Managing an international business is no easy task. Alongside having to consider industry standards and regulations across multiple governments, international businesses also come with an elevated risk of falling victim to cyber-attacks. The more complex and far-reaching an organisation is, the easier it can be for cybercriminals to find weaknesses in your business network.
So, how can international businesses protect themselves from the ever-looming threat of cyber attacks? Here are just five security tips that international businesses across the globe are putting into practice.
1. Use global accounts for secure cross-currency payments
Setting up global accounts for your business isn’t just crucial for ensuring your international payments stay secure. Global accounts can also help your company save tens of thousands of dollars in the long term. How exactly?
If you’re looking to send money to businesses in the US from Australia, you may find yourself at the whims of exchange rates. With the Australian Dollar being substantially weaker than the US Dollar at the moment, relying on conversion rates offered by big banks may see your business losing hundreds if not thousands of dollars in excess simply through the process of currency conversion or even through conversion fees.
Many global accounts are also set up to make and receive payments across multiple departments in your business, allowing business owners to maintain a holistic view of their company’s financial position on a global scale. The immediacy of processing payments through a global account rather than through domestic accounts with any of the big banks also allows business owners to continue on with their busy schedules without having to worry too much about payments being processed on time.
2. Invest in cyber security measures like VPNs and malware protection
Alongside utilising secure platforms for making cross-currency payments, international businesses must also consider cyber security measures that will help their staff work safely and securely. With virtually all corporations utilising digital technologies to oversee a growing chunk of their business operations, it’s in the best interests of business owners to invest in internet security packages as well as other suitable cyber security measures.
Securing VPN (or ‘virtual private network’) services for your business can help protect your staff’s user and device data when accessing the web, which can, in turn, help keep all your more sensitive business data hidden from prying eyes. VPNs work by encrypting a network connection for a device when accessing the web and providing an alternative IP (‘internet protocol’) address as a means of masking that device’s genuine IP. As IP addresses can reveal some sensitive information like your internet service provider and the geographical location of your network connection, hackers can use this user and device data to form an understanding of your business’ network and all of its individuals. Once this picture has been formed, all that’s left to do is wait for one of your employees to click on a link they’re not supposed to or mistakenly add the information to an unsecured website. From there, a malicious hack can easily be initiated!
3. Set up VLANs for separate departments
Alongside investing in VPNs and internet security packages, international business owners are also encouraged not to skimp on the overall layout of their office networks. If your company headquarters spans across multiple floors or even multiple buildings, then it’s imperative that you take measures to segment your company’s network connection wherever possible, just to reduce the risks of a cyber attack in one department bringing the entire enterprise to a grinding halt.
This is why many larger-scale corporations set up VLANs (or ‘virtual local area networks’) for each of their separate departments. A VLAN is basically a subnetwork created by setting up endpoints (or devices like mobiles, computers, smart printers, etc.) on a separate LAN. By segmenting network connections, international businesses can reduce the risks of a single hacked computer and then be able to slowly infect or access every other device within your company’s wider network.
Static VLANs can be configured easily for large office spaces like company headquarters by simply setting up your network switches to partition select network connections into VLAN connections. But can VLANs be used for remote workers? Actually, yes. Dynamic VLANs can be established to ensure that only authorised staff can access that particular virtual network, allowing multinational corporations to protect their most sensitive business data with ease.
4. Use multi-factor authentication when accessing accounts
Speaking of restricting access, it only stands to reason that your company’s expansive staff shouldn’t all have access to your business’s digital assets. Making your business’ information totally accessible to all staff drastically increases the risks of a hacker gaining access to this sensitive data. But even with a VPN, a VLAN and all the other measures we’ve outlined above, a malicious third party may still be able to gain access to the login details for a member of your staff. So what can be done here?
This is where multi-factor authentication (or ‘MFA’) is likely to become your best friend. In a nutshell, MFA is the process of establishing multiple login requirements alongside account username and password information. For example, an MFA process may ask users pre-written answers to personal security questions (like ‘what is your mother’s maiden name?’) or may even send a push notification or SMS text to a staff member’s business mobile to confirm their identity.
As virtually all corporations that offer digital products are now providing options for setting up MFA on user accounts, this particular cybersecurity measure is largely considered to be the most cost-effective digital security solution available to businesses today. As a result, it should be a non-negotiable that all your staff have set up MFA on their business accounts.
5. Invest in cyber security training for staff
Finally, you may have noticed that many of the measures we’ve outlined above require staff participation for maximum effectiveness. The fact of the matter is that cyber security is a collective effort, and so the strongest and most secure corporations are typically those who also invest in digital literacy and security training for their employees.
Cyber security training for staff can look fairly different from company to company, so it’s up to business owners and their management team to determine what scope of training is best suited for their enterprise. For instance, if your company manages multiple headquarters in countries around the world, educating staff on the dangers of accessing unsecured websites or even bringing in USB sticks, CDs, or external hard drives from dubious origins.
By establishing quarterly or even monthly cyber security training sessions or seminars, you can ensure that your staff are well aware of your company’s cyber security protocol and the responsibilities that they must bear in order to do their part.
By following these five cyber security tips, international businesses can help bolster their digital security both in the present and over the foreseeable future. Just remember to revisit your cyber security strategy and protocols periodically to make sure that your security measures and information stay up to date!