4 Reasons Why Cybersecurity is Now a Must for Every Business

Gone are the days when businesses could simply rely on their IT department for everything related to their technological infrastructure, including cybersecurity. Check out this post to know some important reasons why cybersecurity and organisation-wide online security measures are so important now. 

The modern world of technology is a connected one. What started with ENIAC in the 1940s has now turned into a behemoth which is made up of billions of devices, including personal computers, IoT devices, and smartphones. While our modern computing expertise has abundantly helped businesses and the world on the whole, it has come to us at the cost of increased security risks.

Especially for businesses, it is now not very smart to simply rely on the IT department of your organisation with regards to cybersecurity. Data breaches and hacks have now become a regular affair and, contrary to popular beliefs, has nothing to do with the size or type of the business. 

So, why has cybersecurity suddenly become such a hot topic? Why are experts now recommending every business to take adequate online security measures? Here are 4 of the most important reasons-

  1. Protecting business

Data, including everything related to your clients/customers, financial figures, and marketing materials is one of the most important things for every business. If for some reason, your data has been compromised, it could result in a host of severe issues. It can not only result in significant financial losses if your data is used against you but could also spoil your reputation. 

This is the biggest reason why every business should invest in cybersecurity and provide adequate training to the staff. Even your non-IT staff should at least know the basics of online security. Your business will remain adequately protected if your data remains protected. 

  1. Increasing threats

From Facebook, Yahoo, UK NHS, First American Corporation, to Equifax, there have been several data breaches and hacks in the past few years. In 2014, the total cost of cyber crimes was around $445 billion, which reached $600 billion in 2017. But as per a research, by Jupiter Research, the cost of cyber crimes can surpass an astonishing $2 trillion by the end of 2019.

This cost encompasses the cost of loss in productivity, destruction and damage to sensitive data, theft of financial and personal data, fraud, stolen money, forensic investigation, business disruption, restoration, and more. So, it is not difficult to understand that cyber crimes are increasing at a startling rate, and this makes cybersecurity a must for your business.

  1. Supporting IT staff

With adequate cybersecurity measures, you will also make the life of your IT department easier. After all, there are only a few things that your IT staff can do if you are just using the basic antivirus packages and firewalls. While the basic security measures are important too, it is not very difficult for the modern, technologically advanced hackers to bypass them. 

With a carefully planned, custom cyber security solution, your IT department will be better equipped to not just prevent cyber attacks but also reduce the damages in case of an attack. This will add a solid layer of security to your business operations, allowing you and your staff to remain focused on other important business activities. 

  1. Increasing customer confidence

If you have an online platform, your customers should know that their personal data, financial data, etc. would remain protected with you. In this age of cut-throat competition, you cannot afford missing opportunities where you can gain the trust of your customers. 

By using advanced security solutions and letting your customers know about them, you will be able to build trust and confidence amongst your clients. In the long run, this can help your business grow and also provide you with a competitive edge. 

Understanding your cyber security needs

The first step of creating a pro-active cybersecurity strategy is to understand the custom security risks and needs of your business. This is generally done by working with professional risk advisory services. The IT advisory professionals of the service provider can help business understand their cyber risks and sketch out a plan custom-designed as per the needs of the business. 

If you understand the cyber risks and want to strengthen your IT infrastructure, professional guidance of an IT advisory firm can definitely help you achieve better results. 

 

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