by Felicien | Feb 6, 2018 | Education
We all wish we had a magic crystal ball that would make our lives easier, whether that means knowing when to change our hairstyle, or when to apply for that dream job.
In business, there is no magic crystal ball that will tell us what’s going to happen, but with the right technology, we can get a good idea. Using incredible algorithms and analytics, technology can detect patterns that help you to adjust your business for the future. The use of this technology is called business intelligence.
Business intelligence tools are here to help you manage your business more effectively. Still, many small businesses don’t take advantage of the tools that they have available to them. Small business owners know that they should be analyzing their data but often fail to do so. In fact, the SMB Routes to Market Study found that small businesses reported “getting better insights out of the data they already have” is their primary challenge with technology. There is a common misconception that Business Intelligence Tools are mainly for large businesses and grand corporations. While analytics and other business intelligence tools are helpful to large businesses, they also work well for small businesses.
What is business intelligence and how can it help my small business?
Business Intelligence is software and tools that support the growth of a company through data collected such as department productivity, overall growth, sales trends, and customer behavior. Business Intelligence Tools can range from something as simple as Spreadsheets for the organization, analysis and storage of data to Online Analytical Processing or Reporting and Querying software. Each has a specific use, and offer various benefits to your small business.
Most common Business Intelligence Tools:
Reporting and querying software
Online analytical processing (OLAP)
Digital Dashboards
Business Activity Monitoring
Local information systems
Data Mining
Data Warehouse
Data Cleansing
Reporting and querying software extracts, sorts, summarizes, and presents selected data. This data could range from sale reports of specific items to a measurement of the efficiency of marketing plans. Sisense, an example of reporting and querying software, is one of the more well-known programs of this type, given that it won the Best Business Intelligence Software Award for 2016. Sisense collects data from multiple sources while offering the ability to complete analytics both on-premise and in the cloud.
Online analytical processing (OLAP) is part of the broader category of Business Intelligence, which also encompasses relational database, report writing, and data mining. Microsoft explains that “OLAP databases are designed to speed up the retrieval of data…It is a sophisticated technology that uses multidimensional structures to provide rapid access to data for analysis”. This is beneficial to your small business as it saves you time and money by constantly retrieving data and reporting its findings to you and your analyst in clear ways that help you improve your business. Looker is a popular example of OLAP software, using simplified language to give businesses a better understanding of their data analytics.
Digital dashboards give you a dashboard view of your data and sources. This is important when you need to view numerous reports and data sources, or when you need to present these findings in one location to numerous employees. This provides a clear representation of the data findings of your business, to anyone from the CEO to the temporary receptionist, ensuring that everyone is on the same page and working towards the same data-driven goals. In a recent study, it was brought to light that only 40% of the workforce knew about the company’s goals, strategies, and tactics. Tools such as these fill that void by allowing employees the opportunity to be more productive and efficient in working towards the greater good for the business.
Some of the most important Business Intelligence Tools recognize and take advantage of patterns. If your company is losing money, it’s best to know why, and where, so that you can stop it. The same concept works in reverse. If your business is doing well, you’ll want to know specifically how and why in order to continue to do so. There are numerous Business Intelligence tools that can support this way of thinking.
For example, Business activity monitoring refers to the aggregation, analysis, and presentation of real-time information inside the organizations, as well as activities involving its customers and partners. Taking a closer look at all the activities of your business, from an analytical standpoint, would give you clear-cut answers on where there are gaps, and where there aren’t. These tools provide you with the opportunity to ensure that you, your staff, and your business are making efficient use of all your resources, no matter how large or small.
Tableau is one of the top software choices for business activity monitoring. This program helps you make improved decisions based on material and resources usage. This especially helps businesses ensure that they are ordering enough to meet demands while managing their risks.
Additionally, sometimes the answers lie outside of your business. Local information systems focus on collecting data in relation to geographic reporting. Similarly, data mining is the process of discovering patterns in large data sets involving methods at the intersection of machine learning, statistics, and database systems. Recognizing these patterns help you depict optimal opportunities while making smart choices to avoid negative trends.
