Introduction
As with any technology, computers and the Internet have certain negative aspects which impact businesses utilizing them. One of such downsides is the threat of cyber-attacks which are becoming more sophisticated every year and impact thousands of enterprises exposing sensitive data of their clients. As a result, businesses have to introduce cyber-security services, which often entail significant expenses and thus make companies seek ways to minimize them.
Planning
Today, many companies have faced cyber-attacks. Those who encountered the problem know that it leads to high costs, several hours of downtime and negatively affects the company’s reputation since clients feel their data is not secure. (“Three ways to minimize,” 2018).
To reduce these costs and downtime, companies have adopted several strategies. For Red Clay Company, the best strategy for reducing costs associated with responding to cyber-attacks is minimizing exposure. There are different tactics the company can use to minimize exposure, including establishing boundary firewalls and malware defenses (“You are reducing your exposure,” n.d.). Despite the fact that the aforementioned strategy is the least expensive one, it still delivers effective results, which will be sufficient for enterprises such as Red Clay Company.
Programming
A strong password policy is among the methods that aim to minimize exposure. It is the first line of defense against any cyber-attacks. Unlike previously, where password security was all about uniqueness or complexity, current guidelines cause a user to create a strong or weak password. With these guidelines, the user can quickly know whether the password used is strong or weak. The technical and non-technical members and senior staff members of the Red Clay Company employees are required to ensure an improved authentication is put in place and followed effectively for the safety of the company’s data.
A strong password policy will ensure that external attackers cannot guess passwords randomly to access the company’s data. Moreover, the staff should be aware of their responsibility of keeping the company’s data secure and report any unusual activities in the system. During file downloading or transfer, the company members should ensure the downloaded sources are verified. Such a procedure will eradicate common malware such as ransomware that may damage the system or expose vital information to the public, thus reduce cyber-attacks and minimize the number the expenses related to cyber-security.
Additionally, the Red Clay Company should ensure that all the company’s software is up to date. Most updates come with improved security updates that reduce the system vulnerability, keeping the company information safe. Therefore, the company’s employees must constantly ensure that the company software is updated regularly and on time.
To activities exposing the company to cyberattacks, all technical and non-technical managers and senior staff members must undergo mandatory training. In addition, it is crucial to make them aware of the importance of the security systems and ensure authorization before accessing vital information from the company. (“Three approaches to setting cybersecurity budgets,” 2020). Also, it is essential that this training be done regularly to keep the company’s staff constantly updated on all of the new changes in the infrastructure of the business.
Budgeting
The Red Clay Company budget will ensure that it covers the regulatory laws, evolving threats, and even breaches and incidents in budgeting. The company should also consider budgeting for reliable software and invest heavily in staff training. This will enhance cybersecurity. Budgeting for security presents vast options when it comes to protocol expansion and upgrades (Davis et al., 2016). This budget will ensure the security protocols are maintained, replaced, or upgraded at the appropriate time. It is advantageous to have a budget since the company will be able to plan in terms of emergencies (“Three approaches to setting cybersecurity budgets,” 2020).
With the budget, the company will have clearly defined goals and even the system outcomes, thus ensuring lower costs of cyberattacks (“The 5 important reasons,” 2018). Red Clay Company will pay for the services at specified periods, using resources obtained from dividends earned by the company.
References
Davis, J., Libicki, M., Johnson, S., Kumar, J., Watson, M., & Karode. A. (2016). A framework for programming and budgeting for cybersecurity. Rand Corporation. Web.
The 5 important reasons why every business needs a security budget. (2018). United Locksmith. Web.
Three approaches to setting cybersecurity budgets. (2020). Cipher. Web.
Three ways to minimize cyberattack threats by reducing attack surfaces. (2018). TechRepublic. Web.
You are reducing your exposure to cyber-attacks. (n.d.). GCHQ. Web.