Cybersecurity has never been more important for businesses than it is today. With more and more businesses going online, the risk of cybercrime increases every day. Hackers can access company data, steal customer information, and wreak havoc on a business’s systems which may cause significant financial damage. Here are five reasons why cybersecurity is so important to businesses of all sizes.
Protect Your Business from Cybercrime
Many businesses lack the necessary resources to protect themselves from cybercrime. The most vulnerable are small-to-midsized businesses (SMBs), making up more than half of all cyberattacks. Around 60 percent of them go out of business within six months after suffering a hack or data breach.
According to cybersecurity expert Scott Schober, there are 30 million small businesses that need protection from phishing attacks, malware spying, ransomware, identity theft, major breaches, and other threats.
Aside from affecting business continuity, a cyberattack negatively impacts a company’s bottom line. According to ReportCyber, a cyberattack typically costs $9,000 to a small business. This cost increases to an average of $33,000 for medium-sized businesses and $19,000 for large organizations per incident.
Protect Your Business from Data Breaches
In 2014, JPMorgan Chase & Co. announced that a cyberattack had compromised the accounts of 76 million households and 7 million businesses. The attack was the largest cyberattack in history, and it underscored the need for businesses to take steps to protect themselves from data breaches.
Data leaks are one of the biggest areas of concern for many businesses. Companies store all of their data, including customer data, business data, and other sensitive information that risk of being stolen or used fraudulently.
To protect your business from a data breach, a cybersecurity professional can help you to take steps in securing your data both in the cloud and on-premises. They will also help create and implement a data breach response plan in place in case of a breach.
Protect Your Business from Hackers
The goal of cybersecurity is to protect data from unauthorized access, use, disclosure, disruption, or destruction.
Without a strong cybersecurity system in place, there is a chance that a hacker can affect (or even destroy) a business and its reputation.
Hackers can access your business’ private data like bank or credit card numbers. There are open markets for such information on the “dark web”. When cybercriminals gain access to such sensitive data, the company risk having its banking or credit card services revoked or in violation of privacy regulations.
Few small to midsized businesses can withstand the damage to their reputation that a data loss or cyberattack can inflict. Often the damage to reputation and goodwill might be far more devastating than the data loss itself. If customer data is lost, the company may face legal or regulatory repercussions.
Protect Your Business from Malware and Viruses
Malware and viruses can infect computers and mobile devices, causing them to malfunction or providing access for cybercriminals to steal data. It is important for businesses to have protection from these threats in order to keep their systems running smoothly and protect their confidential information.
A cybersecurity professional can set up critical system utilities and solutions to help mitigate malicious attacks such as:
- Firewalls: These are software (sometimes hardware) used to guard against attacks from cybercriminals accessing an organization’s systems through both internal and external communication links.
- Malware/Spyware and Web Proxy Protection: Malware/spyware and web proxy protection solutions guard against software code that may come from pop-up windows or have more nefarious intentions, such logging usernames and passwords for fraudulent uses.
- Anti-Spam Software: Email inboxes are protected from being flooded by unsolicited email broadcasts.
- Anti-Phishing Software: Protects users visiting websites designed to trap user information for later use in fraud.
Protect Your Business with IT Policies and Procedures
Proper IT governance procedures are vital to any business. You need to implement a formal risk assessment process, create policies, and make sure that any applicable policies are regularly evaluated and updated to reflect the most current risks.
A cybersecurity professional will help develop effective incident response policies and procedures to properly respond to, account for, and help mitigate the cost of a possible breach.
Businesses should take measures to protect themselves from cybersecurity threats. By doing so, they can avoid becoming the next victim and losing valuable data or money.
If you’re a business owner, you should consider hiring a cybersecurity professional to create a plan for responding to a cyberattacks and help protect your business networks and data.
Are you looking for a cybersecurity professional to join your team?
At Jarvis Rose, we help companies find the best cybersecurity talent.
Jarvis Rose is a global leader in cybersecurity recruitment services. We partner with our clients to scope the needs of the positions to determine the core skills and qualifications required for the job.
Whether you’re trying to quickly fill an open cybersecurity position or determined to find your next rockstar employee, we’re here to help.
Get in touch with us today, and let’s work together to make your business the success it should be.