With the cost of cybercrime predicted to reach a staggering $10.5 trillion by 2025, it’s vital that businesses are taking steps to bolster their cybersecurity defenses. Cybercrime is an enormous and growing threat which has the potential to cause significant damage to a business in more ways than one. A cyberattack can lead to the theft of sensitive data, downtime, equipment breakdown, lawsuits, and reputation damage. Many businesses never recover from a cyberattack, so it’s vital that cybersecurity is made a top priority. So, what can you do to bolster your cyber defenses right now? Read on for a few of the best strategies. 

Implement Cloud Security Posture Management

In 2023, most businesses are using cloud solutions. There are many benefits to this, but there are vulnerabilities, and some incorrectly assume that their hosting provider will take care of security. Cloud Security Posture Management (CSPM) automates security management in several cloud infrastructure types, which addresses these security vulnerabilities and strengthens cyber defenses. CSPM can automatically detect and fix security misconfigurations, continuously monitor compliance policies, manage incident response, and provide clear visibility into cloud resources. 

Use The Principle Of Least Privilege

A sensible step to take is to use the Principle of Least Privilege (PoLP). Essentially, this involves restricting employee access to data so they’re only able to access the data that they need. This creates a much smaller attack surface and gives employees peace of mind, knowing that they’re not responsible for any data that doesn’t relate to them. It’s also a smart way to protect yourself against internal threats. 

Use MFA

All accounts must be protected with strong passwords, but even these don’t provide a high level of protection. Therefore, you should bolster your defenses with the use of multi-factor authentication. This will involve users having to pass another security check in order to gain access, which adds another layer of defense. There are three types to consider:

  • Things you know (a password or PIN)
  • Things you have (smartphone or tablet)
  • Things you are (fingerprints or voice recognition)
     

Provide Employee Training

95% of cyberattacks succeed due to human error, so this is clearly an area that needs to be addressed. With attackers using increasingly advanced tactics, even those who are wary of scams can easily fall victim to one. Therefore, you need to provide security training for your employees so they’ll be able to detect and avoid common scams. 
 

Perform Security Audits & Pen Testing

Finally, it’s important to regularly test your defenses to ensure that you have protection against the latest threats and that there are no vulnerabilities. Security audits and pen testing can help organizations identify any weaknesses so they can take action to strengthen their protection and develop an airtight defense. 

With attacks on the rise, every organization should be prioritizing cybersecurity right now. The above are a few of the most effective ways to bolster your defenses, which will protect you against the latest threats and provide peace of mind.