What you need to know to protect your business from a cyberbreach

In today’s complex business world, cyberthreats are becoming more prominent.

As dependence on computer systems continues to grow, so does the threat for data and security breaches. Cybersecurity encompasses all the processes involved in protecting data that is stored or transferred between computer systems, networks and programs.

Smart Business spoke with Michael Maloziec, an accountant at Cendrowski Corporate Advisors LLC, to discuss the risks associated with cybersecurity and what your organization can do to protect itself.

What impact can a cyberbreach have on an organization?

A cyberbreach can have a varying degree of impact, ranging from minor inconveniences all the way up to compromised customer data and lost information. Kaspersky Lab’s IT Security Risk Survey 2014 found that damages from one successful targeted attack could cost a company as much as $2.54 million in repairs. Cybercrimes are continuously evolving and businesses need to take a proactive approach to ensure protection from unauthorized users.

Who is vulnerable to a cyberattack?  

Any organization with an internet connection could be susceptible to an attack.

The level of security needed depends on what sensitive information your organization possesses. Obvious high-risk information includes anything from credit cards, bank account information or even Social Security numbers, amongst other important data. Different organizations will face different risks depending on their industry and operations. It is impossible to completely prevent cyberattacks or even identify all the possible forms of cyberrisks because of their changing nature.

By implementing a cyberrisk management plan ahead of time, you will be better prepared for any risks that could arise.

What steps are involved with a cyberrisk management program?  

The five steps present in every cyberrisk management program are: identify, protect, detect, respond and recover.

The first step would be to identify and catalog the critical data within your organization. Employees should have an understanding of what critical data impacts their business. This also includes identifying key infrastructure and security assets.

Improve protection by managing access to systems. Implement policies and standard procedures, verify system backups and hold regular staff training. Continuous monitoring of the network and threat environment will aid in the detection of unauthorized actions and programs. In order to adequately respond to a suspected attack, organizations should proactively test their response plan and identify the root cause of each incident.

This includes applying procedures to contain the incident and mitigate damages as efficiently as possible. The final step of a cyberrisk management plan would be to learn from an attack and update your recovery strategies based on evolving best practices. Installing a cyberrisk management program can greatly reduce your risk to any threats or breaches.

What can organizations do to help prevent being the victim of a cyberattack?

The first step would be to become familiar with some of the known risks. Hackers try to gain access into your computer system from the outside through a weakness in the programming or software.

Malicious code or malware are specific codes sent out to gain access into your system. Malware requires an action from an existing user in order to take effect. Many attacks are disguised as email attachments or links to a specific Web page. Once a user opens the attachment, or visits the Web page, access could be granted to that computer or even your entire system.

To protect your business, keep your systems and software up to date. Replace old operating systems (like Windows XP), apply software updates and patches as soon as they become available and keep your antivirus software up to date.

Regular testing of firewalls and server settings will help keep unauthorized users out. Also, educate your staff about the risks of opening suspicious emails or attachments. If you use laptops or other portable devices, use encryption, and be sure to educate the users of those devices about their responsibility to keep them physically secure.

Insights Accounting is brought to you by Cendrowski Corporate Advisors LLC