Did you know that the third leading cause of data breaches is the finance type?
Finance data breaches could take the form of data exfiltration or data manipulation. These cases will often result in either monetary damage or reputational damage.
Cybercriminals are also very keen on breaking into financial services company networks. They are after private data of the companies’ high-value clients. Finance data breaches can also come in the form of ransomware attacks.
Read on for the best cybersecurity tips to protect yourself from data breaches of the finance type.
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Establish Secure Passwords in Your Company
Establishing secure passwords is essential for protecting business cybersecurity. Passwords should be complex and contain letters, numbers, and special characters. It is also important to avoid using common words or phrases that can be easily guessed.
Staff members should create separate passwords for every system and account they use. Change passwords every few months and avoid writing them down anywhere.
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Develop a Corporate Network Security Plan
A strong corporate network security plan is essential to protect business data, systems, and networks from cyberattacks. Have a corporate policy that defines the company’s security practices and procedures.
Perform regular security audits to ensure that the network remains secure. Make sure the entire team is trained on security awareness and best practices. Have a backup and recovery plan in place.
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Educate Your Employees on Cyber Security
Educate your employees on the types of cyber attacks they may encounter. It includes viruses, ransomware, phishing, and identity theft. An employee can also differentiate spear phishing vs standard phishing.
Instruct them on how to recognize suspicious emails and how to avoid clicking on links contained within those emails. Instruct your employees to take regular backups of their data. Inform employees of the legal, ethical, and moral implications of poor cyber security practices.
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Use Multi-Factor Authentication for Vital Applications
Multi-factor authentication is an important cybersecurity tip for companies. It requires a user to present two or more pieces of evidence or credentials to prove their identity. This makes it more difficult for hackers to access these applications and apply malicious activities.
Companies should also review the authentication and access rights of each employee. They also need to document the implementation and use of multi-factor authentication.
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Track Cybersecurity Threats Systematically
It is important to track cybersecurity threats systematically. It is important to track malware and virus threats, as well as phishing scams. Make sure that your network is protected from DDoS, aka distributed denial of service, attacks.
Have robust policies in place for employees accessing company networks. Consider implementing automated alert systems. These include email alerts or SMS, to notify IT and security personnel of suspicious activity.
Discover More Cybersecurity Tips Today
Following these cybersecurity tips will help keep your company safe from outside threats. Companies are vulnerable to cyber threats and attacks.
It is important to stay up to date with the best practices to protect your data and information. Take the initiative and put in place these steps soon to safeguard your company.
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