Your company will need protection from these cyber threats in 2018

Cybercrime is rapidly outstripping other kinds of physical crime in our rapidly evolving digital environment. The 2018 annual security survey from PwC.com highlighted the business vulnerabilities of living in an increasingly interconnected world. Out of the survey’s 9,500 respondents, only 44 percent admitted that their corporate boards participate in developing security strategies.

Cybercrimes have advanced to become the second most reported financial crime. It now accounts for a total of 32 percent of an organization’s crime reporting. Hacks, thefts, and compromised data are becoming a common phenomenon for businesses, governmental agencies at all levels and civic organizations.

The organizations primarily need to understand the potential of the threats. Underestimating them is one of the common hazardous mistakes.

Next, they need to have a security policy in place. The risks of attacks grow rampant if a company doesn’t have a strong cybersecurity policy. Identifying unauthorized activities, defining and managing the risks that vendors and other stakeholders generate, protecting company data digitally and physically are some of the points and organization needs to keep in mind. Apart from this, Simulating risks and responses to speed dealing with common threats, analyzing risks that arise from remote access, and developing seamless security policies, procedures and oversight scenarios are the crucial areas.

The HR of a company also plays a pivotal role during crisis time, including cybercrimes. Regular training and seminars in security practices are essential for the employees to understand that they bear responsibility for security issues.

Also, the latest IoT boom needs to be kept in check. The outsourced company for your data storage should meet all the market standards. Recently, eClinicalWorks, an electronic health record company faced a $1 billion lawsuit failing to meet certification requirements.