNSPY should be a part of your strategy against cybercriminals.
Don’t forget physical infrastructure:
Cybersecurity may involve software updates and training policies, but making sure your physical infrastructure is safe is just as important. Re-evaluate how exposed your digital infrastructure is to physical access. Furthermore, go through the profiles of suppliers and vendors to vet them properly. A small door in any piece of equipment can let cybercriminals through and bypass your entire cybersecurity foundation. Be aware of this threat and make sure that suppliers work by following specific regulations.
Develop a threat monitoring policy:
Anticipating an attack and stopping it is an important part of comprehensive cybersecurity policy. Make sure that you are monitoring your digital infrastructure round the clock.
Invest in threat monitoring software and a team of professionals that can identify, track, and stop an attack.
The concept of designing a cybersecurity system as a fortification is changing to an adaptable system that can accommodate evolving security threats. Furthermore, a monitoring policy also needs to have a clear response plan.
Such a plan details what needs to happen and when in case of an attack. This ensures that there is a speedy response by your company against any threat.
Smartphones have become powerful enough that they can be considered as computers in their own right. While this has created scores of opportunities, there are also clear threats posed by cybercrime. These threats are only going to increase as the internet and smartphone use increases. While protecting your business against cyber criminals requires a considerable investment of time and money, it will pay off in the long run.
Clark Thomas is an expert in VOIP. He helps businesses both small and medium-sized, in implementing and adopting the best security methods for their organization and network. He gives great advice regarding and assists people in boosting the security measures for their website and business.