A 2019 report found that 2 in 3 companies experienced some form of cybersecurity threat. This led to an average loss of $500,000 per company. All in all, these incidents cost the global economy over $1 trillion.
Fortunately, organizations can prevent such crimes with stringent data protection and security protocols. We listed some of the top methods to lower corporate cybercrime risk, so be sure to read on.
Using HIPAA Compliant Technologies
HIPAA stands for the Health Insurance Portability and Accountability Act, a federal law. It exists to ensure the privacy and security of medical information. All covered entities must comply with the Act.
Covered entities include any individual or organization providing healthcare treatment and payments. The same goes for any party with access to sensitive patient data. Such information includes personal and healthcare records and payment details.
One way for those entities to comply with HIPAA is to use secure Syxsense software communication platforms. These systems encrypt transmitted and stored patient data and health information.
An example of a secure platform is an encrypted SMS and email messaging system. Another is a toll free number with HIPAA compliance. Both platforms encrypt data in transit (when sent) and at rest (while in storage).
Even businesses not subject to HIPAA should implement HIPAA-like protocols. For example, they can use high-grade encryption for all their digital data.
Implementing Data Access Restriction
Access restrictions limit the data users can read, edit, download, send, or delete. The actions that users can do, in turn, depend on the level of permission or privileges they have.
So, the lower the permission or privilege users have, the less data they can access. By contrast, only users with high-level access can see critical or sensitive data. It’s in this way that access restrictions can help reduce internal cybersecurity risk.
Enforcing Bring Your Own Device (BYOD) Policies
According to a study, companies that allow for BYOD save about $350 a year per employee. Using portable devices for work also appears to boost productivity levels by 34%. Unfortunately, these devices were also to blame for 51% of corporate data breaches in 2017.
For that reason, employers should require all BYOD devices to have malware protection. Using a business-grade VPN service can also help lower the risk of BYOD data breaches.
Updating and Upgrading Devices
A 2019 news report revealed that 55% of software found on Windows PCs was out of date. The thing is, outdated apps or those with missing patches are huge security risks.
As such, companies must update programs as soon as options are available. It’s also vital to upgrade outdated devices that can no longer support new app versions.
Don’t Let a Cybersecurity Threat Doom Your Own Business
Keep in mind that 20% of small businesses become victims of a cybersecurity threat. Of these victims, more than half go out of business within half a year.
That’s why no matter how small or big your business is, it’s a must to have cybersecurity measures in place.
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