Cybersecurity Is No Longer "Optional"
Security breaches can cost businesses millions of dollars.
In a world where most companies rely on electronic gadgets to keep a record of the sensitive information, files, and data they own, losing this data to cybercriminals is probably the worst scenario that any organization can think of. As a matter of fact, recovering information that is lost or stolen is much more difficult than simply taking measures to protect it beforehand. As they say “Better safe than sorry.”
According to John Chambers, former Cisco CEO “There are two types of companies: those that have been hacked, and those who don’t yet know they have been hacked.” According to stats, Cybercrime is likely to cost the world $10.5 trillion annually in the next 4 years.
The reason why cyberattacks are performed is because the data that your company collects is valuable for cybercriminals; these attacks are mostly deliberate and motivated by financial gain. According to statistical reports of Varonis, only 5% of companies’ folders are properly protected. On the other hand, according to IRTC there have been 11,762 recorded breaches from the year 2005 till 2020.
Read down below to find out more about the importance of cybersecurity in business.
What Is Cybersecurity?
Cybersecurity is the process of protecting the devices, data, and networks of your company against any malicious attacks, theft, damage, or unauthorized attacks. Systems can be protected with the help of different cybersecurity software, practices, and technologies that are aimed to ensure that the sensitive information of the organization does not leak, and can’t be accessed by third parties.
Cyberattacks fall under two main categories; first, there are the attacks that are/can be performed from within your company if your organization's assets are accessible by employees. Then, there are ones that pose a threat from the outside, such as hackers and criminals.
Your Company Needs to Implement Cybersecurity
Let’s look at some of the essential reasons your company needs to implement cybersecurity measures as soon as possible.
1. The majority of businesses are shifting to cyberspace
The majority of businesses are shifting online. Cyberspace is filled with businesses and organizations that rely on the internet and electronic gadgets to carry out their everyday operations. According to Internet Live Stats, more than 40% of the total population has access to the internet these days. An increase in Internet accessibility also means an increase in the chances of cybersecurity attacks.
The threat is growing consistently across every country. It has been reported that small businesses are as vulnerable to cyberattacks as the bigger ones. According to stats, more than 43% of cyberattacks target small businesses and it takes less than 6 months for the targeted small businesses to sink into bankruptcy.
No matter how small or big your organization is, it can always fall victim to this illegal practice. Therefore, it is essential that you stay vigilant and plan a cybersecurity strategy for data protection as soon as possible.
2. The data that has been moved to Cloud needs to be protected
Cloud storage offers immense benefits for businesses. It is a cost-effective solution that allows you to store a huge amount of data and information online, eliminating the need to invest in additional hardware.
According to the hosting tribunal, 90% of companies are on the cloud and 94% of workloads will be processed by cloud data centers in 2021. This implies that in the upcoming years, the traditional methods of storing data are expected to become obsolete.
As reported by Trustwave Global Security Report, the number of attacks on cloud services more than doubled in 2019. So, even though cloud storage is quickly becoming the foundation of every business, it can still backfire for you if you are not investing in a proper cybersecurity strategy.
3. Cyberattacks can ruin the reputation of your company
Customer trust is undoubtedly the most valuable asset of a business. If your customers don’t trust you, or if you don’t have a good brand reputation, then chances are you’re not going to last long in the market. A successful cyberattack can cause data breaches of the personal information of the firm’s customers, which can wreak havoc.
Once the customer trust has been lost, it becomes severely difficult for organizations to recover. Chances are that your client will shift to one of your competitors in the hope of better service. Slowly the loss of sales will lead to a reduction of profits, forcing the owner to shut down his/her business.
Luckily, this can be prevented with the help of encryption algorithms. Along with this, there are several other cybersecurity layers that can further help protect your company’s sensitive data from getting into the wrong hands.
4. Cyberattacks can cause your business big money
Last but not the least, another big reason your business should invest in cybersecurity services is that security breaches can leave organizations bankrupt. In 2020, 130 Twitter accounts were targeted in a Twitter breach, compromising the accounts of Elon Musk and former Presidents, bilking $121,000 in Bitcoin, receiving 400 transactions
It has been reported that the average cost of a data breach in 2020 is nearly $3.86M. When it comes to protecting your business, time is money. It’s best that you don’t wait for such a mishap to happen and take precautionary measures beforehand.
With each passing year, cybersecurity attacks are increasing and becoming more sophisticated. With businesses becoming more vulnerable, it’s high time that companies start to realize the importance of cybersecurity in businesses.