The consequences of a cyberattack can be devastating, resulting in data loss, system outages, and the erosion of consumer trust in cases where personally identifiable information has been compromised. Furthermore, the costs associated with recovering from a data breach can be financially crippling, with the estimated average cost of a data breach reaching as much as $4.45 million, according to IBM’s Cost of a Data Breach 2023 report.
It is imperative that companies of all sizes take a multifaceted approach to building their defenses and staying ahead of evolving cyber threats. Below you will find an overview of the top 10 best cybersecurity practices of 2024.
1. Ensure the use of strong references and MFA
About 80% of data breaches are due to poor password security. That’s why it’s critical to use strong, unique passwords that are long and complex and contain letters, numbers, and special characters. Consider promoting the use of password managers so employees can store their passwords securely. You may also want to consider implementing multi-factor authentication, which requires the user to enter a special code after the correct password. MFA codes can be generated via automated text messages, authenticator apps, or biometrics such as face ID or a fingerprint scanner.
2. Conduct cybersecurity training
Cybersecurity awareness training is critical because it enables employees to recognize and mitigate potential threats. A comprehensive cybersecurity training program should cover the fundamentals of cybersecurity, including information security and governance, threat and vulnerability assessments, and risk management. It should also educate employees on the importance of security controls, such as firewalls and anti-virus software, and the relevance of cybersecurity frameworks. Additionally, understanding the consequences of non-compliance is critical in preventing cyberattacks. By imparting this knowledge, employees can develop a sense of cybersecurity awareness, enabling them to make informed decisions and take proactive measures to protect the organization’s digital assets.
3. Make sure all software is updated regularly
The spread of the WannaCry ransomware attack in May 2017 was largely caused by organizations that had not updated their systems with the necessary security solutions. Many organizations were found to be using outdated Windows systems that had reached the end of their lifespan. This underlines the importance of regularly updating software and systems to ensure that any vulnerabilities are addressed in a timely manner.
4. Back up your most valuable data
Secure and reliable data backups are essential for organizations to maintain business continuity, minimize data loss and protect their reputation. Regular backups prevent the loss of critical information due to hardware failure, software errors or human error and ensure that organizations can quickly recover from system crashes, ransomware attacks or natural disasters. Additionally, proactive data backups save time and money in the long term by reducing the need for costly recovery attempts and minimizing financial losses.
5. Implement a Zero-Trust security model
The Zero Trust security model is a holistic approach to network security that rejects the traditional “castle and moat” approach, where everything and everyone on the network is trusted by default. Zero Trust, on the other hand, requires strict identity verification for every person and device attempting to access resources on the network, regardless of their location inside or outside the network. This means that no one is trusted by default and authentication is required from everyone attempting access.
6. Set up a virtual private network (VPN) for remote workers
As remote working becomes more common, the importance of using a Virtual Private Network (VPN) is becoming increasingly apparent. Remote working, especially on public or unsecured networks, is at high risk for unauthorized access and data breaches. A business VPN provides secure remote access to corporate networks, servers, and databases, allowing employees to access the resources they need while working remotely. Additionally, a VPN allows companies to grant access to specific resources, restricting access to sensitive areas. A VPN also facilitates secure collaboration and file sharing between remote teams, sending sensitive documents through an encrypted tunnel.
7. Pay more attention to API security
APIs are vulnerable to weaknesses in backend systems, malicious requests, and denial-of-service attacks, and can be used to collect data or exceed usage limits. Because APIs are widely used in modern applications, especially in microservices and serverless architectures, API security is essential to prevent these types of attacks. Unlike traditional security, API security requires the protection of multiple API endpoints using different protocols, and the ability to adapt to frequent changes in API requests. Additionally, API security solutions must be able to detect malicious traffic from non-browser clients, such as native and mobile applications, and exclude automated traffic from API endpoints.
8. Install an intrusion detection and prevention system
Just as an airport’s baggage and security checkpoint system ensures that only authorized individuals can access and execute their travel plans, an Intrusion Detection and Prevention System (IDPS) plays a critical role in protecting networks and systems from unauthorized activity. By requiring a “ticket” or authentication, the IDPS controls access to the network, much like a boarding pass grants access to a flight. Once inside, the IDPS enforces strict security controls to prevent malicious traffic and policy violations. What sets the IDPS apart from an Intrusion Detection System (IDS) is its ability to not only detect and alert on unwanted traffic, but also take proactive measures to prevent potential incidents.
9. Keep a close eye on third-party suppliers
Third parties, contractors, and partners play a critical role in an organization’s operations, but they can also pose significant security risks if not managed properly. Poor cybersecurity practices have become a major contributing factor to supply chain disruptions, making it essential for organizations to prioritize the risk management of these third parties.
The 2020 SolarWinds breach is a prime example of the devastating consequences of inadequate supply chain management. In this attack, nation-state hackers used a seemingly innocuous software update to deliver malware to more than 30,000 organizations, compromising thousands of systems, networks, and data. The scale of this breach underscores the urgent need for organizations to vigilantly monitor and manage the security risks associated with third-party relationships.
10. Use a real-time threat monitoring solution
An advanced real-time threat monitoring solution provides a comprehensive approach to data security by consolidating data visibility, access controls, threat detection, and classification into a single platform. This streamlined approach enables organizations to proactively prevent data breaches and security threats through automated, real-time threat detection and advanced user behavior analytics, as well as seamless threat response workflows. Additionally, the most advanced real-time threat monitoring solutions offer hundreds of pre-configured compliance reports, ensuring that data security strategies align with numerous compliance mandates, including GDPR, HIPAA, SOX, and more.
By applying these cybersecurity best practices, companies can effectively protect their sensitive data and IT infrastructure, minimizing the risk of data breaches and other security incidents.
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