Today, the security of your business data is important. There is the saying in town – if you want to understand about any business, get its data – sounds familiar? Data does not lie. True! When dealing with tax, data is very important. Tax compliance, tax assessments, tax audits, tax dispute resolutions, etc. all rely on business data. If you don’t have the data, you are sunk!
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Many companies today have lost business data because of cyber security data breaches. This has cost the companies a lot in taxes. In most cases, the companies paid extra taxes because they did not have data to provide as evidence of tax payments. More than ever before, it is important to secure company data. Remember today when we talk about data, by extension we are talking about data security and cybersecurity.
Today, almost every person is in some network. Hence, cybersecurity concerns have become more critical for individuals and organisations. The internet and the advancement in digital technology have made people more connected than ever. This has given hackers new opportunities to take advantage of security gaps and steal important business information.
There are numerous sources of cyber threats, including hackers, cybercriminals, and even state-sponsored attacks. Cyber threats can be in the form of malware, ransomware attacks, and phishing scams. This can be very costly.
Cost of Cyberattacks
A successful cyberattack can have disastrous consequences for example financial losses, reputational damage, legal obligations, and even death. A cyberattack can disrupt business operations, damage customer confidence, and cost businesses money in legal fees.
Data Theft
One of the most common consequences of a successful cyberattack is data theft. Cybercriminals may steal sensitive data, including, personal information, and business trade secrets. This data might be sold on the internet especially in the dark web or used for identity theft or financial fraud.
Financial Loss
Successful cyberattacks may result in financial losses for people and businesses. Cybercriminals can steal money from bank accounts, demand money through ransomware, and cause costly damage to the business computer systems.
Reputational Damage
A good name is better than money. A successful cyberattack can damage a company’s standing in public. Customer trust can be affected if private information is leaked or client data is stolen. This may result in revenue loss for the business.
Legal Consequences
A successful cyberattack may result in legal consequences. Any data breaches might expose the company to legal liabilities, and anyone implicated could face criminal charges.
Operational Disruption
Operational disruptions can result from a successful cyberattack, costing the business money and productivity. Data loss, system outages, and network disruptions brought can be expensive and time-consuming to repair.
Regulatory Non-Compliance
There are legal and regulatory requirements for customer data security. Any company that does not protect customers’ data violates legal conditions. This is a regulatory non-compliance. The company can face penalties, legal action, and damage to its reputation.
National Security Threats
Cyberspace may be vulnerable to successful attacks. Attacks against critical national infrastructure, such as power grids, transportation, and communication networks, can cause extensive disruption and damage to any business.
The effects of a successful cyberattack cannot be understated. They can be severe and widespread. Cyberattacks can have a variety of negative repercussions, including data theft, financial loss, damage to one’s reputation, and ramifications for national security. People and businesses must take cybersecurity seriously and put the necessary protections in place to protect their data and selves.
Proactive Cybersecurity Steps
The importance of cybersecurity cannot be overstated. As our world becomes more digital, the chances of cyberattacks are rising. Cybercriminals will target any organisation, and the question is when.
The risk of cyberattacks makes it essential for people and businesses to take cybersecurity seriously and create robust security measures to lessen the likelihood of a successful cyberattack.
Here are ten suggestions to keep in mind:
Keep your software up to date
Hackers and criminals are constantly searching for vulnerabilities in software that they can exploit. To protect against these vulnerabilities, keeping your operating system, web browsers, and other software updated is essential. Updates usually contain fixes that address known vulnerabilities, so staying current is important.
Use strong passwords
Every person or business should use secure passwords. Weak passwords are a significant security flaw. The first line of security against online threats is a password. Use unique, complex passwords for each account. Also, consider using a password manager to keep track of the passwords. It is recommended that passwords be between 12 and 24 characters long. They can contain a combination of lowercase and capital letters, numbers, and symbols.
Use two-factor authentication
Every person using a password should use two-factor authentication (2FA). The 2FA requires a second verification form, strengthening your account’s security. The second form of verification can be a code texted to your phone. Even if cybercriminals can obtain your password, they can only access your account with the second verification form.
Be cautious online
Be cautious when browsing the internet because it serves as a breeding ground for cyber threats. Avoid transferring private information on open Wi-Fi networks; be wary of dodgy downloads, links, and emails. When using public Wi-Fi, consider using a virtual private network (VPN) to protect your data from snoopers.
Train employees
Since everyone in the company must participate in cybersecurity, employee education is crucial. Employee training on proper conduct and recognizing and reporting cyberattack hazards should be provided. Employees must understand how to write threats to the appropriate authorities and the risks of clicking on links or reading unusual communications.
Data backup
By routinely creating a copy of your essential data, you may ensure that you will always have access to it in the case of a cyberattack. This can mitigate the adverse effects of a successful attack and reduce the likelihood of data loss.
Use encryption
Data is encoded to ensure unauthorised access with the proper decryption key. This can protect private information from prying eyes, such as bank information.
Firewalls
Consider using firewalls to help stop illegal access to your computer or network. They act as a firewall between your network and the internet, preventing malicious traffic from entering.
Monitor your accounts
Keep a constant watch on your accounts. You can spot any suspicious activity immediately by regularly monitoring them. Keeping an eye out for any fraudulent activity in your bank accounts, credit card statements, and other financial reports may be necessary for this.
Hire cybersecurity professionals
Businesses may need to employ cybersecurity specialists to ensure that their systems and data are adequately protected. These specialists may help with risk evaluations, incident handling, and creating and applying security policies.
It is essential to remember that cybersecurity requires ongoing work. To address the evolving threats and vulnerabilities, security measures must evolve. Reassessing your security situation regularly and staying current with the latest threats and best practices are requirements for effective cybersecurity.
Conclusion
Cybersecurity is an essential aspect of our online lives. Because of our increasing reliance on technology and the internet, there is a greater chance of cyberattacks than ever before. These risks can be minimised by following best practices, including software updates, strong password usage, two-factor authentication, and online vigilance.
Employing firewalls, encryption, data backups, and cybersecurity professionals are other security methods to minimise cyber-attacks. Taking cybersecurity seriously and being cautious can help ensure the safety of our digital lives and security.
Thank you for reading the post.
dr. wakaguyu W.K
taxkenya@gmail.com