Domo is a popular program that optimizes the business’s marketing efforts by recognizing and measuring customer engagement through hundreds of different data sources. For example, Domo can help your business collect data from all types of social websites such as LinkedIn and Facebook as well as more technical ones such as Google Analytics and QuickBooks.
The term that is clearly repeated throughout business intelligence is “data”. Some of the most important and most beneficial tools of business intelligence are Data Warehouse and Data Cleansing. Data Warehouse is the storage of the data currently collected as well as previous data. Maintaining a secure and stable storage of important data helps your business to provide professional and trustworthy service. Google Analytics is a great Business Intelligence tool that allows you to improve your data collection. This type of data collection will help you improve your understanding of your audience and prioritize your marketing channels and make smarter advertising placements.
Data Cleansing is the process of monitoring stored data to detect any incorrect or corrupt data. After the file is identified as corrupt or incorrect, then Data Cleansing software works to safely correct or remove the corrupt data without damaging any other files. If you were at your doctor’s office and he prescribed you something that was researched with an 88% error rate, would you still take that pill? Of course not. So why do we continue to use data that is erroneous?
A recent study from the University of Hawaii shows that “88% of spreadsheets contain errors”. If you are storing corrupt files, you could lose other important data, therefore losing time and money. These corrupt or incorrect files can come from a few different sources, with misspellings and missing information being one of the most common errors. Without cleansing this data, your business could be making analytical decisions off incorrect or corrupt data.
Which ones should I choose?
With so many options to choose from, it can be hard to determine which is the best for your business. The great news is that now business intelligence tools aren’t solely for the large corporations with the deep pockets. These systems are extremely affordable, and in fact, some are even free. For example, you can download Microsoft’s Power BI Desktop app for free with up to 1 GB of data. Once your business grows past those needs it will only cost you $10 a month.
What does this mean for my business?
Business Intelligence Tools are meant to eliminate guesswork while helping to monitor critical metrics. They provide you with valuable insight into your business’s activity and your customer behavior. There is no longer the need for whole teams of analysts and scientists to explain the data in layman’s terms. Now, programs and tools such as these will work as a middleman, giving even the most inexperienced employee access to powerful game-changing data.
These programs also increase your business’s profit, both now and in the future through the use of analytics and science-based predictors. Business Intelligence Tools increase your productivity within your business, as well as improving your efficient reach of a larger audience. Then with your improved business, it ensures that you are able to secure and protect your business and the data in which it holds.
Small businesses don’t grow big by continuing to think small. Businesses grow by having a good understanding of their company’s activities, and the needs of their customers. That requires Business Intelligence. Don’t sidestep Business Intelligence Tools because you aren’t sure if your business is large enough to need it. Take advantage of the tools available to you and make the most of your business today.
by Felicien | Feb 5, 2018 | Education
Public Wi-Fi may be convenient, but it’s not necessarily safe. Are you putting your data at risk when you connect?
Have you ever been to a Starbucks? Stayed in a hotel? Taken a flight or had a layover? It’d be hard to find a person who can say “no” to all of these questions. Running a business means being a road warrior, with an on-the-go office allowing you to work wherever, whenever.
Why do we ask these questions? Just a single visit to a coffee shop or a short layover in an airport terminal generally offers you access to public Wi-Fi at no cost. While this helps busy professionals like you with day-to-day operations of running a business, it can also put you at great risk. “Free” doesn’t always mean friendly, with viruses, malware, and other harmful technology just waiting to infect a vulnerable victim. Like germs waiting for a weakened immune system, all it takes is one small interaction to make a huge impact on you and your business.
Back in the Day
If you recall, the Palm Pilot and Blackberry, the first mobile devices for professionals, were seen as revolutionary in their heyday. These were made obsolete with the release of the first iPhone nearly 11 years ago, with consumers migrating to smartphones as their preferred means to stay in touch. The appeal of the Internet wasn’t new then but having the ability to surf the web in your hands was a treat, and we have an insatiable appetite.
Early browser wars between Netscape, Internet Explorer and Firefox further fed our consumption, and iPhone’s Safari app wasn’t the only player that put the power to search the web in our hands. Since unlimited data wasn’t an economic option in early plans for most wireless service providers, public Wi-Fi hotspots became a marketing effort to draw consumers.
