Cybercrime has become an inevitable and harsh reality of the online business world and raised concerns for partners and stakeholders across all industrial sectors. Data breach incidents have increased significantly, and organizations face more compromises on profit levels than they prepared for. So, in order to combat the situation and reduce the impact of cyber threats, bigger market players are investing heavily in cyber-security measures and a range of other solutions.
So, what is cybersecurity?
Cybersecurity is the practice of protecting your network, servers, client systems, and applications from digital attacks. It refers to a comprehensive process devised to assess a diverse range of threats and guard your company’s sensitive information against them. It includes installing a firewall, anti-virus software, anti-spam program, and wireless security, as well as filtering online content.
A well-thought cybersecurity policy covers:
- Measures to minimize threats
- Practices that clarify do’s and don’ts
- Responsibilities of employees
- Frequency and management of data backup
What are the common cyber threats?
The business might have to encounter one or some of the cyber-attacks as mentioned below in its lifetime.
- Phishing: involves fraudulent communications
- Denial-of-service: causes exhaustion of resources and bandwidth
- Virus and malware: corrupt files and steals information contained in it
- SQL injection: happens when an attacker forces the server with a code to reveal information
- Password attack: involves gaining unauthorized access to the security system
- Man-in-the-middle attack: occurs when hackers interrupt the network traffic
Why do you need cybersecurity?
Cybersecurity is highly advantageous for safeguarding the users and sending a prior warning for potential risks. Here are the reasons mentioned to invest in it –
- To Protect Your Data and Network
A managed cybersecurity system provides a digital shield to your business data and device network. It allows you to detect hidden cyber threats that can harm your intellectual properties and block them from getting into your IT base.
- To Boost Your Employee Productivity
Cyber attacks can slow down computer systems and, at times, halt your staff’s work. Only an effective cybersecurity policy in place can help eliminate such instances, thereby maximizing your team’s potential output.
- To Safeguard Customer Information
Day by day, hacks are getting more creative, and you never know when your employees get lured into downloading malicious files, revealing customers’ details. With tight cybersecurity measures in place, you can avoid such breaches and secure the information.
- To Gain Stakeholders’ Confidence
A minor cyber breach could be more detrimental to your business than you imagine. It is not just that your data gets lost or your website crashes down; there is the years-long reputation that remains at stake. So, to inspire trust in your customers and business partners, you have to give assurance that their data will never be compromised with full-proof cybersecurity walls.
- To Avoid Legal Action
You may be surprised to know, but organizations that become easy targets of hackers have to face severe consequences, including hefty fines, costs of litigation and notification, legal fees, brand depreciation and shareholder equity troubles. The only way to steer away from this is the implementation of cybersecurity procedures.