As technology advances, many new opportunities arise for people to facilitate their lifestyles. Nowadays, almost everything is done online, whether it is a bank transaction, paying bills, or ordering items from different companies. However, this also has many negative effects. As our internet activity increases, so do cybercrimes, and they put all internet users at risk of being hacked. In fact, according to statistics, 81% of data breaches happen due to compromised credentials.
A password breach occurs when a third party gains access to your credentials and accounts without your permission. In the event of a corporate account takeover, the hacker may be able to steal data that facilitates future attacks against the company. People can rarely remember complex and unique passwords for every account they own, so they often use the same password for multiple accounts, but this only encourages bad actors.
This just goes to show that businesses of all sizes should develop strategies to prevent password breaches. Continue reading to find four tips on how to get there.
Increase Overall Security
Improving your overall company security is an important step. It’s impossible to be comprehensive on such a vast and diverse subject, but solutions such as firewalls and VPN upgrades, implementing single sign on , traffic monitoring and restriction, and even routine updates can make a significant difference. All of these will protect your company in different aspects.
For instance, with a single sign-on (SSO), you give customers and employees alike the chance to sign in using a special set of credentials. This way, they can gain access to different applications and services. SSO improves security and the user experience for customers, employees, and partners by lowering the number of passwords necessary for all the apps and services they require to do their jobs. Additionally, make sure to check your third-party connection because even a passing link to an insecure company might pose a risk to your business.
Train Your Employees
Employees must understand your company’s policies and procedures. This is the key to preventing costly password and data breaches. Define password requirements, user access rules, and any other security measures in detail.
Although many people can identify email scams when they read them, train your employees to recognize less obvious ones, such as phishing, in which emails appear to be from official companies but contain malware. They should learn and understand that any request to disclose sensitive information is a company breach.
Also, let them know not to open email attachments or click on links from outside sources. Because hackers and thieves are creative, constantly share with your employees all the new technology information you learn about.
Conduct Security Audit
There is no certain data or password security approach that can protect you from all risks indefinitely. This is because everything is continually changing as you’re constantly recruiting new employees, your company is expanding, and you’re dealing with new and various types of data.
Most importantly, motivated hackers and cybercriminals are developing new methods and techniques for exploiting vulnerable systems. So organize frequent meetings with your IT department and discuss new ways of protecting your company. Ask them if there are any new software solutions and conduct a monthly audit to make sure everything works appropriately.
React Fast When A Breach Occurs
Despite your best precautions, your company may still suffer a password or data breach. Research what happened and learn from your mistakes. This will help you minimize future threats. Act within the first 24 hours if a breach occurs. Always have a team ready to take responsibility and solve the problem. A prompt response allows employees and clients to reestablish their sense of security.
Keep up-to-date on laws and regulations governing the proper disposal of sensitive files and data. It takes more than one action to keep your company’s information private and avoid media scrutiny. Make sure that your company uses cutting-edge software technology to protect digital data, and don’t forget to secure paper documents as well. Data security resources are an essential component of today’s business world.
Final Thoughts
Password breaches typically lead to data breaches, which can cost your company a lot of money. However, you can take some steps to prevent a lot of the data breaches that pose a threat to your company. You have the best chance of avoiding most data breaches and preparing for a stronger defense if you work proactively and train your employees. Check out new solutions frequently, learn about the latest upgrades available in the cybersecurity world, and implement them in your company. All of this will help you stay on track and minimize the risks of cyberattacks.
