Cybercrime is on the rise. And in a classic web-based fraud that involved a well-renowned NDTV journalist Nidhi Razdan falling prey to an internet scam in January 2021, the attacks have become undetectable.

Not only individuals but cyber-attacks on MSMEs and SMEs have been on the rise. According to a 2019 study conducted by Accenture, 43% of the cyber-attacks worldwide have small-and-medium-sized businesses on their radar.

In India, there are 6 crores SMBs that contribute around 30% in the GDP as per the Confederation of Indian Industry. Their digitalization can increase their contribution further.

Unlike large organizations and enterprises, many SMBs often do not have sufficient resources and manpower to deal with the evolving threat landscape. Also, the major reason behind the less spending on cybersecurity by small business owners is their perception. Most of the decision-makers in small enterprises did not think they would be the target of cyber-attacks. It is this perception that discourages them to invest in cyber-security.

So how can you protect your business from cybercrime? Consider these tips to upgrade and stay protected from ransomware and other cyber-attacks:

  1. Update Software Regularly

If you do not update your servers and systems regularly, you could leave your networks vulnerable to hackers. One of the most common ways through which hackers gain access to your computer is via code defects, which is also known as exploits

Some of these exploits remain unnoticed for years and can affect all software from browsers to operating systems and more. Hence, keeping your system and software updated will protect the business from cyber-attack.

  1. Invest in a reliable VPN

Virtual Private Network or VPN is software that helps to create a secure connection over a less-secure network between your operating system and the internet. It makes you invisible to hackers and protects your sensitive credentials like passwords, login details, and other transactional information. As there are many VPNs available in the market, it is best to determine your organization`s needs.

  1. Divide, Encrypt & create a Backup Sensitive Data

Data is imperative for any business to make constant growth. So protecting it should be the topmost priority. Hence, protect your data by keeping it behind as many layers as possible. Divide it into different segments and do not keep it in a single source. This approach might appear less convenient, but if hackers try to breach the security, hackers will not get access to your entire data bank.

Use advanced data encryption methods to ensure that in case the data get stolen, hackers will not be able to use it.

  1. Put Strict Limitations on company Computers

Put security limitation on every computer which is used in your company. Make sure that no one can install unauthorized software without approval from your system administrator. This step will prevent any malware from infecting your company`s network and protect your business from cyber-attack.

These days, cyber-security can no longer be treated as a choice. A security breach can prove to be catastrophic for small as well as large businesses. The only way to protect businesses is to upgrade and invest in quality cybersecurity software.

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