Cybercrime is on the rise, and businesses across all industries are vulnerable.

According to Small Biz Genius, “47% of small businesses in the US have had at least one attack in the last year.” According to their data, “A projected 146 billion records will be exposed in the five-year period between 2018 and 2023.”

Experiencing a cyber-attack involves many adverse consequences for businesses. Cyber attacks result in compromised or stolen data, and damages to your company’s reputation. Businesses also suffer financial losses, due to both downtime, and damage control procedures. Finances Online recently reported that “global cybercrime damage in 2021 amounts to $16.4 billion a day.”

There are several cybersecurity options available for companies. Businesses need the correct security to protect their assets. You might be wondering, is your business cybersecurity compliant? To ensure compliance, consider the following steps.

1 . Multi-factor authentication 

MFA is a system that involves several different authentication methods, to gain access to an online network or account. All MFA systems involve a minimum of two authentication methods, and some involve three. Methods of authentication include:

  • A robust password: individuals are prompted to create a complex password.
  • A numerical code: After inputting the password the user is sent a one-time numerical code. The code is usually obtained using an SMS text message.
  • Biometric testing: The third step tends to be a biometric test, for instance, the user will be asked for a scan of their fingerprint.

Multifactor authentication is one of the best systems of security protection out there, According to Microsoft, “MFA can block over 99.9 percent of account compromise attacks.”

2. Mobile device management

More businesses are working remotely than ever before, and we’re seeing a growing trend toward “Bring Your Own Device” policies. Forbes recently reported that “The BYOD market is on course to hit almost $367 billion by 2022, up from just $30 billion in 2014.”

The modern employee is typically accessing your business network using more than one device, from several different locations. These trends result in increased cybersecurity threats, which is why “mobile device management” is essential.

MDM allows employers to manage and monitor all mobile devices that access the business network. MDM might include monitoring appropriate apps, storing key data, updating security practices, and wiping stolen devices.

3. Provide security awareness training

According to Info Security, “Human error caused 90% of cyber data breaches in 2019.” To keep your business cybersecurity compliant, it’s important to provide the proper cybersecurity training. There are several different types of cybersecurity training, for example, training that focuses on phishing attacks. Alternatively, you might choose general security awareness training, covering all important aspects of security.

4. Protect your connection & devices

Your businesses must invest in antivirus protection and firewall security, to protect your devices and your internet connection. Safety Detectives recently stated that “IT software security vulnerabilities are at an all-time high.” According to their data, “there are an estimated 23,000 security risks registered globally, and this is forecast to increase above 25,000 in 2021.”

There are many other ways to ensure that your business is cybersecurity compliant. Ensure that you properly back up your files, and use secure programs when making online payments. Additionally, your business might consider investing in cybersecurity insurance, to protect you in the event of a data breach.