Why is cybersecurity important to your business?

Why is cybersecurity important to your business?

In today's digital world, everything is just a click away. Our professional and personal lives have begun to converge. Unfortunately, as a result of this pervasive tendency, we are more vulnerable than ever to malicious attacks, invasions of privacy, fraud, and other such frustrations.

Let’s talk about some cybersecurity facts:

  1. Per a study by Tessian, businesses in 2021 lost approximately $1,797,945 per minute due to cybercrime
  2. According to Cybercrime Magazine, global cybercrime costs are expected to rise by 15% per year over the next five years, reaching $10.5 trillion annually by 2025.
  3. According to Cybersecurity Ventures, one ransomware attack will occur every 11 seconds in 2022. This represents a 20% increase over the 2019 prediction of an attack every 14 seconds.

The top 4 effects of cybercrime are:

  • Operational damage: Cyberattacks can hinder a company’s usual operation in a number of ways, either by infecting computer systems with malware that deletes sensitive data or placing malicious code on a server that restricts the access to your website, causing operational interruption and revenue loss.
  • Reputational damage: We are all aware that customers expect you to keep their data secure and their operations running, and failure to do so will not only erode the trust your customers have in you, but you may also lose the customer, sales, and eventually revenue. Per the Forbes Insight survey, 46% of companies have suffered reputational loss due to data breach and 19% have undergone the pain of reputation and brand damage because of a third-party security breach.
  • Damage to intellectual property: With the advent of advanced technology and hackers, the majority of an organization's intellectual property is vulnerable to theft, which in the wrong hands could easily reduce a company's competitive advantage.
  • Revenue damage: Companies that fall victim to cyberattacks experience a dramatic decline in revenue as wary clients look elsewhere to fulfill their purchase needs as a way to safeguard themselves from cybercrime.

Why cybersecurity is important?

As a result of the COVID-19 pandemic, many businesses have had to become more technologically oriented. They want, and need, everything to be connected, from emails to financial transactions, networking to collaborative work platforms.

But have you ever considered how much it would cost your business if these lines of communication were jeopardized or compromised?

Thus, prioritizing the implementation of appropriate cybersecurity measures is important to keep your business and customer data protected while continuing to embrace technology. Without it, you cannot defend against a data breach or cyberattack, making yourself an easy target for cybercriminals.

We've outlined some of the factors that contribute to the relevance of cybersecurity in businesses:

  • Protects sensitive information: Data and sensitive information about a company and its customers are critical aspects of any organization that should not fall into the wrong hands. Adoption of cybersecurity will reduce the likelihood of falling victim to a cyberattack or data breach and will assist businesses in remaining safe from cybercrimes such as hacking, phishing, and fraud.
  • Enables employees to work safely: By implementing a range of cybersecurity measures, your company and employees are protected from common threats like malware, spams, ransomware and phishing while maintaining productivity.
  • Protects your business reputation and customer trust: A serious data breach can jeopardize your company's reputation and customer trust, so developing a secure system and taking all necessary precautions before experiencing a catastrophic event is critical. Taking proactive steps rather than reactive steps are always the better way to go when it comes to cybersecurity.
  • Saves cost and value: Technology is evolving at a rapid pace, as are cyber threats. For any business, a significant security breach entails paying a considerable sum and going through a costly ordeal just to “clean up” the situation. By reducing risks and putting a solid cybersecurity plan in place, you will not only keep your business and consumer data safe, but you will also be in a better position to respond and deal with threats in a more cost-effective manner.
  • Strengthen cyber posture: With strong cybersecurity technology in place, an organization can take advantage of advanced security measures such as automating security processes and tracking all systems with a single click, all while improving its cyber posture.

Final Thought

Technology development has accelerated in recent decades, as has our reliance on it. Because of our increasing reliance on various technologies, we have become vulnerable to cyberattacks and cybercrime. As a result, cybersecurity becomes more important than ever. It not only assists organizations in conducting business securely, but it also ensures their financial, operational, and reputational longevity.

To safeguard your business, get in touch with our team today.

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