Cyber criminals are becoming increasingly sophisticated when it comes to malicious attacks on businesses.
On Tuesday (April 8), computer security firm Symantec revealed there were 62 per cent more data breaches in 2013 than in the preceding year. This resulted in the exposure of 552 million identities.
One of the best ways for Western Australian businesses to protect themselves against costly malicious cyber attacks is to ensure they have adequate business insurance in Perth. However, Symantec has offered four tips to help you prevent breaches before they even occur.
Strong security infrastructure
Make life as difficult as possible for cyber criminals by strengthening your security infrastructure.
Install data loss prevention systems, network security, encryption protocols and authentication measures to provide a sturdy defence against even the most dedicated of hackers.
Even the best security systems can be circumvented when employees make mistakes or leave the business open to nefarious activity.
Provide guidance on information protection and set out strict company policies regarding sensitive data. You should also clarify any bring-your-own-device restrictions to ensure no important information is taken or accessed offsite.
Understand your data
According to Symantec, protection should focus on the information itself rather than data centres and devices.
"Understand where your sensitive data resides and where it is flowing to help identify the best policies and procedures to protect it," the organisation explained.
Consider your reputation
Businesses that underestimate the importance of cyber security may not only risk a breach, they could find customers flocking to competitors.
Ed Ferrara, vice-president and principal analyst at Forrester Research, said organisations customers will lose faith in a company that handles security issues badly, but there is a flip side.
"Security incidents, managed well, can actually enhance customer perceptions of a company," he explained.