What is Cybercrime?
Cybercrimes are criminal activities carried out by means of a computer or the internet.
What are the possible effects of Cybercrime in Organisations?
As an organization, it is very important that you protect yourself from a data breach and prevent a situation where secure or private/confidential information is stolen and released or used against your organization. Data is the most crucial asset in businesses today and you should make sure that you protect yourself from a data breach.
Any type of security breach can be catastrophic for any business especially a data breach. Listed below are the possible damages cybercrime can cause to an organization:
The loss of intellectual property and sensitive data
Opportunity costs including service and employment disruptions
Damage to the brand image and company reputation
Penalties and Compensatory payments to customers (for convenience or consequential loss) or contractual compensation for delay
Cost of countermeasure and Insurance
Cost of mitigation strategies and recovery from cyberattacks
Loss of trade and competitiveness
Distortion of trade
Job loss

How can you protect your business from cybercrime?
You can protect your business by considering the following tips below to avoid being targeted by cybercriminals.
1. Keep all software updated and regularly patched
One of the numerous ways hackers gain access to computer systems is via code defects; some of which remain unnoticed for years before they are patched. If you do not update software regularly, you could leave your networks vulnerable to anyone with a little bit of technical knowledge. Code defects can affect all software, from operating systems and browsers to specialized software and more.
2. Invest in a reliable Virtual Private Network (VPN)
A VPN (virtual private network) creates a secure connection over a less-secure network between your computer and the Internet. A VPN makes your Internet Protocol (IP) essentially invisible to hackers and makes sure your online traffic is encrypted which cuts down all possibilities of stealing passwords or financial information or tracking your activities. There are many VPN options available. Before you choose a service, determine your organization’s needs and carefully research which one is the best fit.
3. Educate and train your staff
It is important that you educate and train your staff on cybersecurity. Even where you use the latest antivirus and firewall software, you won’t be fully protected if your employees do not follow the rules of digital security. Over 90% of security breaches happen not as a result of hackers overcoming the network’s protection, but because an employee unwittingly opened up a door – for example, by using a weak password or falling victim to a phishing email.
Investing in cutting-edge security software but failing to educate your employees in cybercrime prevention is tantamount to boarding up the windows while leaving the front door wide open.
4. Use Strong Password (most preferably alphanumeric) and set up a 2-step verification / 2-factor authentication
Using a strong password is important. A password is considered strong when it has at least 8-digits consisting of alphabets (lowercase and uppercase), number and symbol. Strong passwords will be difficult for anyone or a hacker to guess. It is also advisable to periodically change one’s password on all platforms used. Do not use the same password on all platforms. The implication of this is that if one gets hacked all others are at risk. Passwords shouldn’t be saved on notepads: rather make use of a password manager, and never share your password with anyone.
2-factor authentication is a 2 step verification of password to ascertain the rightful owner of an account,this is done such that after putting in password on a platform, a code (6-digits) will be sent to either phone number or email (depending on which was used during the 2-factor authentication setup) of the account owner to confirm that he is the one trying to accessing the account and not an unauthorized person.
5. Divide, encrypt, and back up sensitive data
Data is the most critical asset in businesses today and protecting it should be a top priority. Put it behind as many layers of security as possible. Duplicate it in different storage devices and divide it into segments. This approach may be cumbersome but in case of a security breach, hackers will not get access to your entire data bank. Use advanced encryption methods with the latest encryption software update to make sure that stolen information will be useless to hackers. Finally, back up your data regularly. Cloud solutions such as Backup as a Service (BaaS) and Disaster Recovery as a Service (DRaaS) are the most efficient ways to ensure that this happens.
6. Set up strict limitations on company computers
Restrict your employees from installing unauthorized software on company computers without approval from your system administrator and also control the use of external devices (flash drive, HDD). This will help prevent malware from infecting your company’s network and reduce wasted time.

These days, cybersecurity can no longer be treated as an afterthought. A security breach can be catastrophic for any business, even those without a strong digital presence, so ensure that you protect your business from cybercrime.