Over time, the number of companies going online has increased. Cybersecurity threats have also amplified with the rise of online businesses making data breaches a costly affair. According to a Forbes report, the average cost of a data breach in 2024 has been estimated to be about $4.88 million.

 

Yes, we are aware of it but the question is what should businesses do about it? Well! You can safeguard it. The business can be of any type but the safety requirements are mostly the same. Many companies just stick to the basics of owning a website and having a customer base. However, planning to safeguard an online business is much more crucial than this.

 

Of course, registering a business is the initial critical step, but once that’s done, protecting your online assets should be a top priority. There are plenty of business entities, but for online businesses, the simplest is an LLC.

 

Though there are different types of LLCs to choose from, you need to check out the guides that inform you thoroughly. Remember, all the regions come with different sets of rules and thus, it is important to search for the guide for the region you want to form an LLC in. For example, if you want to establish a business in Texas, search for steps to form an LLC in Texas.

 

With data breaches costing companies nearly $4.88 million in 2024, it’s clear that cybersecurity can no longer be an afterthought. Businesses must proactively implement robust security measures to safeguard their operations, customer data, and reputation.

 

Let us find out more about securing your online business. Here are some tips to strengthen the security of your online business.

 

Get an SSL certificate

 

Getting an HTTP website is the bare minimum today for online businesses. HTTP protocol can help you host a website but does not protect against hackers. When it comes to security, HTTP protocol, which is HTTP + SSL is a must. SSL certificate ensures encryption of data and safe transfer of data in the network. Getting an SSL certification can help you secure the site and all the subdomains.

 

Backup your data

 

Cyber attacks or malware infections can affect the data integrity of your online business and may lead to data losses. With a backup of the data, you can easily tackle such issues and reduce downtime. A faster recovery will help you go back into the business. Also, you can fix the backup frequency. You can do it daily, quarterly, and yearly.

 

Make an incident response plan

 

Quick response to any cybersecurity incident or technology glitches can be really helpful. A security incident plan will save time wasted on analyzing the issue and creating the action plan. You should also train a team of professionals to execute this incident response plan.

 

Stay updated with cybersecurity policies

 

Cybersecurity policies have been thoughtfully created for online systems to minimize risks and protect the assets and data of the business. Implement the necessary cybersecurity policies to protect all the components of your online business.

 

Educate employees and customers

 

Educate employees about the cybersecurity risks and cyber hygiene practices., At the same time, educate the users about phishing and other attacks. Ask them to be cautious while using personal details.

 

Invest in cyber insurance

 

Online business owners should get cyber insurance to tackle the financial losses incurred due to cybersecurity attacks. Besides covering this loss, cyber insurance can help companies with legal advice and minimize reputational damage.

 

Choose the right business partner

 

Evaluate the cloud services partner before entering into a contract. A cloud services company can help you backup data, notify security breaches, and offer you security tips amongst other things.

 

Collect and encrypt selected data

 

Store only the required data and encrypt them. More data would invite more security and storage space. Chalk out the data chunks you need and make sure to only store them. Use an HTTPS form to collect data from the users.

 

Strategies to safeguard your online business

 

Understand the threat landscape

 

Bad actors can attack your online business in multiple ways. It can be malware, ransomware, denial-of-service-attack, or any other kind of threat. The first step in your security strategy should be analyzing all the attack methods. Then, all the possible measures should be taken against them.

 

Implement encryption and authentication methods

 

There are many security methods, including SSL certificates, payment gateway protection, two-factor authentication, firewalls, data encryption, password protection policies, and content security policies. Implement all the necessary security precautions on your website and network. Stay updated with the latest developments in every field. For instance, password security has moved past passwords. We use biometric data and other details today as passwords are prone to theft.

 

Create a strong monitoring mechanism

 

Early detection of any kind of cyberattack can limit the damage. The network traffic, user logs, and many other components that keep getting updated with time and activity should be monitored continuously. Employ Artificial Intelligence (AI) and Machine Learning (ML) tools to monitor these data streams. The slightest deviation from the normal data can be detected and countermeasures can be implemented.

 

Run regular audits

 

Auditing the cybersecurity posture of the company is very important to ensure all-round protection. Auditing can help you find out the loopholes and vulnerabilities in the existing cybersecurity implementations. Besides cybersecurity implementation, audits can help ensure implementation of the cybersecurity policies. It would be a great idea to hire security experts to get a security strategy tailored according to your business needs. They will give you additional information like the use of age verification APIs and AI-based authentication methods.

 

Regularly update the software

 

Many software applications are used in an online business. The software may have some security vulnerabilities. The software companies release patches and updates to deal with these vulnerabilities. New versions of the software carry the changes. Online business owners should regularly update the software to incorporate the latest changes in their systems.

 

Educate employees

 

Phishing emails are very common and anyone can fall into the trap. Online business owners should conduct training sessions for employees to help them identify the signs of a phishing attack. The employees should be trained to identify different ways malicious actors try to infiltrate the network. Cybersecurity scams keep getting advanced. Regular training sessions should be conducted to spread awareness about the latest scams.

 

Securing an online business is not a one-time activity. The threat landscape keeps evolving with advancements in technology. We need to be up-to-date with every change. Regular audits and hiring experts can be really helpful in managing the safety of your online business.