Knowing how to protect your organisation from cybercrime is more important than ever. These online attacks are now one of the greatest threats to businesses of all sizes. And their incidence is on the rise.

The 2018 PwC report, Pulling fraud out of the shadows reveals that 45% of Australian companies were affected by internet crimes between 2016 and 2018. This is not mainly small start-ups, as 40% of CEOs were “extremely concerned” about the threat of cyberattacks in 2018 – up from 24% from the previous year.

As the rate of online security breaches increases, it is essential to have adequate corporate security in place to protect sensitive data and your brand image amongst customers and partners.

Ready to bolster your organisation’s protection against cybercrime? Follow these steps to boost cybersecurity, trust and confidence in your business.

What is cybercrime?

Cybercrime refers to accessing computers and other devices unlawfully to steal information and money.

  • This crime can be committed through various tactics, including:
  • Malware and ransomware;
  • Online identity theft;
  • Online scams;
  • Hardware hacking; and
  • Cyberattacks on entire networks.

Importantly, individual hackers and large criminal syndicates aren’t the only culprits of cybercrime; it can also be carried out by current or former employees who want to deliberately compromise the business.

Why take measures to prevent cybercrime?

Beyond the significant threats of unauthorised access to sensitive commercial information and stolen funds, cybercrime can devastate your business operations and reputation – potentially bringing the company to a complete halt.

Understanding how to protect your organisation from cybercrime in today’s evermore digital landscape can be challenging. Keep reading for expert advice.

9 ways to protect your organisation from cybercrime

Businesses big and small can adopt several simple strategies to lower the risk of becoming victims of cybercrime.

Although some of the below precautions might seem basic, it’s astonishing how frequently businesses and their employees overlook them.

Here’s how to protect your organisation from cybercrime in 2024:
 

1. Keep on top of recent cyber threats

Cybercrime is a rapidly evolving area, and what may have been adequate internet cyber security a year ago may not be enough in 2024. IT decision-makers should keep up to date with the latest developments and all employees should be made aware of how to spot and avoid potential dangers.

If unsure about the threats your organisation faces, cyber intelligence specialists can carry out Vulnerability Assessment and Penetration Testing to identify areas that need improvement.

You can also:

 

2. Protect your network and database

Safeguard your networks to reduce the risk of cyber criminals accessing sensitive information. Make sure to:

  • Install and correctly configure a firewall, leaving no potential entry points open to criminals.
  • Install and regularly update antivirus protection on all company devices.
  • Implement robust anti spam protections for all employee email accounts.
  • Action web and internet filtering to prevent malware from fraudulent websites.
  • Ensure your Wi-Fi network is hidden and password-protected.
  • Restrict access to sensitive online folders, like accounting systems or R&D notes, to only those who require it.

 

3. Secure your hardware

Not all cyberattacks originate online. Many cases of serious cyber fraud occur when computers and other hardware items are stolen from the premises.

As well as ensuring your office is locked when it’s not in use, individual computers and laptops can be physically secured to desks using their Kensington lock ports. Software that tracks the location of devices can also be installed.

Any disposal of computers, USB sticks or other devices should include the thorough wiping of sensitive data to avoid them falling into the wrong hands.
 

4. Safeguard customer data

Keeping your customers’ information safe and secure is crucial. If this data is stolen or leaked, it could harm your business reputation and lead to a range of legal issues.

To protect your customer data from cybercrime, make sure to:

  • Be selective about the information stored in company databases.
  • Encrypt any personal information you store.
  • Ensure transactions are secure if you accept payments online.
  • Check if there’s anything your payment gateway provider can do to prevent online payment fraud.

In Australia, there are laws in place to govern how businesses handle personal information collected from customers. Read the Australian Privacy Principles (APPs) and keep an up-to-date privacy policy on your website.
 

5. Create a cybersecurity policy and emergency plan

Develop practices and policies to safeguard your company against cyber attacks and provide clear procedures for addressing issues if they occur.

A cyber security policy guides your staff on their responsibilities when handling or sharing data, devices, emails or websites. Detail how various situations should be managed and the repercussions for any policy violations.

Moreover, an emergency management plan can help lessen the effects of a cyberattack and outline the steps to take in response.

When drafting your emergency management plan, include:

  • The procedure for reporting a cyber security incident;
  • Methods for communicating the incident to employees or customers; and
  • Strategies for maintaining business operations in the face of cybercrime.

 

6. Backup your data

Should a breach occur, minimise the damage and get up and running faster with regular backups of all business data. This includes websites, financial accounts, customer records, business plans and anything else you cannot risk losing.

Multiple backups – at regular intervals such as every day or every week – in cloud storage, external drives or portable devices such as USB sticks will help safeguard your data.

These backups should be isolated from your main network, so they will not be affected in the event of a breach. Remember to encrypt this data so it is difficult to access without the key.

Corporate security specialists can also advise on methods to encrypt backed-up data so these files cannot be opened easily if obtained.
 

7. Use stronger passwords

Online criminals exploit any weaknesses in a business. If any password can be easily guessed or broken the entire network can be exposed.

Strong passwords contain a combination of letters, numbers and symbols. They should not be words in the dictionary or well-known phrases. You and your employees should use a different password for every account, and these should be changed every few months. The longer the password, the harder it is to crack.

Moreover, passwords should be changed regularly and every time an employee has left the business.
If it is difficult to invent new passwords, talk to a security specialist about using an encrypted password management system to securely create and save passwords.
 

8. Due diligence checks

Those who work closely with other businesses or plan to acquire business assets should carry out corporate due diligence checks to identify possible risks in the target company that could impact your organisation.

A cybercrime investigative agency can assess a company and identify risks and methods to address them. This is especially vital for acquisitions in countries or industries that are prone to cyberattacks.
 

9. Get cyber liability insurance

The expenses associated with cybercrime can extend far beyond simply repairing databases, buying new devices or enhancing security measures.

The good news is that cyber liability insurance can assist your business with the financial burdens of recovering from such an incident.

As with any insurance policy, it is crucial to thoroughly understand exactly what your business is covered for.

Find out more about cybercrime investigation

Now that you know how to protect your organisation from cybercrime, make sure to implement the above measures as soon as possible.

If it’s too late and your business has already fallen victim to cybercrime, contact Bureaus FTC Report now. We have an experienced team of cybercrime investigators who help clients protect data and recover stolen assets in Australia and overseas. We are also experts in malware investigation.

To find out more about how Bureaus FTC Report investigators can help you or your business, click the image below to download our free eBook ‘Online Investment Fraud.’

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