The Importance of Cybersecurity for Businesses

by Josh Biggs in Tech on 23rd March 2020

Cybersecurity is the set of programs and practices that are employed by the firms to protect their private networks, devices, and programs from attacks. These attacks or damages are caused by third parties who gain unauthorized access to a company’s database. Cybersecurity is highly important as all institutions such as financial, government, medical and educational store and process data regarding their work. A major chunk of that data can consist of critical information such as intellectual property, personal information, transactional data, passwords, financial information or some other types of information. If some unauthorized source gets access to this data it will lead to negative consequences for the firms.

Do only large firms suffer from cyber-attacks?

When people think of cyberattacks they feel that only large firms suffer from these types of attacks. This is because those firms are well known and have a lot of activities going on the internet. But this is not entirely true in all cases and it is a widespread misconception. Even small businesses encounter these types of attacks. Over 43% of cyber-attacks are targeted towards smaller businesses. The reason for this is smaller businesses consider themselves to be insignificant to get attacked. So they provide less security for their systems and databases which makes it easier for hackers to steal their confidential information or implant some type of malware in their system.

In spite of all these dangers, only 14 percent of small businesses possess the ability to effectively combat any kind of cyber threat. That means a large portion of small businesses is still vulnerable to a ransomware attack. If they leave their systems like this it is only a matter of time until they get attacked. All business organizations must understand, irrespective of the size of their company they are at the risk of cyberattacks. The other reasons for attacks on smaller companies are due to their partnership with larger business organizations. So attacking a smaller company provides a back door entry for the attacker to breach the security of larger companies.

Businesses lose customers due to security breaches.

The cybercrimes affect businesses in many ways than one could think of. One of the most common fears of a customer is to lose their personal information through an established firm. When a customer associates with a company the organization asks them to provide all kinds of the necessary information. During this process, the customers believe that the company will protect this personal and financial information at all costs. After that, it is up to the company to maintain its customer’s trust. 

Once a company suffers a data breach all the customers lose their faith in the company. If this happens the company’s reputation takes a massive hit and may be unable to recover after that. When the word gets out the customers start to disassociate themselves from the firm. Even the potential customers will start looking for other options where they feel their data would be safe. So it is very essential to have strong security features to gain customer’s loyalty.

Now that the importance of cybersecurity has been discussed let’s take a look at a few important measures an organization must take to protect itself from cybersecurity threats.

Use the latest technology.

Today’s latest technology will become outdated tomorrow. That’s how rapidly technology is changing with each passing day. So it is important that all business organizations with any kind of internet presence use the latest form of technology for securing their devices and databases. A business entity must invest in the latest cybersecurity practices such as improved firewalls, data leak protection, encrypted connections, and ransomware protection. All systems should be equipped with strong spam filters. The attackers use all tactics such as email spoofing and phishing emails to attain the customer’s information. Configuration of these spam filters will enable the firm to tackle any phishing attacks that are made on the customers. Advanced antivirus software must be installed and updated regularly if you want to secure the endpoints of all connections.

Use complicated passwords

The technological advancements are not just limited to cybersecurity but also to cybercriminals are also using advanced technology to inflict damage. As cybersecurity is getting more complicated the hackers are also finding new ways to breach their targets. But one of the easiest ways to stop them is having complicated passwords. Do not set a password that is related to any of your personal information. It will only make it easier for the attacker to decipher it. Rather use a password that is completely unrelated to any of your personal information or tastes. This will make it very difficult for the hacker to crack it. To make it even more complicated you can include numbers and special characters into the password. 

Backup your data

Data backup on a regular basis is very important if you want the information to be safe. This might be a simple step but a very critical one in the long run. Even in case of an attack, you will be able to save your data from getting lost or getting corrupted. Sensitive and confidential information of an organization needs to be backed up in an unconnected remote storage facility.

Have an incidence response plan

A cyber attack can happen at any given moment. So it is better to be prepared and have an immediate response plan in case of any emergency. An incident response plan is a method of handling cyber threats and security breaches. The response team should handle the situation with a clear and composed mind. They should be prepared in advance to tackle any kind of situation. The response team should always keep an eye on potential points from where an attack could happen. There should be a containment strategy in place to mitigate the system that is under attack. After everything is over the team should have a review on how the attack took place and how to prevent it from happening the next time.

Conclusion

Organizations transmit all types of data across the networks from various devices for business purposes. Cybersecurity is the practice of protecting this information, systems or the devices that store it, from falling into the wrong hands. With the growing scale and sophistication of cyber-attacks, there is a need for companies to come up with better and advanced solutions to prevent these attacks. Cybersecurity is very essential for all companies irrespective of their size. It is even more important for the ones that store information regarding health, finances, personal information, and national security.

Categories: Tech Tips