It is estimated that cybercrime will cost at least $6 billion worldwide by the end of this year. This is a truly alarming figure that cannot be taken lightly.
We must keep in mind that cybercriminals are constantly searching for new ways to attack organizations. Less than 50% of these companies in the eye of the storm are prepared to handle an attack. This is where the importance of cybersecurity hygiene comes into play.
Maintaining the security of your organization’s systems, devices, and procedures—from secure corporate communication to purchasing cyber liability insurance—greatly reduces the likelihood of falling victim to one of these attacks.
Supply chain risk management: the first step.
Cyber threats are commonplace, which is why it is important to do everything possible to limit your organization’s vulnerabilities.
Through supply chain risk management, we can maintain a robust network of trusted suppliers, protecting the supply chain from end to end. This strengthens the organization’s physical security by helping to protect against potential cyberattacks.
Communication and close collaboration with partners and suppliers are essential, as this makes it easier to understand their data protection and privacy policies in detail. The highest level of resilience against cyber threats is not achieved by acting alone, but rather when all stakeholders commit to following best practices.
To establish this dialogue with suppliers and partners, we should ask them the following questions to analyze the Trusted Network in detail:
How transparent are my suppliers regarding vulnerabilities?
Do my suppliers prioritize security when developing their products?
Do they have a comprehensive strategy for addressing security gaps and vulnerabilities?
Asking these questions puts your organization in a better position to prevent and, in the worst-case scenario, respond to a cyberattack.
Detect suspicious communications
Cybercriminals use social engineering campaigns, such as phishing attacks or pretexts, with the aim of tricking users into unwittingly providing confidential information and access to your private data.
This is why ensuring that all your employees can effectively detect and prevent suspicious communication attempts is vital for the physical security of your organization.
Being vigilant about unusual communication requests and thinking before clicking on any link or message will help protect the organization from attacks.
Educate users consistently from the start
Since the repercussions of a cyberattack can have a significant and lasting negative impact on the organization, ongoing employee training on user education is a long-term investment.
Employee awareness of cybersecurity best practices should begin as soon as they join the company. By explaining the importance of strategies such as secure password selection, device locking, and identifying social engineering attacks, your organization will be able to detect and limit the potential for human error, thereby maintaining best practices.
Add financial protection with cyber liability insurance
There are up to 12 different types of coverage available for cyber threats. With attacks on the rise, investing in the right package should be an essential part of a sound cybersecurity strategy.
Given the wide range of options available, reading the fine print is essential in the insurance selection process, as this will determine the exact coverage you will receive in the event of a cyberattack.
While purchasing insurance is a good way to help mitigate the financial risk of cyberattacks, vetting suppliers, partners, systems, and devices, and establishing an effective cyber risk mitigation plan are equally essential steps to protect the company from cyberattacks.
Good cybersecurity hygiene is a team effort
Cybersecurity hygiene is not just about protecting systems and devices; it also requires time and attention. Maintaining robust cybersecurity hygiene through supply chain risk management, secure data exchanges, user education, and cyber liability insurance are some of the key ways to protect your organization against growing threats.
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