6 Reasons Why You Should Prioritize Cybersecurity For Your Business

In this digital era, new technology and automation have exposed enterprise networks to an array of cyberattacks. Therefore organizations have to prepare to prevent cyber intrusions at costs for continued business operations. Think of yourself as a client; would you want to invest in a business with no cybersecurity measures in place? Would you share classified information with a company that cannot guarantee protection for such information? Such questions as suggested by Data Cube Systems are why the business needs to prioritize cybersecurity to be more cyber resilient. 

Below are the reasons why you should prioritize cybersecurity for your business:

  • Protect confidential information

The fourth industrial revolution is data-driven; data has become the new oil and, if not protected, can result in unsurmountable losses for your business. The bottom line is that companies have access to millions of data, which ranges from employee records to trade secrets to intellectual property, and has to be protected at all costs. This can only be achieved with a proper understanding of the lifecycle of data within the enterprise, which is an overall structure that defines how data is collected, stored and shared and how it should be disposed of. It is a fundamental cybersecurity practice that can help the business in protecting valuable assets and preventing data breaches.

  • Prevent financial loses

Cyber attacks can present exponential losses in monetary value for the business. Attackers can also blackmail the organization to pay a vast amount of money to get their data back or even to gain access to their critical systems taken at ransom. A typical case in point is the recent spate of ransomware attacks that require companies with no bitcoin accounts to pay these attackers in bitcoin currency for them to decrypt company data. Additionally, even mitigating the risks after the attacks can be exceedingly draining to a company and especially if the company has no essential strategies in reducing the attacks in the first place.

  • The workforce is the weakest link 

Human beings are the weakest link in the cybersecurity chain, which comprises people, processes and technology since they are ideally susceptible to frequent business email communication (BEC) phishing scams. These phishing emails ride on the curiosity of the human mind to accomplish their attacks. 

Social engineering schemes are also another breed of attack that makes people easily gullible to attackers’ techniques. As a business, harness a cybersecurity culture in your enterprise through security awareness training for your workforce, and by conducting cybersecurity drills, with simple attack simulations to understand the security posture of your employees. This can go a long way in augmenting your investment in cybersecurity technology and processes.

  • Prevent reputation damage

Reputation damage, in its entirety, is irreversible and can lead to loss of clients and business partners due to a lack of trust with your business, especially if their critical information is leaked to the public. This is really bad because trust and goodwill are some of the fundamental pointers that a company can be endowed with. However, if compromised, the result can be confounding. The Equifax breach is a perfect example of a data breach that entirely damaged the reputation of the company due to the extensive exposure of client data. As a business, find a well-managed service security provider to take charge of the security needs of your network, providing visibility of intrusion attempts within a single pane of glass.

  • Reduce mobile and BYOD risks

The business technology landscape has changed in recent times, with no existing business perimeters. Employees can now work remotely with their devices, including mobile, tablets, or laptops. The fact that employees can access the company network from any public Wi-Fi puts the company at risk. Additionally, the BYOD practice, which breaks the enterprise security walls provides a new gateway for attackers to target your company. This means you gain less control of your “crown jewels.” Prioritize cybersecurity for your business by protecting critical assets through secure encryption and proper key management.

  • Helps to achieve compliance for the business

Compliance is another essential factor why you need to prioritize cybersecurity for your business. With increasing compliance regulations and standards, you stand a better chance if you comply. For instance, if you are in the card payment industry, it is mandatory to be PCI compliant for your client to be guaranteed the safety of their card information. Additionally, failure to be compliant might result in being slapped with huge fines, which can be detrimental to your business. There is also the GDPR which is a new regulation that demands data protection of all your partners and clients. Failure to comply results in a fine of up to 4% of the business profits. For these reasons, compliance is crucial and should be prioritized in business operations

Conclusion

Prioritizing cybersecurity for your business prepares you to put up effective incident response procedures. This helps to reduce the time of remediation in the event an attack occurs. These come alongside other vital reasons like protecting confidential information, preventing financial losses, understanding the mobile and BYOD risks, and achieving compliance for your business.

Adam Hansen