Cyber Tips

Top 5 Cyber Security Resolutions for Business in 2024

The start of a new year is the perfect time to take stock of cyber security measures for your business. With cyber threats expected to rise, businesses must be proactive. Read on for our round up of the best cyber security resolutions for 2024.

2024 Business Cyber Resolutions

The holiday confetti’s settled and we’re heading into a fresh year full of possibilities. It’s a great time to harness some of that new year optimism to improve cyber security for your business. According to Cisco, “cyber fatigue” or failing to proactively defend against cyberattacks affects as many as 42% of businesses. It’s a sobering stat when you consider the seemingly endless energy cyber criminals have for targeting businesses big and small. Protecting investments, employees and clients from cyber threats can feel overwhelming, especially for SMEs. So, what’s the solution? We have several. Prevent cyberttacks and make it easier for your business to bounce back from a cyber incident with these easy-to-keep cyber security resolutions.  

Resolution 1: Strengthen Password Policies

Strong passwords are the first line of defense for protecting data, yet recent studies reveal that 80% of all hacking incidents involve compromised credentials or passwords. To fortify your defenses, implement and enforce a strong corporate password policy that includes the following: 

  • Make multi-factor authentication (MFA) for logins mandatory 
  • Provide training on password hygiene and best practices for ALL employees—the leadership team, too 
  • Regularly update passwords 

One way to help your entire team have strong password practice is to implement a password manager.

It’s important to remember that while strong passwords make a big difference in cybersecurity, they aren’t enough to fully protect your business. Cybercriminals can still steal passwords or pay a disgruntled employee for access. 

Resolution 2: Keep Software and Systems Updated

Outdated software poses a serious threat to the cybersecurity of your business and can lead to significant legal risks. Software and systems updates include crucial security patches that keep potential security loopholes closed. Failure to do due diligence here can result in data breaches that leave your organization open to legal action from customers, clients and stakeholders. Here are some simple ways to meet this cybersecurity resolution: 

  • Implement automated systems updates to streamline the process 
  • Avoid fake update scams—use only official channels for updates and never download or install software from unknown sources 
  • Regularly review and update your cybersecurity policies to stay ahead of emerging threats 

Resolution 3: Educate and Train Employees

Human error remains a leading cause of cybersecurity incidents with 88% of all data breaches attributed to employee mistakes. Establishing a culture of cybersecurity within your organization ensures that every team member understands their role in maintaining a secure digital environment.  

  • Invest in regular and repeated employee education and training for all employees—don’t rely solely on IT department staff  
  • Conduct simulated phishing exercises to enhance employee awareness and vigilance 
  • Lead by example and make sure leadership and board of directors are demonstratively risk-aware   

Resolution 4: Conduct Regular Security Audits and Assessments  

Address cybersecurity vulnerabilities before they can be exploited with regular security audits and assessments. If your business doesn’t have an IT team to do this, consider hiring risk assessment professionals to conduct periodic cybersecurity reviews.  

Resolution 5: Enhance Data Protection Measures

Your business is legally obligated to protect all personal information collected. And while complying with data security laws and regulations is non-negotiable, having enhanced data protection is a way to attract consumers. Pew Research reports the majority of Americans are concerned and confused about how their data is being used by businesses. If you can reassure clients, investors and partners about the safety of their data, that can give you an edge over the competition. Here are some data protection measures you can take: 

  • Consider the data your company collects and stores and decide if you really need it to do business—remember that more data = more risk  
  • Define who in your company should have access to data and implement access controls to help restrict access to authorized personnel 
  • Use two-factor authentication (2FA) or multi-factor (MFA) on all accounts, including tools used by team members 
  • Have a remote work policy that includes local data encryption and restricts non-work-related apps  
  • Create backups of everything ensuring you have three copies of your company data on two types of media with one copy stored offsite  
  • Allow data sharing between company-issued devices only and consider restricting personal email use 
  • Build cybersecurity into your business so you can quickly take advantage of new technologies 
  • Consider cyber insurance and choose coverage with a robust incident response plan to swiftly address potential breaches and minimize damage—BOXX all-in-one cyber insurance for small business provides a combination of threat prediction, breach protection and cyber insurance coverage

Businesses must be resolute when it comes to cyber security. It’s important to identify your organization’s vulnerabilities before cyber criminals do. You can use this knowledge to protect your business, your team and your customers from cyber threats. Here’s to your continued success and digital safety in 2024! 

Related posts

Cyber Insurance 101 Cyber 2024: What does the future hold?

Cyber 2024: What does the future hold?

Technological advancements have increasingly connected businesses to sources of electronic data, further exposing them to cybercrime.

Cyber Tips 8 Cyber Security Resolutions to Keep Your Home Safe for 2024

8 Cyber Security Resolutions to Keep Your Home Safe for 2024

Setting intentions for the new year? Don’t forget your digital wellbeing with these easy-to-keep cybersecurity resolutions for 2024.


Sign up for the BOXX Insurance Newsletter

Get the latest updates about Cyber Insurance and Protection with our newsletter.