Based on a 2016 research carried out by IBM, there are over 1.5 million cyber attacks that happens annually which boils down to around 4,000 cyber attacks everyday — and the trend seems to be growing with increasing numbers.
IBM carried out this research Over a 10-month period, in IT, compliance and information security fields covering over 383 organizations in 12 countries, which includes countries like: United States, United Kingdom, Germany, Australia, France, Brazil, Japan, Italy, India, the Arabian region, Canada and South Africa.
This 2016 study also found that the average cost of a data breach through cyber attacks have grown from $3.8 million to $4 million. The average cost incurred for each attack has also increased from $154 to $158.
These attacks manage to consistently overcome firewalls and other protective measures that are put in place and they seem to mainly target customer information leading to stolen identities, which is also increasing year by year.
If a business isn’t able to control a cyber attack effectively and is able to comeback from it properly, then it affects the reputation of the business to a large extent.
Your business is under threat not only from cyber attacks but intellectual property theft, which would include software codes, patent thefts as well.. A business should be vigilant enough to take precautionary steps and make sure that they are equipped enough to be back on their foot even in case of emergencies.
A software escrow helps you by making sure that the source code of the software that you licensed is available to you in case of a mutually agreed upon event between the vendor and the licensee, say for example, the vendor becoming bankrupt. This makes sure that your business stays afloat even during unexpected times.
The software source code of the vendor is safe till the mutually agreed upon event, so the vendor need not worry about code theft as well, a practice that increases the credibility of a software vendor.
The source code escrow is a safe third party vendor who is neutral between the two parties and takes into account the interests of both the parties.
From initial concept ideas to product prototypes and even logo designs, intellectual property could be anything. Most businesses especially new ones dig their own grave by not setting up a lawyer to protect their intellectual property. A lawyer could also help you against rival businesses if and when they try to copy your product or features.
Some of the biggest tech names like facebook and snapchat were involved in legal disputes between the founders. These result in lot of wasted time and money. This could happen to your business as well if you don’t set up a lawyer during inital times and make terms clear between all stakeholders.
It’s not only essential to protect your software but also take enough steps to protect your hardware as well. A lot of new employees prefer to work on the move and a lot of valuable data is stored in hardware like laptops and cell phones.
Theft of these devices could lead to loss of hardware and data. Steps should be taken to protect them using tracking software like find my iPhone. Use tools like kensington lock to tether your hardware to immovable objects whenever possible.
Secure your network
Majority of the business prefer a wireless system to connect to a network mainly because of ease of use and less clutter in the office space. But wireless networks are also the first target for hackers. If a hacker is able to find one weak spot in your network, then it’s free ride for them to access all devices in the network.
However there are lot of resources both free and paid to help you secure your networks. Never ever resort to default passwords in all of your network devices. All these default passwords are available online and are common knowledge to the tech savvy. So change them first and enable wpa2 and other industry standard protection measures.
Never ever connect your device with critical information to a open public network. These are sweet spots for access which provide easy access without much work.
Setting up a dedicated IT team will also help in resolving all these issues.
Encrypt your data
Most businesses are data heavy these days. In order to deliver custom made content/product, businesses try and collect as much information as possible from the customer. These include personal information, security information and credit card and other financial information as well.
When customers give access to so much important information to the business, it becomes very important for the business to protect it with utmost care.Hackers would love to get access to this valuable information any time they can.
Use industry grade encryption systems. If you rely on cloud services, use only the most trusted ones based on what other industry peers rely on. As far as local devices are concerned, Most recent operating systems come with inbuilt full-disk encryption tools. These tools work in tandem with other programs without slowing down the performance of your system.
I hope these steps would help you in protecting your business against unforeseen circumstances. Let us know your opinions. If you had tried different tools or strategies, let us know in the comments section and we’ll update the article with the same.