The Importance of Cybersecurity for Businesses

The Importance of Cybersecurity for Businesses

Today’s companies rely on the internet to conduct business. Most customers expect online interactions and many workers need the internet to do their jobs.

Of course, this interconnected world comes with risks. With 6 billion people using the internet daily, there are bound to be some who use it for nefarious purposes.

Cybercrime is growing rapidly. Usually, it’s up to you to protect yourself from becoming a victim. With cyber threats on the rise, even the smallest breach can have extensive legal, financial, and reputational ramifications for businesses.

With proper cybersecurity measures in place, you can mitigate these and other issues. In this article, we’ll examine the top six reasons why cybersecurity is important for your business.

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Why is Cybersecurity Important for Your Business?

 

1. Cyber Attacks are Expensive

A data breach leads to huge financial losses. The average cost of a single breach is $149,000, while the global average cost was $4.35 million. These figures don’t even include ransomware payouts.

There are also several “hidden” costs to a cyberattack, such as lost productivity and network slowdowns.

Information breaches can lead to lawsuits and fines, as businesses are held accountable for protecting their customer data. This is especially true in highly regulated industries or if the breach caused direct harm to a third party.

In the long term, a breach will continue to hurt your business financially, even after the threat is neutralized. This is because customers are less likely to purchase from a company if they don’t believe the company is protecting their personal information well.

 

2. Data Breaches Damage Your Reputation

A cybersecurity breach can cause severe damage to your company’s reputation. Many customers view a breach of information as a breach of trust and are unlikely to continue working with you.

Customers are not the only people who will be put off by your breach. Partners are also less likely to work with you if they are concerned about your data security. Working with you could become a “bad look” that they’ll avoid for the sake of their own reputation.

Intellectual property theft is also a risk. If a criminal steals your ideas, you could lose out on being able to claim that idea as your own.

 

3.  Your Employees are More Online Than Ever

Most people use smart devices. Your employees may connect their smartphones, smart watches, tablets, or personal laptops to your corporate Wi-Fi. Unfortunately, this practice may compromise your network security.

If an attacker has already hacked an employee’s personal device, they can use it to enter your network. The reverse can also happen. If your company experiences a breach, attackers can infect your employees’ personal networks through their connected devices.

Smartphones and tablets are not the only devices you need to think about. IoT (Internet of Things) device usage is rapidly increasing.

People’s cars, refrigerators, smoke alarms, and even doorbells are connected to the internet. Every single IoT device is a potential entry point for a hacker so stay vigilant about this wide attack surface.

Why Cybersecurity is Important

 Credit: Gorodenkoff

4. Supply Chain Attacks are on the Rise

A supply chain attack is when a cybercriminal uses a company’s network to gain unauthorized access to other companies. Suppliers are often a major target for these attacks because many of them are connected to a lot of other businesses.

The rate of supply chain attacks is increasing. Make sure you are aware of your partners’ cybersecurity protocols so you can protect yourself from these attacks. Likewise, strong information security policies will also protect your partners’ networks as well as your own.

 

5 . Prioritizing Your Customers’ Safety

The importance of cybersecurity isn’t just limited to protecting your business, it’s also about protecting everyone who purchases from you. Cybercriminals can easily use your data to commit identity theft.

Furthermore, if your customers use single sign-on (SSO) to use your services, attackers can use your network to penetrate their personal devices. This leaves the customer vulnerable to additional cyberattacks even if the rest of their personal network is secure.

 

6. In Some Cases, It’s the Law

Industries that hold sensitive information are usually subject to regulatory standards. Compliance agencies deeply understand the importance of cybersecurity and will do everything in their power to make sure others are upholding it.

A satisfactory security policy may be required before you can collect anyone’s sensitive data. This policy is then treated as a contract, and failure to follow it can have severe consequences.

 

What Can You Do to Prevent Cyber Attacks?

Educate your staff on the importance of cybersecurity in business. Educating your staff is the first step to building a strong human firewall. Effective security training will ensure they have the necessary knowledge to prevent threats from impacting your business.

You should also audit your information systems for potential cybersecurity gaps. Once you have identified these gaps, you can enhance or establish the right security controls to fill them.

Remember, system audits and cybersecurity training are not “one and done” practices. You should go through these processes on a regular basis to stay on top of changes in technology and new vulnerabilities.

Interested in learning more about the importance of cybersecurity? Check out these blogs:

 

Protect Your Business With Professionals Who Understand Why Cybersecurity is Important to You

Executech’s cybersecurity professionals are well-informed about business security standards. We will take the time to understand your corporate goals and determine how we can create a powerful cybersecurity plan that will help you meet them safely.

Our team can offer managed security services that include cloud security. With the right professionals on your side, you can rest assured that your information stays secure.

Contact us today to get all of your cybersecurity questions answered, and benefit from a free network assessment while you’re at it.

 

Featured Image Credit:DepositPhotos

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