Today
Fast forward to today, and it’s relatively easy to find public Wi-Fi. The difference is that in those 10+ years, hackers have fine-tuned their weapons.
A decade ago, Microsoft was quick to claim over 90% of the computing market share. Apple’s measly 3% representation made “Mac” users feel comparatively safe, as though membership in this exclusive club came with the assurance of safety. After all, why would hackers bother committing time and resources to an OS that boasts so few users? This has evolved with the explosion of iOS devices, including iPads that provide desktop solutions in a mobile platform.
In 2017, smartphones passed desktop computers as the most commonly-used computing device globally. Aside from their true multipurpose nature as a telephone and a computer, the appeal of the smartphone also stems from their attractive price point, though the days of subsidized costs have disappeared.
The ease of use of a smartphone or tablet hasn’t gone unnoticed by hackers, either. You can stop by Starbucks at lunch to have a quick coffee with a friend and check your email and your bank balance while you wait.
Don’t mind the seemingly invisible entity across the room in the armchair near the window, sipping a latte while using a laptop, backpack leaning against the chair leg. What’s in the backpack? Maybe a textbook or two–or maybe a device called a Wi-Fi Pineapple.
Eat, or Be Eaten.
IT security professionals are familiar with variations of the handy Wi-Fi Pineapple, commonly used to test for many types of vulnerabilities in a network. What’s great about these is their simultaneous simplicity and comprehensive auditing ability. Cybersecurity professionals are drawn to the intuitive interface, advanced reporting, and intelligent reconnaissance support. But, hackers like them, too.
These pocket-sized devices are made to be mobile. How do hackers use them for darker deeds? Discrete and wireless, a Wi-Fi Pineapple can easily fit into a backpack and advertise an access point name that mimics public Wi-Fi, just waiting for the unsuspecting patron who wants to share a photo on Instagram.
What is an access point? A wireless internet access point allows wireless devices to connect to wired networks using wireless technology like Wi-Fi or Bluetooth. A network is assigned a name and, if secure, a password.
Public Wi-Fi is often given a generic name, like the name of the location where you are, such as a library, restaurant, or airport. These are easily identifiable and quick for you to find. Hackers know this and set up their own names to trap you. For example, how easy is it to name a network something like “Starbucks SoCal” or “ATTWiFi NYC Times Square 10036?”
Did you know that iPhones can automatically connect to AT&T Wi-Fi?
Hackers can use the Wi-Fi Pineapple with a simple interface to steal one keystroke at a time and capture usernames and passwords from victims in the vicinity that are posting a Facebook status, paying a credit card statement, or even shopping on Amazon. Are you one of those smartphone users who’s afraid you’ll lose your phone and never stores usernames or passwords, so you enter them each time? A hacker is eagerly waiting for you to do this!
Getting Back to Basics
Remember 10 years ago when Mac users felt safe because there were so few cyber attacks? With the success of the iPhone, that so-called safety shrank away to nothing. Hackers don’t access your data based on your OS anymore. Regardless of which OS you’re using, if you’re vulnerable, you’re vulnerable.
Do you feel like you can’t win, with security risks coming at you from every direction? We understand. Technology is our friend, and advancements are designed to simplify our lives, but the probability of being hacked has outpaced the likelihood that your confidential data will be stolen from a lost phone.
With the primary goal of stealing usernames and passwords, and ultimately, money, hackers work to compromise your data and your business. What can you do to protect yourself?
Do:
Only join networks you know you can trust with certainty.
Use networks that require a password, even in public. This is common in hotels where your room charges include guest Wi-Fi, and the password is only given to paying guests.
Disable automatic connectivity on your smartphone, tablet, and laptop.
Don’t:
Join a public network and then enter personally identifiable data.
Shop online using public Wi-Fi. Not only do these transactions involve usernames and passwords, but also payment information and details like your billing address.
Let your guard down.
Never forget the hard work you did to create your brand and success. Don’t let hackers rob you of this. Do all you can to protect yourself and your business. If you need help doing this, partner with a cybersecurity expert for the best safeguards available.
by Felicien | Feb 5, 2018 | Education
There is no such thing as a safe investment. Investing is a scary business. Most people prefer to work with financial experts when it comes to finding the best place to put their money. Just like them, you’ve worked hard for every penny, and you don’t want to see it go to waste.
