Best Cybersecurity Practices for Businesses in 2024

Picture your business facing a cyber-attack. Suddenly, your customer data might be at risk, and recovering from such a hit often means higher costs. Did you know that after a cybercrime event, 60% of affected companies end up raising their prices to manage recovery costs? That's a big deal, as reported by IBM in 2022. 

In this blog, Essential Tech is here to help you understand the best cybersecurity practices for businesses. 

We'll talk about setting strong password rules, the benefits of multi-factor authentication, the necessity of regular security checks, training your team on cybersecurity, and why investing in top-notch security software makes sense. Plus, we'll touch on how these measures can prevent price hikes post-breach.

Best Cybersecurity Practices for Businesses in 2024

Unsure how to protect your business from cyber threats? You’re not alone. Many business owners struggle with this. But strengthening your defences isn't as complicated as it sounds. Here are seven simple practices to make your business safer this year.

Tip 1: Update Your Software Regularly

Keep all your software up to date. Software companies often release updates to fix bugs that could let hackers in. So, when you see a prompt to update your software, don't delay—do it right away.

Tip 2: Strengthen Your Passwords

Use strong, unique passwords for each system or service. A good password combines letters, numbers, and symbols and is at least 12 characters long. Avoid obvious choices like "password123" or your company name.

Tip 3: Implement Multi-Factor Authentication (MFA)

One of the best cybersecurity practices for businesses is adding an extra layer of security by using MFA. This requires users to verify their identity in two or more ways before they can access their accounts, usually by entering a password and then confirming a code sent to their phone.

Tip 4: Educate Your Team on Cybersecurity

Your employees need to know about cybersecurity risks and how to avoid them. Hold regular training sessions to teach them about secure habits, like how to recognise phishing emails and why they shouldn't click on unknown links.

Tip 5: Secure Your Wi-Fi Networks

Make sure your Wi-Fi network is secure, encrypted, and hidden. Change the default settings on your router, and set a strong password to keep outsiders from accessing your network.

Tip 6: Regularly Backup Your Data

Back up your data frequently. In case you fall victim to a cyberattack, like ransomware, having backups means you can restore your data without paying a ransom. Store backups in multiple locations, including offsite or in the cloud.

Tip 7: Limit Access to Sensitive Information

Only let employees access the information they need for their jobs. This reduces the risk of sensitive information being exposed during a cyberattack. Regularly review who has access to what and adjust permissions as needed.

The 5 Cs of Cybersecurity

There are different elements to consider when securing your business against cyber threats. Let's break it down with something called the 5 Cs of cybersecurity: Change, Continuity, Cost, Compliance, and Coverage. 

Change

In the world of cybersecurity, staying the same is not an option. Hackers always find new ways to break into systems. So, businesses must constantly update and change their security measures to keep up. This means regularly updating your software and changing passwords.

Continuity

Your business needs to keep running smoothly, even if something goes wrong. Continuity in cybersecurity means having a plan in place to keep your operations going during a cyberattack. This involves regular backups of all your important data and having a disaster recovery plan.

Cost

Investing in cybersecurity can save your business a lot of money in the long run. Yes, it might seem expensive to install all these security measures but think about the cost of losing your data or the trust of your customers. Spending money on good cybersecurity is more like buying peace of mind.

Compliance

Following the rules is a big part of cybersecurity. Many industries have legal requirements for protecting data. Make sure you know what these rules are for your industry and follow them. This will help protect your business from legal trouble and keep your customers' information safe.

Coverage

Finally, coverage is about making sure all parts of your business are protected. This includes everything from your emails to your mobile devices. Every part of your company that uses technology needs to be secure. This way, hackers can't find an easy way in through a forgotten back door.

Common Mistakes That Make Your Business a Target for Cyberattacks

After understanding the best cybersecurity practices for businesses, let’s take a moment to identify where you might be going wrong. Understanding these common mistakes can help you strengthen your defences.

Ignoring Software Updates

You might think hitting "remind me later" on a software update is no big deal. However, this delay gives hackers a perfect window to exploit old vulnerabilities. Always update your software as soon as a new patch becomes available.

Using Weak Passwords

It's easy to choose simple passwords because they're convenient. But easy passwords can be guessed or cracked in seconds by cybercriminals. Opt for complex passwords that include a mix of letters, numbers, and symbols.

Clicking on Suspicious Links

A common blunder is clicking on links without checking their authenticity. These links might appear in emails, messages, or on social media. If you tap on a malicious link, it can install malware that harms your system. Always verify the source before clicking.

Not Securing Wi-Fi Networks

An unsecured Wi-Fi network is like an open door for cybercriminals. Make sure your network is encrypted and hidden. Change the default router settings to something more secure.

Lacking Proper Employee Training

Your employees might be unaware of how their actions can impact cybersecurity. It’s vital to regularly train your staff on the importance of cybersecurity and how to spot potential threats.

Overlooking Data Backup

Don’t know the best cybersecurity practices for businesses? Well, you might be forgetting to back up your data regularly. If you become a victim of a ransomware attack, having a recent backup can be the difference between a quick recovery and a devastating loss.

Allowing Too Much Access

Giving employees access to more areas of your network than they need can lead to serious breaches. Use the principle of least privilege and only allow access to information necessary for an employee’s duties.

Why Choose Essential Tech for Your Cybersecurity Needs in Australia

Not sure where to turn for help with your business's cybersecurity? Look no further than Essential Tech. As your managed cybersecurity experts in Australia, we’re here to make sure your business stays secure and thrives in the digital age.

Essential Tech offers a range of specific cybersecurity services tailored to protect your business effectively. Our team of certified information security professionals brings years of experience across various sectors, ensuring top-notch protection. Here’s how we can support your cybersecurity efforts:

• Comprehensive Penetration Testing: We dig deep to find vulnerabilities in your systems before the hackers do. Our thorough testing simulates real-world attacks to ensure your defences hold up under pressure.
• Red Team Assessments: By mimicking the strategies of real-world attackers, our Red Team provides proactive security measures to test and strengthen your defences continuously.
• Proactive Incident Response: Should a security breach occur, our team is on call to respond swiftly, minimising damage and restoring security with minimal disruption to your business operations.
• Defensive Solutions Implementation: From firewalls to advanced threat detection systems, we implement the robust defences your business needs to stay ahead of emerging cyber threats.
• Forensic and Log Analysis: After an incident, it's crucial to understand what went wrong. Our experts analyse logs and remnants to prevent future breaches, learning from past incidents to fortify your security.
• Internal Architecture Review: Regular reviews of your IT architecture ensure that your security measures evolve with your business, maintaining optimal protection at all times.

Essential Tech provides these technical services and ensures that they are seamlessly integrated with your day-to-day operations. This integration helps maintain continuity, manage costs effectively, ensure compliance with the latest regulations, and extend coverage across all your critical assets.

So, if you're looking for a cybersecurity partner who truly understands the needs of modern Australian businesses, Essential Tech is your go-to solution. We respect your business's unique needs and are dedicated to helping you grow securely. Let's keep your business safe together.