Our economy has shifted dramatically as a result of the global pandemic. There is no doubt that the world’s reliance on technology is growing rapidly. The global pandemic’s restrictions have effectively connected our everyday lives to technology—from remote working to more businesses migrating online to digital payments—leading to increased digital risks.
With the advancement of technology, data breaches have become more common and complex. As a result, hackers find it easier to exploit company vulnerabilities and access confidential client information.
According to the Ponemon Institute, cyberattacks on businesses of all sizes have increased by 61% in the last few years. As an organization collects more valuable data, it becomes more vulnerable to data breaches and cyberattacks.
Since most businesses today rely on digital technology, it is crucial to incorporate cybersecurity into your corporate DNA. Here’s why cybersecurity is vital in the digital age:
It can make or break you.
Having your network hacked can threaten the integrity of your company and, worse, put you out of business. Once your business is implicated in a cybersecurity breach, it will surely hurt its value. Customers may no longer support your products and services because they will be concerned about the risks to their accounts which can cost you millions in revenue.
In comparison, cyber-securing your business can help you attract more investors and customers. Generally speaking, a company will only attract funding if you can prove to your investors that their money is safe to take a position with you. Customers will consider your products and services only if you can assure them that their personal information, such as credit card details, will be kept safe and secure.
It will aid in the growth of your business.
A company that a data breach has harmed will be less profitable because it will be spending money on network restoration and pacifying frustrated customers.
Hence, cybersecurity is an investment that pays off by allowing the company to make money rather than reinvesting revenues on damage management. It may not significantly contribute to an organization’s growth, but in today’s digital-centric environment, it is a determining element in whether or not a company can survive.
It will protect you from the financial consequences of a cyber-attack in the future.
Any security breach tarnishes the company’s image and has financial ramifications. Investing in cybersecurity may be costly and time-consuming, however, it saves money in the long run because cyber breaches are far more expensive—operational disruptions, income loss, lawsuits, and reputational harm are just some of the consequences of a data breach.
When your business gets breached, the losses you’ll suffer will not just be monetary. And, even if you ever recover financially, regaining your reputation will be far more difficult.
As your company expands, so will your cyberattacks, necessitating a greater investment in cybersecurity. Furthermore, when your firm grows, cybersecurity will teach you how to handle massive volumes of data. Untrained employees are your most significant insider threats since they are the firsthand handlers of client data. They must be kept up-to-date on protecting client information so that it does not get into the wrong hands accidentally.
Company data such as accounting files now have an uninterrupted and seamless accounting process and are widely available to employees, making a data breach more possible.
Ensuring security for remote workers is one practical approach to keep your critical data safe. An employee’s simple click on a seemingly harmless email might potentially lead to a sophisticated phishing attempt. As a result, employees should always be a part of the solution and involved in data protection measures.
Cyber-attacks are anticipated to become more prevalent.
According to the European Union Agency for Cybersecurity research, cyberattacks are on the rise and are getting more prevalent, targeted, and undiscovered in today’s global economy. Furthermore, cybercriminals are now conducting tailored cyberattacks, employing innovative tools and techniques to compromise valuable and sensitive data.
In protecting your data, it is vital to stay up-to-date on what’s going on in the realm of cybersecurity. By doing so, you will be more agile in creating security rules and procedures that address both emerging and known risks.
It will benefit you in protecting the future of your company.
Preventive programs are essential in preventing major difficulties down the road, which is why establishing robust cybersecurity standards is the first step in creating a future-ready business.
The bottom line is, an organization can avoid a data breach by setting data protection rules. In the long haul, prevention pays off, and good security behaviors prevent data breaches. There are several effective strategies to prevent a cyberattack, from constantly updating software to training personnel about the ins and outs of email phishing schemes. All that is required is for people to recognize the need to invest in cybersecurity.
About The Author:
Chatty is a freelance writer from Manila. She finds joy in inspiring and educating others through writing. That’s why aside from her job as a language evaluator for local and international students, she spends her leisure time writing about various topics such as lifestyle, technology, and business.