However, what if you’re the expert people turn to for financial advice? Are you using every tool at your disposal to make the best decision? The traditional marketing mix doesn’t apply to you because the result you provide is an intangible service that requires performance and industry expertise. Establishing your brand through performance is the proof your clientele and community needs.
Advising others on how to invest their money is a precarious profession. You potentially hold the key to your neighbor’s retirement, your cousin’s college fund, or even your parents’ elderly care costs.
In addition to your performance, you must portray a positive public image. Making a name for yourself in your community requires active engagement. Volunteering, advertising in your church bulletin, local civic participation – the list goes on. These are all great ways to be an active and respected member of your community.
But is this list enough? It can be, but only if the community gets your message.
The ABCs of Money
Authority is all about perception – be the authority figure that people respect. Build on this authority with diligent research and by keeping up-to-date on the latest facts and information.
Brand yourself. Your brand is what defines you, and it’s what makes people like you. It establishes the bedrock of trust. Your brand should be a reflection of who you are and should be consistent in every aspect of your life. Maintaining this consistency will help others trust you as an expert in the innermost of professional relationships: financial advice. The consistency of your brand builds trust and builds your business.
Confidence is key–making the right series of decisions leads to confidence.
What’s missing in your marketing mix?
We’ve talked about the A-B-C’s of financial advice, but we can’t stop there. Focusing on your brand is what’s going to grow the business you’ve built. How well have you defined your brand? We’ve touched on the traditional marketing mix, but in the services industry, there are more than just the fundamental “4 P’s”: Price, Product, Promotion, and Placement. Providers of intangible goods – services – have more “P’s” to consider: Process, People, Performance, and sometimes Proof. Performance and Proof, in your case, go hand in hand.
Marketing your brand has always involved promotion via multiple channels to reach your target audience. Until just a few years ago this didn’t include social media. Why? Because platforms like Facebook, Twitter, and Instagram were seen simply as social channels to connect with friends and family, like a digital dinner table. While Facebook has offered paid advertising options since its launch, the evolution of Facebook advertising means that ads have changed almost as much and as often as the Feed. Facebook is the primary social platform most B2C businesses use, and today’s marketing mix must absolutely involve a social media strategy.
Can social media make you money?
New businesses are born every day, and some from the wildest of ideas – just like Facebook was at its launch. That said, businesses are making money with social media every minute. Are you late to the game?
We talked about the A-B-C’s of Money, so let’s move on to the 1-2-3’s and see how we can make the most of 2018 together.
Does your company have an established policy on the use of social media? Check for requirements you must follow, if there’s a corporate compliance department and be sure to verify rules for social media use.
Define your audience. Who are you trying to reach? Do you have a target niche? Just like physicians and attorneys specialize in a specific field of study, like pediatrics or personal injury, financial advisors often focus on a niche. By understanding the specific needs and goals of your clients, you can create a comprehensive investment plan for them. This is your goal.
Choose your channel according to your audience. If your clientele rarely visits LinkedIn, it makes sense to shift your focus elsewhere.
Diversify! You advise your clients to diversify their portfolios for maximum returns, so why wouldn’t you do the same? If your audience doesn’t stay within one social circle, why would you?
Invest in a professional headshot. Personal photos are great in digital albums, but not for your profile photo. Make it clear you take your job seriously, and your clients will feel like you take them – and their nest egg – just as seriously.
Reveal personal interests, engage with others, and relate on a personal level. In marketing, you learn to follow the “80/20” rule, where 20% of your clients represent 80% of your business and revenue. When it comes to social media and content sharing, stick to a different “80/20” rule: Posts should be 80% professional and 20% personal. All business all the time will more likely result in a loss of client base. Relating on a personal level and helping people see how their success is your goal will grow your base.
Avoid controversy. The rule of parties is to avoid politics, religion, and money. As a financial advisor, you have to break the rule about money – but do so carefully and tactfully, and without condescension.
Google alerts are your friend. What are competitors doing? Who in your Rolodex started a new job or has a birthday this month? Is a client getting married or retiring? A personal message will go a long way.
