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Wednesday, November 25, 2020

7 Ways to Secure Your Data in 2020

Did you know that 44% of businesses plan to increase tech spend in 2020? In fact, Gartner predicted that worldwide spending on cybersecurity would reach $170.4 billion by 2022.

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Given the onslaught of cybercrime in recent years, the birth of smarter criminals, and ever-evolving regulations, there’s no surprise why enterprises keep upgrading their IT priorities.

Let’s look at how IT priorities are anticipated to change by the finish of 2020.

In 2019, an IDG Security Priorities Study interviewed 528 security professionals. Here’s what they had to say about these vital cybersecurity dilemmas:

  • 59% say protecting PII is a priority, due to CCPA and GDPR rules.
  • 44% favor security awareness training to reduce phishing and ID theft.
  • 39% believe that upgrading IT and data security will boost resiliency.
  • 24% want to leverage data and analytics responsibly.
  • 22% want to reduce the complexity of IT security infrastructure.
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When it comes to your security priorities, where do you land? Is your security protection plan solid? Are you confident your sensitive data is safe?

Even if you’re comfortable with your cybersecurity, times change, so it’s probably time to rethink your protection standards. To enable you to get started, listed here are seven cybersecurity best practices that you should consider.

1. Asset Inventory is The First Step Toward Cybersecurity

Are you planning on building your security program from scratch? If so, IT asset inventory management may be the first step. Here’s what you need to get started.

  • Make a list of your IT assets.
  • List and assess everyone who accesses your networks.
  • Evaluate your present security plan; update it, if necessary.
  • Generate detailed cybersecurity reports for the networks.
  • Plan or evaluate your allowance for security services.

2. Train Remote Employees About Your Cybersecurity Policies

As the world swiftly adopts the remote-work trend, employees should comprehend the repercussions of choosing convenience over security. Sacrificing security isn’t a pleasant tradeoff.

To illustrate this, PCMag surveyed 1000 employees about how they access corporate networks while on vacation. The results were scary. 77% agreed to have connected to free public Wi-Fi networks, and only 17% said they use a secure VPN to operate their corporate computers and phones.

To make matters worse, 50% of employees aren’t alert to their remote-work cybersecurity policies.

If you own or manage an enterprise, make sure that you establish out-of-office instructions along with in-office rules. If you curently have security instructions, be sure to remind employees about with them periodically.

3. Understand The Role of Identity and Access Management (IAM)

Identity and Access Management plays an important role in driving an enterprise security plan for action. It’s a platform that ensures that the best people have access to a company’s critical assets at the right time. At its core, IAM has three primary functions:

  • Identification – Requires users to profess an identity, generally with a username, an ID, a smart card, or yet another form.
  • Authentication – The procedure for proving the identity (i.e., verifying that users are who they say they are).
  • Authorization – Determines exactly what a person is allowed to do after entering a method.

A good IAM infrastructure helps enterprises establish a secure environment and reduce security costs. Furthermore, many platforms address compliance regulations like GDPR and HIPPA.

Many IAM platforms offer solutions that work with various privacy, consent, and compliance regulations. Combining compliance tools into one platform can help you save time and money on legal costs.

4. Utilize Patch Management in Your Cybersecurity

Fundamentally, patch management is really a structured process for managing software and upgrading system patches with new bits of code. Often these patches fix threats and vulnerabilities that may otherwise open one’s body up to hackers.

Remember the unfortunate Equifax data breach that comprised approximately 143 million records? This was possible because hackers could detect a vulnerability in its open-source server framework. Even though a counter patch was available, it absolutely was not applied in time.

In short, to prevent vulnerabilities from being exploited, make sure to utilize patching regularly.

5. Conduct a Cybersecurity Risk Assessment

Cybersecurity risk assessment is a process that will help you identify your data and see areas in which a hacker could gain access. With risk assessment, you’ll get a grasp of your ongoing state of vulnerability so that you can mitigate risks.

Here are some risks that can harm your company.

  • Reputational risk: a direct result negative public opinion.
  • Operational risk: involves failed internal processes.
  • Transactional risk: service or product delivery dilemmas.
  • Compliance risk: government regulation violations.

6. Practice Cyber-Hygiene Habits

With businesses falling prey to an unprecedented quantity of phishing attacks and cyberattacks, performing elementary security processes can go a long way. Here are a few cyber-hygiene habits that can help.

  • Ensure that your routers and fire walls are deployed and precisely configured.
  • Keep updating whitelisted and blacklisted user lists at regular intervals.
  • Enforce compartmentalized user permissions for authorized users.
  • Keep antivirus definitions up-to-date.
  • Run vulnerability scans and update OS with the newest security patches.
  • Backup and encrypt business data.
  • Enforce strong password policies and 2FA/MFA procedures.

7. Use Multi-factor Authentication

When it comes to cybersecurity recommendations, experts usually list multi-factor authentication (MFA) in the most notable five. The reason has to do with how MFA offers more than one type of authentication.

Here’s how it functions:

Let’s assume that you would like to log in to an account which has an MFA setup. You cannot just get in with your account. The account server will ask you for an additional form of authentication before actually letting you in.

For an example of how multi-factor authentication works, think about what it’s like when you open a banking account. When registering for a free account, you’ll need to supply a picture ID, along with yet another form of identification (like your passport or SSN). That extra layer of security used at banks is comparable to how MFA works.

Final Thoughts

These cybersecurity recommendations will go a long way to helping you secure your data. It’s wise for each and every business to follow them. After all, the cost of losing sensitive data is much greater than the cost of prevention.

Rakesh Soni

CEO & Co-Founder of LoginRadius

Rakesh Soni is CEO of LoginRadius, a respected provider of cloud-based digital identity solutions. The LoginRadius Identity Platform serves over 3,000 businesses and secures one billion digital identities world wide. LoginRadius has been named as an industry leader in the customer identity and access management space by Gartner, Forrester, KuppingerCole, and Computer Weekly.

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