This is how your business needs to invest in IT security

The digital world of data is similar to the wild west, where masked robbers kicked in doors, stole valuables, and ran away with sacks of cash. In the world of numbers and complex coding, the criminals are harder to spot and faster to act, but their actions and intent are indeed malicious.

In 2015, the insurance company Anthem was the victim of a large scale cyber attack, compromising almost 80-million records. Just a few weeks ago, hackers infiltrated MedStar’s computer systems and held data ransom for 45 Bitcoins.

The impact of a successful cyber attack can be devastating, and they are increasingly prevalent in the information technology world. The CyberEdge Group conducted a study in 2015 (pdf) and found that 71% of organizations experienced at least one successful cyberattack in the last year — an increase from 62% from the year prior.

The cost is more than just the compromise of personal information. Cyber attacks damage reputations, destroy data, result in less productivity and inhibited work, and lead to costly recovery efforts. The Ponemon Institute 2015 study found the net increase in cost of cybercrime is 82% over six years in the US.

The safety of personal information and the high cost of breaches motivate a significant investment in building strong security teams. Companies that lack a strong IT security team or a clear strategy for combating such cyber attacks are bound to suffer from the consequences of being ill prepared.

Let’s take a look at how companies can up their IT security and prepare for the worst case scenario:

Prioritize important data

Companies need to know what data they have on hand so they understand the risk involved with potential losses or damage. However, a lot of data goes unaccounted for — a 2015 study from Veritas found that 54% of data in the UK goes unclassified, also known as dark data.

When you aren’t aware of the information you have on hand, it’s difficult to know the importance of losing it. How can companies know what data sets need to be recovered first? How much should they invest to keep specific data secure?

By knowing the value, you can amp up protection for the most important, critical data to better protect it. Using encryption prevents cyber-criminals from accessing stolen data and selling it. While security like encryption is expensive, it’s far less costly than the eventual public relations nightmare that follows a successful cyber attack.

Ultimately, knowing what is on hand and prioritizing your most valuable data can inform your action plan in meaningful ways.

Write action plans

Strategizing and planning is where companies either stumble or stand tall and build an efficient system. A 2016 study from PriceWaterhouseCoopers found that only 58% of global companies have an overall security strategy.

Writing actions plans are vital to strategic planning. It begins with the basics: Write policies and procedures using clear language that’s easy to understand. This information should be documented and introduced to everyone on the team immediately, with regular updates following as needed.

Administer tests to employees to find out where improvements can be made, and encourage feedback. An open door policy allows employees to be honest about accidental errors so the vulnerabilities can be addressed quickly. When employees are scared, they are deterred from fessing up when they make an error, so create a safe environment where they feel comfortable admitting that they made a mistake.

That being said, it’s also important to enforce consequences for major errors and negligence. Sure, mistakes happen, but when they are a result of disregard for policy or employee disengagement, action must be taken.

When discipline is consistent and policies are strongly enforced at all organizational levels, employees are more inclined to doing the right thing.

Educate employees

Create a culture that makes security the top priority to prevent common issues like insider attacks. The 2016 study from PWC found that 34% of incidents in 2015 resulted from attacks by current employees, and 28%  were conducted by former employees.

Insider attacks can be as simple and innocent as an employee opening a seemingly safe email attachment or can be as malicious as purposely installing malware into operating systems.

Educate your staff about the potential of insider attacks. Sometimes, employees will innocently help these criminals without knowing it, making them liable for any offenses. Common signs to look for in potential insider threats include introversion, lack of loyalty, intolerance of criticism, and patterns of frustration and disappointment.

When companies have an understanding of employees’ behavioral norms, they can better detect when they deviate and start acting in a suspicious manner.

Have a backup plan

Part of the action plan requires a backup strategy and should provide preventative measures that avoid disasters resulting in major loss and significant damage.

Backup plans should involve backing up data that is valuable, replacing old computers as they show signs of age (between two and three years), cleaning out disk space regularly, and de-cluttering data to enable quick and efficient daily backups. Encourage employees to be proactive and develop a sense of ownership of their influence on IT security.

Feature image: SmartSign via Flickr