In an increasingly data-driven world, businesses are responsible for protecting a wide variety of information. Consumer data, employees’ personal information, and proprietary intellectual property make up some of it. When data like this gets into the wrong hands, companies can face audits, financial penalties, and damaged reputations.
Of course, data breaches aren’t the only security risk owners have to protect their businesses against. Ransomware attacks, natural disasters that wipe out resources, and economic uncertainties also top the list of dangers. Add changing privacy laws and governance and compliance factors, and you’ve got a full plate of security measures to consider.
Because of the complexities in a data-driven business landscape, relying on human oversight alone often doesn’t cut it. Your company needs technologies and software solutions to help shield itself. This article discusses four types of software aimed at protecting your business.
1. Governance, Risk, and Compliance Software
Governance, risk, and compliance is a holistic approach to security and risk management. Better known as GRC, it’s a threefold strategic method that looks at process improvement, technology management, and risk mitigation. If this sounds a little high-level, that’s because it is.
To drill it down a bit, GRC isn’t just about making sure a medical facility complies with HIPAA. Governance, risk, and compliance is identifying internal procedures and technical vulnerabilities that might lead to the violation of patient privacy. Beyond that, measures taken under a GRC program support ethical practices and informed decisions.
Perhaps employees notice procedural loopholes that could expose sensitive patient data. Staff members bring this to the attention of managers, who take action to correct and close those loopholes. But staff can’t discover everything that’s potentially out of compliance. Nor can you expect them to have a big-picture view when silos exist between departments.
A GRC tool or software helps break these silos down through information sharing and transparency. These solutions also identify current and potential risks. Together with your staff, you can develop a better and stronger mitigation plan to address those threats. Improved cross-collaboration, knowledge sharing, and mitigation measures can save your business from audits and other slaps on the wrist.
Every network needs a firewall to help guard against cyberattacks. Think of firewall security as a fence. It can deter unwanted visitors from gaining access to your property. Firewalls essentially serve as a barrier, making it more difficult for cybercriminals to get through to sensitive information. Monitoring outbound and inbound network traffic is another critical function of firewalls.
Businesses can set up outbound and inbound traffic rules that permit or block certain actions. Maybe you need specific applications to exchange data over your network. However, you don’t want unrecognized programs doing the same thing.
You can establish permissions in the software that allow network activities for apps your staff uses each day. Manual restrictions can also be set to block anything else and signal an alarm.
Firewalls do have the ability to automatically recognize questionable network activity and block unauthorized users. Different types of firewalls exist and can stop ransomware and distributed denial of service (DDoS) attacks. But like fences, firewall protection isn’t 100% effective. That’s why many organizations use a firewall as just a first line of defense.
If firewalls are the first line of defense, antimalware software is often the second. This software monitors all the devices connected to your network for signs of trouble. This can include mobile gadgets, such as smartphones and tablets. If your business uses Internet of Things (or “smart”) devices, your antimalware solutions should also extend to all this equipment.
Between January and June 2021, 1.51 billion IoT devices were compromised or breached. Believe it or not, the old familiar telnet protocol was the successful weapon of choice for most hackers. However, the main reason so many attacks were successful was that these devices lacked protection.
Connected IoT gadgets can easily become a gateway to your network and the data on it. Antimalware software can shut down or quarantine suspicious programs cybercriminals may attempt to launch through infected devices. These solutions periodically scan for issues and protect against a wide range of malicious exploits, including phishing and ransomware. Plus, you’ll get alerts and log files that document any attempted and successful attacks.
4. Password Management Solutions
Employees rely on passwords to log in to their computers and software applications. Despite strong password rules and recommendations, you’ll almost always find someone who’s written their credentials down. Sometimes it’s on a sticky note left underneath a keyboard. Other times it’s in a notebook or another easily visible and accessible location.
It’s hard to place 100% of the blame on employees when remembering multiple passwords can be so challenging. Because of this, staff members might also use the same password across multiple systems and devices. They could also use credentials from personal accounts or incorporate individual details like birth dates that are easy to recall. Unfortunately, this common practice increases your company’s vulnerability to cyberthreats.
Password managers are a better way to help employees keep track of their credentials and reduce security risks. These solutions store and enter staff members’ passwords for multiple applications and web-based systems. Password management solutions populate masked or encrypted passwords for employees. They no longer have to memorize a bunch of different credentials or stick to the same passwords for all systems.
Even if you were to take your business completely offline, you’d still have to guard against risks. But would you want to? Operating without network connectivity is far from practical in today’s hyperconnected, fast-paced, and data-driven environment.
Relying on human oversight has its limitations, so look to enhance it with the capabilities of security-oriented tech. GRC applications, firewalls, antimalware programs, and password management solutions are some of the platforms that can protect your company’s interests. By implementing these tools, your company will be more prepared to handle internal and external threats.