5 Ways to Establish Strong Business Security
Cybercrimes may cause financial, data and reputational damage. One way to mitigate risk is to focus on creating a robust security culture to identify vulnerabilities and to enlist expert support.
Organizations today are confronted with a considerable dual challenge: the escalating number and frequency of cybercrimes and the increasing financial consequences of a data incident or system impact.
In this article, we explore common concerns related to business security, evaluate the potential impact of vulnerabilities and discuss the importance of building a strong business security framework.
Common security vulnerabilities
To carry out malicious activities, whether by encrypting, stealing or destroying data, cybercriminals first require access, and typically don't discriminate about how they get it. Although any form of intrusion carries risks, attackers often prefer certain methods or avenues of access. Below are frequent routes that cybercrimes tend to take:
Data incidents, ransomware and malware
Organizations may be prime targets for ransomware assaults, which frequently originate from harmful email attachments or links, which can lead to infected websites and files. When ransomware infiltrates a company's systems, it starts to encrypt essential data, putting the business at significant risk.
Social engineering
Social engineering, which involves deliberate manipulation using tactics such as phishing emails, phone calls or text messages, presents a serious threat to businesses. By posing as service providers, vendors or even employees, attackers may trick employees into revealing login credentials and gain a foothold to compromise business networks.
Consider: An intruder sends a text message to managers containing a seemingly authentic link prompting managers to reset their passwords due to an alleged security incident. If the managers log in through this link, the attackers could gain unauthorized access and compromise or exfiltrate sensitive information, including employee details, payroll and benefits data and performance records.
Fraud
Fraud remains a significant concern for data security professionals. For example, if cybercriminals access systems and obtain employee information, they could exploit this data to deceive employees, sending fraudulent communications or requesting that employees return valid payments. They may also impersonate legitimate company employees to solicit sensitive personal information, such as Social Security Numbers (SSNs) or bank account details. If employees interact with these messages, they may become targets of scams, jeopardizing their personal information, finances and broader business security. Moreover, accessing links or downloading harmful attachments from these messages could expose the business to complex and persistent threats.
Creating a resilient organization
Organizations may also worry about what to do in case of a security incident. Proactively, leaders need a plan to address threats, ensure data availability and restore operations. This calls for a cohesive strategy, which combines both security and risk management.
We value our relationship and partnership with ADP. As a global company, we rely on ADP's state-of-the-art and robust global security organization to help ensure we're compliant and our data is secure. Security is absolutely key, and we trust ADP to help protect our team members' confidential information.
Lisa Giglio, Vice President, Global Payroll Strategy and Operations, HR Mergers and Acquisitions at Dell Technologies
5 ways to establish strong business security
To help minimize the risk of an incident, organizations may want to consider adopting the following security practices:
1. Recognize the risks
To enhance your defense against cybercrimes, it's important to adopt the mindset of a cybercriminal. Begin by assessing existing data risks within your organization. Determine the most frequent types of methods cybercriminals use to gain initial access to systems or infrastructure and whether they're incorporated into your proactive plan and response workflow.
For example, attackers often exploit outdated systems, which were not originally designed for internet connectivity. By implementing measures to secure outdated systems, such as restricting access, monitoring user activity and ensuring data privacy, organizations are better able to reduce the risk of compromise and protect sensitive information.
2. Create strong passwords
Passwords are a frequent vulnerability but continue to be an essential element of business functions. Although the risk of password theft cannot be eliminated, measures to reduce the likelihood and impact should be implemented. Consider following these recommended practices:
A. Avoid repeat passwords
Use the same password as much as possible across different websites, especially for sensitive accounts. If one of your accounts is hacked and you've used the same email and password combination elsewhere, your other accounts may also be easily accessed.
B. Use passphrases for your passwords
Create passphrases that are sentence-like structures or strings of words, which are easy for you to remember but hard to guess and include a mix of lowercase and uppercase letters, numbers and special characters.
Avoid "password walking," which involves using consecutive keyboard sequences like "qwerty" or "asdfg."
Avoid using words in the dictionary, slang, common misspellings or words spelled backwards.
3. Use two-factor or multi-factor authentication
Activate two-factor authentication (2FA) and multi-factor authentication (MFA) on your accounts and other applicable services whenever possible. These security measures require users to provide two forms of identification:
- Something they know, such as a password
- Something they have, which may be a code from a mobile phone, fingerprints, an eye scan or a physical token
This additional level of security serves as one of the first lines of defense for your data.
4. Create a strategy
Next, it's essential to create a strategy. Although each security incident is unique, many exhibit similar traits, including:
- Diminished network and application performance
- Extensive data transfers
- Unusual user activities, such as making access requests from unfamiliar locations or at unusual times
To mitigate the risk of fraud, consider adopting best practices such as:
- Ensuring that computers used for business functions have up-to-date antivirus and antimalware software
- Physically securing the computers used for processing business tasks, while properly disposing of sensitive hard copy and electronic materials based on your company's internal policies
- Regularly changing passwords to safeguard against unauthorized access
5. Foster a culture of security
Effective security measures encompass both technology and human elements. On the technological front, organizations gain protection from antivirus, antimalware and antispam tools, which identify and alert users to potential threats. On the human side, ongoing education is essential. It's important to train employees to spot phishing and spam emails, as well as other security threats, as well as to establish a straightforward procedure for reporting them. It's also important to share the password practices mentioned above so your company is able to apply them to the accounts and access needed for their roles.
5 signs of suspicious company communications
Employees should be cautious of and report immediately any communication that:
- Presses them for an immediate response
- Requests sensitive information, such as a user ID, password, PIN, email address or SSN, even if the request appears to come from a trustworthy source
- Has a generic address line, such as "Dear Customer"
- Asks them to do something out of the ordinary for their role or to bypass certain controls or checks
- Was sent by an unfamiliar sender or dubious source
Rely on trusted experts
Navigating today's business landscape without help can be challenging. Even seasoned security teams find it difficult to monitor everything effectively while staying vigilant against potential threats. Fortunately, you don't need to handle this alone. Make sure you collaborate with trusted providers that possess the necessary industry knowledge and expertise to safeguard your data. Related: Explore ADP's data security resources library.
Enhancing cybersecurity
Cybercrimes present a significant risk for businesses across various sectors. Malicious individuals can exploit every potential vulnerability to gain access, making it crucial to implement comprehensive measures to protect against threats.
5 ways to mitigate the risk of a cyberattack
- Adopt a multi-layered cybersecurity strategy
- Incorporate advanced threat detection technologies
- Provide consistent employee training and security awareness
- Partner with providers who prove their commitments to security
By taking these steps, businesses can notably enhance their ability to detect, prevent and defend against cyber threats. To strengthen response, organizations should partner with trusted vendors that follow stringent security protocols and possess extensive experience.
