A whopping 98 percent of businesses in the UK are operating online using multiple platforms, including websites, emails, and social media. Businesses risk their privacy to gain exposure to potential customers. And with the growing threats and risks of cybercrime, there's no better time for businesses to eliminate the vulnerability and look for better ways to protect the company data.
Regardless of the size of your business, technology has become increasingly important to implement. From financial transactions to professional networking, to collaborative work documents and professional networking, businesses cannot operate without technology to work effectively and stay connected with the world. However, there's always a risk for the cyber threat due to the existing vulnerability, and if a breach occurs, it can have a disastrous effect on the business.
For larger organizations, the threat has further grown due to cloud computing. Organizations that utilize both private and public clouds for their IT infrastructure are at a higher risk of cybercrime. Since the data center traffic is increasing by the minute, there's no way to keep up with the data security other than investing in cybersecurity measures.
There are many reasons why cybersecurity should be the ultimate concern for businesses of all sizes. And to make sure you get serious about it right away, we have listed the most important reasons why it is crucial for businesses.
The Security Cost
There have been major cybersecurity breach incidents that were quite alarming for businesses around the world. Indeed, a breach is detrimental and costly in terms of both reputation and capital. According to a survey, more than 40% of organizations that had experienced a cybersecurity breach involved loss of crucial business information or sensitive customer information during the past three years. Keeping these stats in mind, it is easier to deduce that two in every five organizations become the victim of serious breach cases where tons of confidential data asset is lost or compromised.
There have been regular cases where stores lose their credit card data or hospitals get compromised on the records of their customers. Even government departments have become a victim of cybersecurity breaches time and again, which clearly signifies that no organization - whether public or private - is safe until proper security measures are taken.
Organizations need better data privacy management plans and strategies to deal with the threat that's becoming more sophisticated with time. Gone are the days when simple hacks and safety measures were enough to protect an organization's data. The nature of the cyber threat is changing and expanding from your emails to several different venues associated with computing advancement.
The cybercriminals are beginning to understand the existing security measures and are no longer limited to targeting individuals through malware or email phishing only. In fact, they are using more mature methods and are targeting government sectors and financial markets for bigger gains.
As far as the security cost of such advanced cyber attacks is concerned, it is calculated in both capital losses as well as in intangible factors such as reputation.
Why Cyber Security Skills Are Crucial For Businesses
With high standards of technological advancements, criminal skills are outpacing the general security skills of the professionals within the organizations. Since it wasn't that big of a deal a decade ago, most organizations still lack the dedicated cybersecurity skills they need for utmost protection. Every business needs well-trained, qualified, and experienced engineers and certified data security professionals to keep up with their cybersecurity measures.
There is a great demand for people who have the right education and skills to protect systems and secure networks, computers, and data from unauthorized access, damage, and/or attack. Thanks to the growing awareness, there's a market building up, who are looking to grab the best career opportunities in the field. Some possess formal degrees with several years of experience, some are new to the field with the latest know-how about the market, while others have additional cybersecurity certifications like CompTIA Security+ certification under their belt. The key is to figure out your custom requirements and choose a candidate that perfectly matches your requirements.
Cybersecurity and Small Businesses
According to the industry experts, the matter of establishing a solid protection system is not based on an 'if' but 'when'. Every modern business, especially the new setups and small businesses, rely on technology today more than ever before. It gives them the audience, exposure, and the platform to market what they have to offer. However, exposure leads to an increase in cyber attacks. No matter how small the business is or what service they offer, businesses are at risk.
There are several reasons why even small businesses shouldn't take it easy. In fact, they should be more alert as they are possibly at a higher risk as compared to large organizations. Just like your business, some hackers and cybercriminals could be newbies too. And that's why they could be looking for easier targets, especially those with less protective barriers due to lack of resources. The information that empowers them, such as social security numbers, confidential information about customers, and credit card credentials, is often less protected on a comparatively smaller system.
Moreover, larger organizations can hire the best engineers and data security officers to strengthen their systems. They have become much complicated to attack, and thus, most cybercriminals turn to several smaller businesses to make quick success. Additionally, if a small business is associated with a bigger organization, it could further increase the risk through a back-channel entry from the real targets of the hacker.
A data security breach incident can be a death sentence of some businesses, especially if they are not able to recover. While the cost of a breach for larger organizations can sum up in millions, it is estimated to be around $40,000 for smaller organizations. As an average, this is a lot of money for businesses with limited resources and capital.
Therefore, it is important to realize the risk that persists and take appropriate measures to ensure they do not lose the business altogether. Identify your vulnerabilities and start working from that end first. Last but not the least, hire the right people for the job and stay focused on the correct protocols to prevent a cyber attack from taking place.