When it comes to Cybersecurity, is your business secure against cyber threats? Cybersecurity is an essential aspect of running a business in today’s digital age. As technology advances, cyber threats continue to become more sophisticated and widespread. Here we will discuss the top 5 reasons why cyber security is critical for your business.
1 – Increased exposure to attacks on organizations
More companies are increasing their usage of IoT devices and internet services which engages more exposure to cyberattacks. Cybercriminals have more ways to find vulnerabilities within an organization and have the expertise to gain access to more information than ever. Companies need to take extra measures to ensure the safety of information being shared on multiple systems and mobile devices. Increased exposure to attacks such as fraudulent emails, financial theft, viruses, and hacking need to be looked after by cybersecurity professionals in the organization that utilize cybersecurity solutions. There are more than 4,000 ransomware attacks everyday in the United States. Unfortunately, for many companies, it’s a matter of when, not if, they will be targeted.
2 – Cybercrime can be costly to a business
Cyber-attacks can lead to significant financial loss for a company. Ransomware attacks, for example, can lock down a company’s critical data, making it inaccessible until a ransom is paid. These attacks can also result in the loss of sensitive information, which can negatively impact a company’s financial stability and reputation. Implementing strong cybersecurity measures can prevent financial loss from cyber-attacks and provide peace of mind for the company. According to recent reports from Forbes, the cost of breaches has been consistently rising each year. IBM’s most recent report on cyber-attacks found that data breaches in the US cost businesses on average $9.44 million – twice the global average. It also highlighted that phishing attacks, business e0mail compromise and vulnerability in third party software are the biggest cyber threats.
3 – Consumer perception of a company breach
Would you trust a company after yours or others personal information was exposed? When a company undergoes a breach, it can be very hard for that company to regain consumer trust. Customers may lose trust in a company’s ability to protect their sensitive information. Consumers are on edge with all the news of business after business getting hacked and has them wary about handing over their information to just anyone, even if it is just an email address. Insider Intelligence shows 21% of consumers stopped using companies that suffered a data breach, and 42% of those requested providers delete their information. By taking responsibility and steps to better protect their systems in the future, companies can save reputational damage and put themselves in a better position if another attach occurs.
4 – Cybersecurity improves operational efficiency for businesses
When a company’s network is breached, it can take days or even weeks to restore normal operations. The result can be a significant loss of productivity and revenue. Companies that invest in cybersecurity measures can prevent downtime and keep operations moving smoothly. Security needs to be constantly enhanced; consistent performance must be ensured so that operational efficiency can be achieved. Successful readiness and response to a cybersecurity breach requires the right mix of people, processes, and technology. Yet challenges with staffing, technical issues, and budget hamper threat detection and response for too many organizations, creating gaps that threat actors are eager to exploit. Maximizing operational efficiency in security is easier than you think! It requires internal resources and a partner with solutions available to defend against the most advanced cyber threats.
5 – The number of computer hackers is increasing
In this day and age, the number of people who know how to breach into databases, social media profiles, and emails is increasing daily. Their clever tactics and detailed technical knowledge help them access the information you really don’t want them to have. Hackers are now taking advantage of everything they can based on vulnerabilities. More than 33 billion records will be stolen by cybercriminals by 2023, an increase of 175% from 2018. The more hackers grow, the more cybersecurity needs are growing the same time.
Cybersecurity is critical for protecting sensitive information, preventing financial loss, maintaining customer trust, improving operational efficiency, and protecting brand reputation. Vyve Business Services can help you invest in cybersecurity measures and not only protect your business, but also ensure long-term success. Contact us today to schedule a free technology consultation – finding out what your business needs is a short step away.