No business in the world can do away with cybercriminals. What’s worse, at times businesses are hit so hard, that they’re left with no other choice but to succumb to their losses.
The Ninth Annual Cost of Cybercrime Study by Accenture and Ponemon Institute reveals some disturbing figures about the increasing cost of cybercrime. It reports that there has been a whopping 67% rise in security breaches over the last five years.
Unfortunately, this is not the end of it. The crippling cost of cyberattacks (both direct and indirect) is expected to touch $5.2 trillion USD by 2023.
Now, that’s a BIG number!
That’s why companies should put their best foot forward and implement cybersecurity best practices to protect themselves, customers, and their data.
Wondering how to do it and where to start? The following infographic by LoginRadius should help. Here’s what it includes:
Best cybersecurity tips by industry-experts
1. Pick your cybersecurity questions with caution.
Asking security questions has always been an excellent verification method to prevent hackers from breaking into systems. Make sure your questions have many probable answers, are easy to remember, and have answers that cannot be guessed.
2. Improve password protection with Multi-factor Authentication (MFA)
Those extra layers of protection like biometrics, email verification, one-time passcodes, and security questions with MFA are good additional authentication factors to rely upon.
3. Reduce friction with Risk-based Authentication (RBA)
If you detect unusual user habits like change in IP or any other behavioral changes for that matter, ask your customers for extra ID verification. That’s how RBA works for better user experience and fraud prevention.
The risk-to-payoff ratio
With the recent influx in the number of cybercriminals, the global threat landscape is at a volatile stage.
When hit by cybercrime, businesses pay for technical investigation, regulatory compliance, attorney fees, post-breach customer support, and cybersecurity improvements.
Sadly, these costs are just the tip of the iceberg, and there is a lot that’s hidden underneath. A few of those include:
- An exponential increase in insurance premium.
- Loss of contract revenue.
- Loss of intellectual property.
- Devaluation of brand.
- An increase in debt.
For more cybersecurity risks and best practices, check out our infographic below: