10 Reasons To Consider Cyber Security For Any Business
With the rise in the use of internet worldwide, cyberattacks have been active. In the past few years, there has been seen a sudden rise in the amount of successful cube attics throughout the world. In the recent events of COVID-19 when the world was forced to opt work from home, there had been quite a number of cyber-attacks including Zoom bombing attacks during US government official’s meetings. Hacktivists have gain so much power and confidence these days that on an average, there happens a cyber-attack in the US every 39 seconds! In every attacks, many people can be effected. Attacks like data breach, MiM attacks, Distributed Denial of Service attacks, Phishing attacks and Ransomware attacks are some the deadly moves that hacktivists make these days.
With such a high number of cyberattacks these days, it is best to know what can potentially go wrong in a cyberattack. Here are top ten reasons to consider cybersecurity a major element in every business, organization or institute.
1. Cyber-attacks affect many lives
When an attack has to be carried out for any organization, it is planned first. A lot of methods are involved in the pre attack phase which include information leakage from the target company and its immediate employees. Many times, the lack of security practices or at the target organization or lack of security awareness amongst employees lead to devastating cyberattacks like the WannaCry Ransomware attack which effect people, employees and services. The WannaCry ransomware attack was a deadly cyberattacks done to the NHS in the UK and widely affected healthcare sector in the UK with patients, practitioners and the Government officials.
2. Fast change in technology increases cyberattacks
One reason to consider taking cybersecurity threats is that the technology is evolving and with every new device, there is a huge chance of vulnerabilities being burned within the organization. These vulnerabilities are exploited by the cyberattacks. The hacktivists’ systems and research capacity is very robust and they can figure out vulnerabilities far before they are detected by security people. Thus, cybersecurity methods and best practices are necessary for a safe business environment.
3. Cyber-attacks damage business
When Cyber-attacks are planned, they are intended to damage business reputation or carry out financial problems for the business. This in turn, gets the business going under dark waters and thus might lead to losing a lot of customer base.
4. Cyber-attackers commit financial fraud
Some cyberattacks are also aimed to take financial information via phishing emails and then carry out financial fraud with the sensitive information. These cybercriminals make sure they leave no trace and the process is very hard for the forensics department to figure out the activities of hacktivists. If a cybersecurity method is in place like proper firewalls, phishing detection tools etc., these acts of cybercrime would be minimized
5. Cybersecurity makes people safe
In a nutshell, a cybersecurity plan and cyber security training makes the overall individuals who are regular internet users safe. Cybersecurity awareness means people or company employees having a good knowledge of what vulnerabilities are and how to protect them from exploitation by usage like detecting phishing attacks, making strong passwords so they are not cracked by a brute force attack, not sending sensitive information via email etc. This way, best practices of cybersecurity can protect people.
6. Pen testing activities must be a norm
Penetration testing activities must be considered a norm in every organization. With these activities, security officials figure out the potential vulnerabilities in any organization. They carry out proper planned attacks with the intention of detecting future attacks and securing the company or organization beforehand.
7. Mitigating cyber attacks can be very costly
Another reason to implement cybersecurity methods is that after an attack is carried out, there is a high chance that the investigations will need to be carried out. Plus, a lot of companies would have to hire security officials to mitigate the effects of the cyberattack. This can be very costly to the company. If decent cybersecurity methods are in place, the attacks can be avoided in the first place and the company will not have to hire expensive security services.
8. Data breach attempts disrupt business activities
Data breach incidents cause companies huge loss. In some studies, a massive data breach may cause the company unable to sustain. According to studies, 29% of businesses who have experienced a data breach end up losing business revenue. In addition to this, 38% experience loss that may go up to 20%.
9. Cybersecurity protects communication
In modern times, businesses prefer to deploy cloud based communication services due to their robust nature. Not only that, but Cloud telephony is more favorable for companies who are located in various parts of the world. All of their offices setup the same Cloud Voice service like Teams or Cloud PBX. Since cloud is driven by intendent, a company where cybersecurity methods are not in place, might suffer from leakage of briskness secrets during cloud communication interception and MiM attacks. Thus, best practices for cloud communication cybersecurity can help protect core business data.
10. Cybersecurity avoids economic and reputational cost
Some hacktivist does not necessarily aim at getting information for nothing. They aim to bring a bad name to the organization. Since we are living in the inert age, any news, whether true or not, spreads like wildfire. This is enough to bring a business down and let business lose customers trust within days. Sometimes, the organization gets highlighted not because of its poor service but for its poor security. In such cases customers are quick to turn their backs on the business and may end up with the rival company.
Cybersecurity is an important element and should be a part of every business. From SMEs to tech giants, not organization is protected from cyberattacks. It is the responsibility of the senior management to take step to deploy cybersecurity best practices within the organization.
Sources:
LLC, L. (2021). Impact of Data Breaches on Businesses Reputation and How to Minimize Risk. Retrieved 21 August 2021, from https://lifars.com/2020/06/impact-of-data-breach-on-businesses/
Why Cybersecurity Is Important Now More Than Ever | Intellectual Point. (2021). Retrieved 21 August 2021, from https://intellectualpoint.com/5-reasons-why-cybersecurity-is-important-now-more-than-ever/
Why is Cybersecurity Important? | UpGuard. (2021). Retrieved 21 August 2021, from https://www.upguard.com/blog/cybersecurity-important