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Why Cybersecurity is Important for Your Business

April 3, 2020 No Comments

Featured article by Emily Roberts, Independent Technology Author

space 300x212 Why Cybersecurity is Important for Your Business

Cybersecurity refers to the measures taken by an organization to protect its information systems from theft and damage. The frequency and success rate of cyberattacks carried out on businesses continues to increase, thanks in no small part to their growing digital presence. A single incident can have devastating financial, reputational, and legal implications.

In fact, that’s all it takes for most businesses to shut down for good. While large corporations remain the prime target, companies of all sizes and industries are at risk. Implementing an effective cybersecurity plan is key to avoiding the irreversible damages of an attack. Read on to learn why you should do this in your business today.

Financial Losses

A cyberattack can result in unprecedented financial loss. A recent report by CNBC referred to an average cost of $200,000 per incident. Moreover, only 40% of businesses survive the six months following a cyberattack. Accenture predicts that this form of crime will cost businesses worldwide a total of $5.2 trillion in the next five years.

Reputational Damage

News of a data breach is the last thing any customer, employee or stakeholder wants to hear about your company. When they do, your chances of recovering from the damages are slim to none. Most of your customers will never come back, while a lawyer will probably accompany those that do.

No different is the case with your employees, as well as suppliers, investors, and anyone else whose information is stored in your databases. Effective cybersecurity measures will help prevent the worst from happening to your relationships with those your business relies on.

Workplace Culture

In a recent study by Kaspersky, 69% of respondents said that the prospect of a data breach stressed them. A large part of cybersecurity involves educating employees on the latest trends regarding threats and mitigation methods. When implemented, your business can benefit from a less anxious workplace while also reducing overall risk.

Remember that no matter how advanced your software and hardware is, one mistake by an untrained employee is all it takes to facilitate an attack. This is another reason to invest in cybersecurity.

How to Protect Your Company

Now that you have an idea of why you need to protect your company against cybercrime, it’s time to start learning how. Of course, you can find a wealth of resources and information online. This includes the fundamentals, such as protecting your hardware from physical theft and encrypting company data.

Another essential protection to learn more about is cyber insurance, which providers such as The Hartford explain in detail on their website. The company’s cyber insurance policies are essential to surviving a data breach and the many expenses associated with one. This is important, as even the most security-conscious businesses remain at risk.

Fostering a more aware and educated workplace culture, using the right software, and migrating to cloud-based solutions should also be explored.

Conclusion

Being prepared for a cyberattack can help you avoid immeasurable damages. Be sure to regularly update your cybersecurity measures, as this will help you efficiently deal with any threats in the future.

DATA and ANALYTICS , SECURITY

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