Cyber security is a key component to protecting your business.

Below, we highlight five fundamental cyber security tips your business needs to follow based on popular topics on our blog.

1. Define and Implement a Cyber Security Policy

With the global cost of cyber crime expected to reach $6 trillion by 2021, it’s critical for your organization to have a cyber security policy. Consider the following steps to implement a policy:

• Secure Internet of Things (IoT) devices. These days, businesses commonly utilize IoT devices to access and share business information. Limit your risk of a data breach by conducting regular audits of all IoT devices.
• Keep software and electronic devices updated. Your cyber security policy should address updating anti-virus software and device software regularly to protect against new cyber attacks.

2. Always Use a Secure Network

Unsecured networks leave open access points in your system, making it easier for hackers to compromise your business data. Keep your network secure by:

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• Implementing a managed broadband solution. For companies with fewer employees or little time for managing their network, use a trusted provider that can provide continuous network management.
• Monitoring for threats. There are a number of proactive and reactive services that can be bundled with a monitoring program to create the right management solution for any networked system.
• Securing each network element. Building management systems, the computers you log into and every device in between should be secured to avoid a security breach.

3. Practice Proper Password Management

Stolen credentials are one of the more common causes of data breaches. When businesses don’t password protect devices or don’t require strong credentials, they could be exposing their networks to hackers. If outside parties gain access to your company’s information, it could lead to problems like identify theft, stolen credit card information, trade secrets and more.

Keep your sensitive business information safe with proper password management practices.

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4. Install Security Software Updates and Back Up Files

Installing firewalls and anti-virus software adds an extra layer of protection to your business data. Always keep your security software, web browsers and operating systems updated with the latest protections. Antivirus software is often modified to protect against new cyber threats. Prompt update installation helps defend against the latest risks.

Additionally, cyber criminals frequently target your data. For this reason, it’s important to back up files in case of an attack. Consider backing up important data offline on an external hard drive or in the cloud.

5. Educate Employees

Research shows that 96 percent of people believe data breaches are caused by employee negligence.

Educate employees about the importance of cyber security and train them to follow company procedures and cyber practices. Consider implementing a cyber security course during orientation for new hires and conduct a quarterly review of company-wide cyber security practices.