Share content aligned with your brand, but also to help your audience. Google alerts aren’t just your friend – they’re your best friend! Set up Google alerts for topics of interest for yourself and your clients, and share. Stick to content that represents your brand to underscore authenticity for yourself.
(10)Last, but certainly not least is – no sales pitches! You may violate industry rule – and even your company’s regulations by pitching a sale on social media. Furthermore, you’re also going to annoy and alienate those with whom you’ve worked so hard to build trust and relationships.
This is only a short list of how we can make the most of 2018 together. We have many more opportunities to help your career further blossom in the coming year, including:
Start a blog. This is time-consuming but establishes a tone of authority and expertise with quality content.
Expand connections on LinkedIn. Bigger isn’t always better, regarding number of connections, but LinkedIn is the one profile where networking is not only expected but encouraged, to further one’s profession
Does your firm have a pre-approved library of content for use with social media? So long as it’s in line with your brand, there’s no reason not to take advantage of this knowledge base.
With social media, the possibilities are only limited by the user base. There will never be enough hours in the day to exhaust all the possibilities at your digital fingertips. Follow these A-B-C’s and 1-2-3’s with us and your 2018 will be your best year yet!
by Felicien | Feb 5, 2018 | Education
Many modern companies are now implementing BYOD policies that permit employees to work with their personal laptops, tablets, and smartphones.
Bring your own device (BYOD) to work. Who would have thought, even twenty short years ago, that you could use a little phone to do business instead of a big clunky computer? That’s today’s reality and tomorrow’s norm. However, with this new wave of change in the workplace, there comes many risks and rewards to both employers and employees.
Bring your own device programs can be broken down into three important areas of review.
Determining which software applications are required to manage devices connecting to the network.
Preparing a written policy outlining the responsibilities of both the employer and users.
Ensuring users sign an agreement acknowledging that they read and understand the policy.
This is where things get tricky. You can create all the policies you want. Write them up and discuss them until you’re blue in the face, but how do you truly enforce them? The answer is that you can’t. You can’t control what employees do even if they sign an agreement on usage. So, it stands to reason that you must be very careful when hiring employees. Trust is crucial. You must be able to count on your staff to do the right thing all the time.
Asking people to use their own devices certainly offers several advantages. It can lower company costs and improve efficiency and effectiveness. Mark Coates, a VP at Good Technology notes that “By enabling employees to securely and easily access corporate data on their own device, productivity levels will naturally increase. In terms of cost savings, there are huge benefits, since SMBs will not have to manage and fund a second device for employees”.
Tony Bradley of PC World states that “when companies embrace BYOD policies, they have advantages over competitors. Some of these advantages being lower costs to the company since employees already own these devices and employee satisfaction and familiarity with the devices. Obviously, they’d rather use the devices they love rather than being stuck with laptops and mobile devices that are selected and issued by the IT department”.
On the other hand, the obvious cons are trying to control private and sensitive information. Data breaches can and have occurred. Software and hardware are replaceable, but company data is not. In a BYOD workplace, organizations lose much of the control over the equipment and how it’s used. After all, how do you tell an employee what they can and can’t do with their own laptop or smartphone? Company-issued devices, on the other hand, are protected by company-issued security that is controlled by the IT department.
Advice is being offered to companies considering a BYOD policy via government guidelines. The US Department of Commerce’s NIST, National Institute of Standards and Technology, has the following to say.
Teleworkers who use a BYOD desktop or laptop (PC) for telework should secure their operating system and primary applications.
Securing a BYOD PC includes the following actions:
Using a combination of security software, such as antivirus software, personal firewalls, spam and web-content filtering, and popup blocking, to stop most attacks, particularly malware.
Restricting who can use the PC by having a separate standard user account for each person, assigning a password to each user account, using the standard user accounts for daily use, and protecting user sessions from unauthorized physical access.
Ensuring that updates are regularly applied to the operating system and primary applications, such as web browsers, email clients, instant-messaging clients, and security software.
Disabling unneeded networking features on the PC and configuring wireless networking securely.
Configuring primary applications to filter content and stop other activity that is likely to be malicious.
Installing and using only known and trusted software.
Configuring remote access software based on the organization’s requirements and recommendations.
