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Securing the data you store online should be at the top of your agenda, as facing cyber-risks is no easy feat. Minor security failures and hack attacks could turn into a catastrophic event for any company. According to estimates by the Centre for Strategic and International Studies, cyber-crime costs the global economy over US$400 billion per year. This report also revealed the startling cases of 3,000 companies in the United States where the systems were compromised by the criminals. For example, high-profile US retailers Home Depot and Target were few among the many organizations that lost credit-card and customer data information.

Surprisingly, in 2015, the Symantec Internet Security Threat Report revealed that 60% of the hackers targeted small to mid-sized companies. Data breaches could be caused due to many factors. While hacking remains as one of the most common factors, but with effective protection practices, the threats remain at bay. Losing personal/official devices and downloading malicious software can also lead to loss of data or data breach.

Worried about losing your internal data? Building strong IT security walls can protect your data from hackers and other potential threats. Here’s how.

Invest more time and money on Cybersecurity

In 2015, Lloyd’s, the British insurance company estimated that cyber-attacks cost business as much as $450 billion a year. Yes. This is including direct damage and post-attack disruption. Now you know why spending money and time on cybersecurity is significant. This is the reason why huge companies with sensitive customer information are increasingly appointing chief security officers to acknowledge and curb the threat.

Work to achieve resilience

Remember that great risk resilience is always better than more reactionary stance. Developing and organizing effective resilience metrics for cyber systems are important for resuming the operations easily after an attack.

Increase vigilance

According to Gavin Millard, technical director at Tenable Network Security, companies can achieve a lot by simply updating and monitoring their system effectively. Robust filtering of inbound and outbound communications, getting creative with security questions, being open to biometrics and encryption of sensitive information are some of the ways to stay vigilant.

Cyber domain is constantly evolving and so are the possible threats. Designing a solid security measure and breach response plan are few of the ways to delineate the possible risks associated with cyber-crimes. 3i Infotech provides a wide range of services in internet & core banking, and fraud detection areas. To know more, click here.