Hackers’ attacks and what business owners should do

Recently, the National Information Technology Development Agency (NITDA), through its Computer Emergency Readiness and Response Team detected activities of a hacktivist group targeting Nigeria’s vital digital infrastructure.

The hacktivist group, known for its politically and religiously motivated cyber campaigns, poses a significant risk to Nigeria’s critical information infrastructure, NITDA said in an advisory two weeks ago. 

“Their tactics include targeted attacks on government digital services, using various attack types particularly DDoS attack, and they have a track record of successful attacks in various countries”, the advisory noted. 

The agency said the realization compelled it to recognize the urgency of reinforcing Nigeria’s cyber front, fortifying its digital defenses to shield against the malicious intrusions and secure the safety of the country’s critical information and infrastructure.

Nigeria hosts IFAD regional financial management summit

Niger: ECOWAS insists on sanctions as northern elders demand withdrawal

It also said the enhancement of all critical national infrastructure such as financial services providers, telecommunications providers, and relevant government service providers should ensure cyber security readiness and resilience by implementing necessary cyber security measures to safeguard against potential attacks.”

Cyber Security experts said cyber security had become necessary for companies of all sizes as their networks and computer systems possessing confidential and worthwhile data have now being exposed to malicious actors.

They said without a comprehensive cyber security strategy, organizations cannot guard itself against cyber security threats leaving them vulnerable to cyber criminals, who will make the companies an easy target.

And as technology evolves, so have the cyber threats and the need for cybersecurity for business, said Engr Muiz Oyewole, CEO of Madjetek Pro Technology Limited

Oyewole said cyber security for businesses is a preventive measure designed to safeguard online data from theft and damage.

Cyber-attacks are increasingly becoming more advanced as criminals are having an easier time penetrating through conventional security controls by executing new techniques of attack that execute social engineering and AI. As they adopt the latest technology, companies must also improve their cyber security efforts and look for the best cyber security software for businesses that can guard them against all these potential cyber threats, experts have said. 

Now, given the increased cyber security risk for businesses, the significance of security is rising. According to experts at Vledgehut, as modern society has become more technologically dependent than ever, with no signs of slowing down, data leaks that could end in identity theft are now publicly published on different social media accounts.

In addition, they said sensitive details like credit card information, social security numbers, and bank account details are now held in cloud storage services like Google Drive and Dropbox, making it easier for cybercriminals to misuse them. 

“And it is the harsh reality that no matter whether a small business, individual or multinational giant, everyone counts on computer networks daily. It further gets aggravated by the advancement in cloud services, inadequate cloud service protection, smartphones, the Internet of Things (IoT), and multiple possible security susceptibilities that didn’t exist a few years ago”, they opined. 

How to Protect Your Business from Cybercrime?

Cybercrime is an evolving threat that modern businesses need to plan for, creating a cybercrime approach and processes to battle attacks such as ransomware, malware, and phishing.

Below, according to experts at Vledgehut, are some effective small business cybersecurity tips to remain guarded against cybercrimes.

1. Understand Your Data: A business cannot fully understand how much is at threat until they comprehend the nature and the quantity of data they own. 
2. Complete Data Back-ups, File Back-ups, and Back-ups Bandwidth Capabilities: Creating all these back-ups will help a business to retain its data if extortion happens. 
3. Restrict Managerial Capabilities for Social Footprint and Systems: The fewer workers with the key to sensitive data, the better. 
4. Train Workers To Identify Spear Phishing: Business teams should understand the significance of guarding the data they regularly manage to help decrease vulnerability to the business. 
5. Perform Background Reviews On Employees: Background inspection of all the employees can assist in determining whether they have criminal histories. 
6. Have Data Infringement Prevention Instruments, Including Intrusion Detection: Ensure employees scrutinize intrusion detection tools. It is essential to try to stop a cyber breach and ensure that the company gets informed as soon as possible if a breach happens.
7. Update Safety Software Patches Frequently: Regularly maintaining safety protections on your operating network is crucial to their effectiveness over time. 
8. Include DDoS safety Capabilities: It is crucial to have the ability to absorb or avoid attacks meant to overcome or degrade computer systems. 
9. Ensure Your Networks And Devices Have A Suitable Firewall And Antivirus Technology: After appropriate IT security for small businesses and software is in place, assess the browser’s and software’s safety settings to meet your business security needs without increasing Risk. 
10. Guard Your Company With Insurance Coverage Developed To Manage Cyber Threats: Cyber insurance usually guards expenses associated with data infringements and extortion occurrences. The suitable insurance program will also offer access to qualified professionals to handle the event from start to finish. 
11. Establish a Comprehensive Plan to Manage A Data Breach: If a data infringement happens, an explicit protocol should define which employees are part of the incident reaction team and their functions and obligations. 

Cyber Security Tips for Small Businesses

Here are some effective cyber security tips for businesses that can help them avoid cyber-attacks in the coming future.

1. Educate Your Workforce

Cyber security training is a useful technique executed by modern organizations’ IT and Security experts to control and mitigate cyber Risk when compromising a business’s information safety. These training sessions are specifically created to clarify their functions and duties in maintaining data security.

A thriving security awareness program assists every workforce in understanding proper cyber etiquette, the security risks associated with their activities, and determining cyberattacks they may face during everyday activities.

2. Control Third-Party Risk

Third-Party Risk is the possible danger to a company’s employees and client data, monetary details, and operations from third-party traders, e.g., vendors and other outside parties that deliver products and assistance and access your networks.

Therefore, companies need to accomplish their due diligence when associating with a supplier, e.g., confirming that they have sufficient data security guidelines in place and continuing to observe that these criteria are sustained when managing their invaluable data.

3. Execute Privileged Access

Privileged access refers to the methods and technologies companies use to control privileged access and authorizations for accounts, users, processes, and systems across an IT setting.