Maintaining the PC’s security on an ongoing basis, such as changing passwords regularly and checking the status of security software periodically.
Teleworkers who use a BYOD mobile device for telework should secure it based on the security recommendations from the device’s manufacturer.
Limit access to the device, such as setting a unique personal identification number (PIN) or password not used elsewhere, and automatically lock a device after an idle period.
Disable networking capabilities, such as Bluetooth and Near Field Communication (NFC), except when they are needed.
Ensure that security updates, if available, are acquired and installed at least weekly, preferably daily.
Configure applications to support security (e.g., blocking activity that is likely to be malicious).
Download and run apps only from authorized apps stores.
Do not jailbreak or root the device.
Do not connect the device to an unknown charging station.
Use an isolated, protected, and encrypted environment that is supported and managed by the organization to access data and services.
They go on to say, “Sensitive information, such as personally identifiable information (PII) (e.g., personnel records, medical records, financial records), that is stored on or sent to or from telework devices needs to be protected so that malicious parties cannot access or alter it. An unauthorized release of sensitive information could damage the public’s trust in an organization, jeopardize the organization’s mission, or harm individuals if their personal information has been released”.
As you can see, a lot of thought needs to go into deciding whether this practice is right for your workplace. If you’re still not sure, check out the link below for a detailed graphic checklist.
by Felicien | Feb 5, 2018 | Education
Technology is amazing when it works for us, but not so amazing when it doesn’t. New tech innovations have helped businesses grow at an exponential rate, but as business technology grows, so does cybercrime.
Protecting a business’ security is not only a job for the IT team but one for the Chief Executive Officer as well. As a CEO, you should understand that any interruption in your information systems can hinder your operations, negatively impact your reputation, and compromise your customers’ private data.
According to the Ponemon Institute, the average annual cost of cybercrime for organizations is $11.6 million per year. They also revealed that there’s a lack of communication between IT and upper management.
In the past, enormous data breaches occurred because of malicious programs such as ransomware and the RAM Scraper malware. In fact, 2017 was the worst year yet for cyber attacks and ransomware.
In recent years, security breaches at Target and Equifax have been highly publicized. Target’s leak gave away the personal information of more than 60 million customers. A shareholder lawsuit was brought against their directors and officers. Although the board members were found not guilty, both the company’s CEO and CIO resigned. The Equifax breach affected over 143 million U.S. consumers, as well as customers in the U.K. and Canada. The breach took place between May and July but wasn’t discovered until weeks later.
IT and management must work together.
When it comes to cybersecurity, many CEOs don’t fully understand the urgency. They spend their energy developing new products and services and managing current ones. Security comes in second. Maybe they’re unaware of the risks or feel that it’s solely an IT concern. Some may not be very technical and are afraid of discussing what could be an intimidating topic, but this isn’t wise.
After The Ponemon Institute surveyed 5,000 IT professionals from more than 15 countries, including the U.S., it was discovered that over half of them believe their organizations’ security measures don’t provide suitable protection against cyber attacks.
However, some CEOs do work with their IT teams. These are mainly CEOs from tech companies. One such company is Okta. Based in Northern California, Okta’s goal is to go beyond passwords to better secure their information. According to the company’s CEO and Co-Founder Todd McKinnon:
“Securing your data with a single factor – a password – is a bit like locking up an expensive racing bike with a cheap chain and a padlock. It only stops unmotivated thieves. Ask any of the numerous companies that have grabbed the headlines this year. Single-factor authentication failed to protect the personal data of millions of people – and these companies paid dearly for the mistake.”
Andrew Chanin is the CEO and founder of New-York based PureFunds, a $1.2 billion-dollar company. PureFunds is a cybersecurity exchange-traded fund that invests in cyber security firms. When asked why he decided to start his company, Chanin stated:
“Cybersecurity has been growing regularly since its formation. Although cybersecurity was always a risk — ever since computers came about — recently, entire companies have fallen victim, as well as governments, to massive, costly cyber attacks. The U.S. Federal Government spent less than $1 billion on cybersecurity in 2000. For 2015, that number is $15 billion.”
The Department of Homeland Security recommends five questions that CEOs should ask themselves to lower the risk of cyber attacks:
What is the current level and business impact of cyber risks to our company? What is our plan to address identified risks?
