Information is powerful. As our reliance on technology increases, more and more companies are storing classified data on their online networks. Cloud computing is becoming the new norm – but so is cybercrime. When such delicate information is stored on computer networks, it is important for the data to be analyzed, controlled, and protected accordingly. Especially in case of financial matters, it is essential to protect financial information to prevent it from getting into the wrong hands.

Data security is becoming a great deal of concern in the modern world. While companies are paying millions of dollars to ensure network security, their data is still at risk of breaches and cyberthreats. If the network security of a company is compromised, the business risks losing billions of dollars since it betrays the trust of shareholders and customers alike.

If you are unsure regarding the safety of your network and company data, then you need to take a few extra steps to ensure network security. Here are a few simple, cost-effective steps that you can follow to protect your company data from any potential breaches:

1. Password Strategy

Every data network has a strong password encryption to it. However, one of the most common reasons why network security gets compromised is due to a weak password strategy. Many companies do not pay much attention to the passwords that they are using and end up having generic passwords such as ‘1234’ or ‘Admin123.’ Since these passwords are fairly easy to guess, the company can suffer from major data breaches as a result of pure negligence.

In order to avoid such a circumstance, it is important to establish and enforce a password strategy throughout your organization. Encourage all company members to use complex passwords and continue updating your passwords every few months.

2. Backup Security Plan

If you have an in-house IT team, then you should guide them to develop a strong backup plan. All of the files stored on your company network must have a secure backup so you can retrieve them in case of a security breach. Since many cybercriminals attempt to steal some data from the network and threaten to delete this data from your servers, having a backup security plan can help you keep all the data safe and secure.

The key part of having a secure backup plan is to store your backup away from the primary location. The backup data should not be accessed from the primary storage space in order to keep it separate and secure, even in case of a cybersecurity threat.

3. Purchase Strong Security

As cybersecurity becomes a priority for every company, many third-party apps are offering firewalls and virus protection that can protect your company data. Ensure that the third-party app that you partner with has a good reputation and ensures end-to-end encryption on all of your data. By purchasing professional protection, you are likely to have a stronger protective layer of security over your network such as malware and phishing blocking and intrusion detection.

4. Enforce a Security Culture

When you hire hundreds of employees to run your company, you are constantly risking exposing your data to hackers. Every employee will have access to the company network, and each one of them has their own username and password. In order to protect the entire company network, measures such as providing computer-generated passwords or company laptops to employees can help keep your data safe.

It is also important to encourage a security culture throughout the organization where the importance of password protection and data encryption is constantly reinforced.