Businesses reported over 150,000 cyber attacks in 2017. That’s almost double the amount in 2016. Not only do cyber attacks threaten businesses, employees and consumers, they’re also extremely expensive. The financial damage caused by a data breach costs an average of $3.86 million.

Below, we highlight some common signs your business should update its cyber protection plan and how to implement those changes.

When is it Time for a Cyber Security Revamp?

Hackers are becoming more sophisticated. Major businesses have reported cyber attacks that exposed data from millions of customers just in the last year. Even if you have a cyber security plan in place, do not get complacent. Consider these questions when deciding if it’s time for a cyber security revamp:

  • Has your business grown substantially since you last reviewed your cyber security strategy?
  • Did you open a new building or location with Internet access?
  • Have you purchased any new equipment, computers or other technology devices?
  • When was the last time you revisited your network security strongholds?
  • Did your company suffer any cyber security incident in the past year, such as a data breach or computer virus?
  • Has it been a few years since you’ve updated your business technology? Has it been more than a few months since your equipment last received routine maintenance?

If you answered, “yes” to any of these questions, it’s probably time to revamp your cyber security strategy.

How to Revamp your Business’s Cyber Security Strategy

Technology changes at a rapid pace, which means cyber criminals are always looking for new ways to steal sensitive information through hacking. Upgrading your cyber security plan could protect you from online threats. Here’s how to give your plan a refresh:

  • Conduct a cyber threat assessment. Do a thorough review of your network assets, such as network performance metrics and malware monitoring, to determine where weaknesses lie.
  • Update all passwords and software. It’s easier for cyber criminals to identify access points and hack into your business when software and passwords are outdated.
  • Encrypt all networks. When you encrypt your company’s sensitive information, you are encoding the data to make it unreadable to outside parties. This makes it difficult for unauthorized individuals to access information exchanged through your network.
  • Implement policies, and hold everyone accountable. Create cyber security policies for your company and its employees. Include guidelines on password strength, remote work and bring-your-own-device (BYOD) options.
  • Encourage collaboration between your information technology department and security vendor to ensure your business devices, software and programs are properly set up.
  • Connect with an experienced security vendor who understands your needs. Work with them closely to continuously update your strategy.