Tech-Mar Blog

As a business owner in today’s hyper-connected digital era, you can’t afford to ignore cybersecurity. The consequences of cyberattacks, data breaches, ransomware infections, and other cyber threats are potentially catastrophic – extended system downtime, lost productivity and revenue, compliance penalties, irreparable reputational damage, and staggering financial losses.

According to IBM’s 2022 Cost of a Data Breach report, the average data breach costs $4.35 million globally. In the U.S., that number rises to $9.44 million on average. And those are just the direct costs – the full business impact is much higher when factoring in operational disruption, lost customers, depressed shareholder value, and time spent on incident response and recovery.

The harsh reality is no organization is immune to cyber risks. But there are cybersecurity fundamentals that, when implemented properly, can dramatically reduce your exposure. Here are 7 essential best practices to harden your business’s cyber defenses:

1. Implement Multi-Factor Authentication (MFA)
Usernames and passwords alone are no longer sufficient for protecting accounts and data. Implement multi-factor authentication across your workforce to add more rigorous identity proofing beyond just a password. MFA combines something you know (a password) with other factors like:

– Something you have (one-time codes sent to a mobile device, hardware security keys)
– Something you are (biometrics like fingerprint or facial recognition)
– Somewhere you are (geolocation/GPS verification from a device)

MFA makes it exponentially harder for attackers to illegitimately access accounts, even if passwords are compromised through phishing or other means.

2. Routinely Update and Patch Software
Software vulnerabilities and security flaws are constantly being discovered across operating systems, applications, network gear, and other technologies. It’s absolutely critical to implement a disciplined process for deploying software patches and updates to fortify your environment. For major updates that require more planning, never delay beyond 30 days after release. Where possible, enable automated patching and updates for seamless maintenance and protection.

3. Deploy Advanced Endpoint Protection 
Traditional antivirus just can’t keep up with modern malware strains like ransomware, fileless malware, cryptominers, and more. Implement an advanced endpoint protection platform that combines behavioral monitoring, machine learning for zero-day threat detection, application control, firewall management, and automated containment and remediation capabilities. Make sure you have comprehensive coverage across servers, workstations, mobile devices, and Internet of Things.

4. Implement a Robust Backup and Recovery Strategy   
Even with excellent perimeter security, you must plan for the worst and ensure critical business data can be recovered in the event of a successful cyberattack, hardware failure, natural disaster or other data loss incident. Follow the tried-and-true 3-2-1 rule:

– Maintain 3 copies of data (a primary copy and 2 backups)
– On 2 different storage types (mix of disk, tape, cloud) 
– With 1 backup copy offsite for geographic redundancy

Verify backups frequently and test that you can restore from them. Backup alone is not enough – you must validate recovery procedures regularly.

5. Enforce Least Privilege Access
Don’t fall into the trap of providing users with more access rights and permissions than required for their role. Implement the principle of least privilege and control user privileges meticulously. Standard business users should have limited rights, while elevated access is granted only when needed through JIT (just-in-time) privileged access management. Restricting privileges prevents bad actors who compromise an account from causing widespread damage.

6. Provide Continuous Security Awareness Training
Your employees are the first line of defense against a wide range of cyber threats. Build a strong culture of security awareness through ongoing training programs that help staff recognize tactics like:

– Phishing, spearphishing, and whaling
– Social engineering and vishing scams 
– Malicious downloads and malvertising
– Proper handling of sensitive data

Continuously reinforce policies, threat alerts, and security reminders. Conduct phishing tests and “fire drills” to validate awareness. A knowledgeable workforce is foundational to security.

7. Use Firewalls, VPNs, and Network Segmentation
Utilize firewalls to control network access and inspect traffic for malicious activity. Implement a secure VPN solution for enabling remote employee and third-party access. And practice network segmentation to isolate systems and limit lateral movement in case of breach. Don’t haphazardly connect devices to your primary network – segment by business function and risk profile. Place untrusted assets like guest Wi-Fi and IoT on separate, restricted networks.

While no single solution can provide perfect, impenetrable security, taking a proactive defense-in-depth approach with these best practices will minimize cyber risk exposure. Partner with qualified cybersecurity experts and managed services providers to augment your capabilities. A comprehensive, multi-layered cyber strategy is critical for safeguarding your organization’s data, assets, reputation and long-term viability.