Understanding the significance of cyber security and learning how entrepreneurs can safeguard their businesses from cyber-attacks is crucial in today’s digital landscape. The potential impact of a cyber-attack on a business cannot be overstated, as it has the power to devastate a company in a matter of seconds.
Looking back at the cyber-attacks that transpired last year, we witnessed several companies suffering billion-dollar losses due to these malicious activities. One notable example is the data breach involving Aadhar card information, which raised concerns about the security of sensitive personal data. Additionally, reports surfaced about instances where individuals fell victim to cyber theft through unauthorized ATM withdrawals, further highlighting the pervasive nature of cyber security threats.
It’s imperative for entrepreneurs to recognize that while they aspire to grow their businesses exponentially, overlooking the importance of cyber security can be detrimental. In today’s interconnected digital world, every action taken on the internet, whether on a mobile device or a computer, carries potential risks. The inherent uncertainty regarding the security of the network being used poses a significant threat.
Downloading files or applications over an insecure network can lead to devastating consequences, such as the infiltration of viruses that can compromise system integrity. Moreover, unauthorized access to bank accounts resulting in financial losses and the potential destruction of company data are plausible scenarios that underscore the urgent need for robust cyber security measures.
To address these critical concerns and empower entrepreneurs in safeguarding their businesses, Mr. Paritosh Sharma has structured this video into three comprehensive segments:
1. Understanding the fundamentals of cyber security
2. Examining the types of cyber-attacks witnessed in India over the past year
3. Implementing effective strategies to fortify businesses against cyber threats
Let’s delve into each of these segments to gain a deeper understanding of how entrepreneurs can proactively protect their businesses from cyber-attacks.
What is cyber security?
In today’s digital age, cyber security is of utmost importance as it involves protecting systems, networks, and data from digital attacks. Individuals and businesses are at risk of cyber attacks if they engage in various online activities, such as conducting transactions with customers over the internet, online banking, connecting to the internet, or downloading content from untrusted sources.
The pervasive nature of the internet means that virtually every business is connected in some way. For instance, even a small saree shop relies on e-commerce, while a small factory engages in email transactions with customers, signs up on different websites, and uses online banking services.
Given this widespread reliance on the internet, every business, regardless of its size or industry, faces a significant risk of cyber security threats. Therefore, it is crucial for individuals and organizations to prioritize cyber security measures to safeguard their digital assets and operations.
What kind of cyber-attacks happened last year in India?
According to the Indian Computer Emergency Response Team (ICERT), a staggering total of 3,13,000 cases of cyber-attacks were reported in India last year. These attacks can be categorized into 5 major categories, which are as follows:
Malicious attacks:
It’s crucial to be aware of potential malicious attacks, such as when someone you know shares a file containing a virus. If you unknowingly open or download this file, the virus can quickly spread throughout your computer system and network. As a consequence, your company’s operations could be severely disrupted or even come to a halt. This type of event is classified as a malicious attack and can have serious consequences for your organization.
Phishing attacks:
Phishing attacks are a form of cybercrime that involves tricking individuals into revealing their personal or financial information. One common type of phishing attack involves creating fake websites that mimic legitimate ones, such as a bank’s website. These fake websites may look identical to the real ones, making it difficult for users to differentiate between them.
When visiting a website, it’s important to look for the “https” in the URL and a lock icon in the address bar. The presence of “https” and a lock icon indicates that the website is using a secure internet protocol to protect the data being transmitted. If a website does not have “https” or a lock icon, it means that the internet protocol is not secured, and it may not be safe to transact on that website.
Therefore, if you encounter a website that lacks “https” or a lock icon, it’s crucial to avoid conducting any transactions or sharing sensitive information on that site. Such websites may be attempting to engage in a phishing attack, and interacting with them could compromise your personal and financial security. Always verify the security of a website before providing any sensitive information.
Identity theft:
Identity theft is the unauthorized use of someone’s personal information or data, such as their name, address, Social Security number, or credit card information. It’s important to be vigilant as identity theft can have serious consequences and negatively impact your personal and professional life. For instance, someone could use your identity to open fraudulent accounts, make unauthorized purchases, or engage in other illegal activities in your name. To protect yourself, it’s crucial to safeguard your personal information and be aware of potential threats.
For example, social media platforms like Facebook offer features such as the ability to lock your profile picture to prevent misuse of your identity. These measures can help reduce the risk of identity theft and protect your online presence.
Spoofing:
Mr. X experienced a case of spoofing when his friend, a cyber security expert, predicted that he would receive a call from his mother, even though Mr. X was not expecting it. Despite his skepticism, Mr. X received a call moments later, displaying his mother’s caller ID. This incident illustrates the concept of spoofing, where an individual impersonates another person to gain unauthorized access to systems, data, or to distribute malicious software.
Spoofing can have serious consequences, such as someone posing as you to deceive your customers and damage your business reputation. To mitigate the risks associated with spoofing, it is crucial to establish a comprehensive cyber security policy for your business.
Attacks on wireless networks:
Wireless networks, also known as Wi-Fi, are susceptible to various cyber-attacks due to their inherent vulnerabilities. It is essential to exercise caution and implement robust security measures to safeguard against potential threats.
When using wireless networks, particularly in public settings, refrain from conducting online transactions or transferring sensitive data. Public Wi-Fi networks are prime targets for malicious actors, posing significant risks to the security of your information.
To fortify the security of your Wi-Fi network, it is imperative to utilize a strong, unique password. Whether it is for your home or office network, a complex password serves as a crucial defense against unauthorized access.
Maintaining the integrity of your wireless network is paramount. Ensuring that your Wi-Fi is adequately secured with a formidable password is essential. Unauthorized access to your wireless network can lead to severe repercussions, potentially compromising your business’s sensitive data and confidentiality.
How to protect your business from cyber attacks?
Protecting your business from cyber attacks is crucial in today’s digital landscape. Implementing these 7 comprehensive steps can help safeguard your business from potential cyber threats:
1. Thorough Team Training:
Educate your team on best practices for email usage, including guidelines for downloading files, navigating the company’s network, and utilizing the Internet securely.
2. Conduct a Rigorous Risk Audit:
Engage a reputable cyber security team to perform a comprehensive audit of your business’s cyber security measures.
3. Avoid Pirated Software:
Steer clear of using pirated software, as it often lacks essential security patches and can lead to data leakage, especially when used on public Wi-Fi or other wireless networks. Opt for original software, such as Windows, which comes with built-in security patches to fortify your systems and prevent data breaches.
4. Deploy Reliable Anti-Virus Software:
Install and regularly update anti-virus software on every system within your company, regardless of its size or industry. Ensure that the software is equipped with genuine keys to maximize its effectiveness.
5. Utilize Cloud-Based Data Backup Solutions:
Safeguard your data by backing it up on secure cloud platforms like Amazon or Google Cloud. For instance, Google Cloud offers 15GB of free data space, allowing you to store various files and documents securely while mitigating hardware and cyber-security costs.
6. Avoid Opting for Cheap Technology:
Resist the temptation to cut corners by using inexpensive technology, as it often poses a higher risk of failure. For example, using subpar software in critical systems can lead to catastrophic consequences, as evidenced by the potential dangers associated with using cheap software in airplanes.
7. Establish a Robust Cyber Security Policy:
Work collaboratively with your entire team to develop and implement a comprehensive cyber security policy. Prioritize effective training to ensure that every team member is well-versed in cyber security best practices.
By diligently following these steps, you can fortify your business’s defenses against cyber threats and minimize the risk of potential security breaches.