How is our executive leadership informed about the current level and business impact of cyber risks to our company?
How does our cybersecurity program apply industry standards and best practices?
How many and what types of cyber incidents do we detect in a normal week? What is the threshold for notifying our executive leadership?
How comprehensive is our cyber-incident response plan? How often is the plan tested?
When CEOs and IT work together, everyone wins. Take notice and follow the examples of tech companies. Make security priority-one so your business can flourish in all areas.
by Felicien | Feb 2, 2018 | Education
Cybercrime is a common part of business these days. Even if you haven’t encountered a hacking or malware incident at your business in recent years, the fact is that cybercriminals are coming up with new methods of stealing and compromising sensitive business data every single day. At best, modern cybersecurity measures are 99.9% effective; cybersecurity experts around the world agree that hacks and data breaches are an inevitable part of a business.
A majority of cybersecurity services offered today include the best in vital technologies, from firewalls to anti-malware to data encryption and more. However, as important as this technology is, on its own, it simply isn’t enough. The key to truly comprehensive cybersecurity is simple, yet often overlooked: the user.
Your employees are the weak link. Of course, it is important to have a well-managed and maintained IT infrastructure, but in today’s business world social engineering is the number one security threat to any organization. The alarming growth and sophistication of cyber attacks only make this problem worse, as cybercriminals go for the low hanging fruit – that is, your employees.
Cybersecurity gimmicks — such as “set it and forget it” firewalls and antivirus software — fail to account for how important the user is. Even the most effective digital security measures can be negated by simple human error, which is why conventional solutions are simply not enough to ensure your business’ safety.
Much of cybersecurity is dependent on the user, and as such it’s vital that you properly educate your employees in safe conduct. The more your workforce knows about the security measures you have in place, the more confidently they can use the technology is a secure manner.
That’s why extensive security training is so important for you and your staff. By walking your employees through the most common cybercrime methods — phishing, ransomware, email spoofing and more — you can ensure they’re prepared to bolster your business’s security, rather than compromise it.
The best part? It may even eventually pay for itself! If you’re currently paying for cybersecurity insurance — and if you’re not, you should be — then you may be entitled to a discount on your premium by investing in security training for your staff. Call your carrier or agent today and find out if you can save some money by training your staff.
This is equally important because some forms of cybercrime that rely on the participation of an employee won’t be covered by the insurance. It may fall under human error, for which the wrong carrier or policy won’t pay out. So, not only will training help you save money on your premium, it will also help you avoid situations where you won’t be covered!
In 2016, 80% of U.S. companies suffered a cyber attack, and 47% of these were due to ransomware. The lack of employees’ cybersecurity awareness is the leading cause of successful ransomware attacks. This is the easiest way for cybercriminals to obtain access to your private data. Share these tips with your employees to start boosting your cyber defense today:
Phishing: This is the most popular tactic used by today’s ransomware hackers. They deliver malware in the form of an email, chat, web ad or website, and design it to impersonate a real employee. They send a message with a sense of urgency and importance, from a government agency or a major corporation to trick your employees.
Baiting: This is similar to phishing, and typically involves offering something enticing to an employee in exchange for private data. The “bait” could come as a digital file, such as a music or movie download; or a fake link in an email saying “check out our new employee policies.” Once they go for the bait, the malware is free to infect the computer and the network.
Make sure your employees are aware of emails containing attachments that they aren’t expecting. Before clicking on anything, they should confirm who the sender is via a phone call, text message, or by sending a separate email.
Malicious websites and malvertisements: These are designed to look like a legitimate website. Cybercriminals can make them look incredibly real by display branding and logos from actual organizations (such as banks). The hackers then insert a code into a legitimate site which redirects unsuspecting users to their malicious site.
Teach your employees how to check URLs by hovering their mouse over the link to reveal the complete URL in the status bar at the bottom of the browser.
As technology continues to become more sophisticated and complex than ever before, your employees may be operating on outdated knowledge, which can quickly put your business at risk for a data breach!
Train your employees to keep them safe AND save money on insurance. For more information, get in touch with {company} right away at {phone} or {email}.
