Why Is National Cybersecurity Important Than Ever
Hackers and cyber-criminals have been around for a while. Hollywood has been creating hacker movies since the 80s. Then why is that cybersecurity has become such a huge concern suddenly? In fact, we even have a National Cybersecurity Month now.
Is it just another buzzword? Does your small business have anything to fear?
The simplest answer would be that we are more connected than ever. The cybersphere has expanded exponentially and technologies such as the cloud and IoT have made us more dependent on the internet. Being connected is a part of being competitive. This holds true for businesses of all sizes and nature.
Cybersecurity is imperative for every business and to understand its importance, you need to understand its purpose and scope.
What Is The Purpose of Cybersecurity?
By definition, cybersecurity is an umbrella term that covers all the technologies and processes that protect your computers, software, networks, and data from unauthorized access. This unauthorized access can be from anyone including a bitter ex-employee, an evil competitor, or professional hackers.
The purpose, therefore, is to protect your data, network, and systems all forms of threats such as phishing, ransomware, malware, viruses, and an emerging number of advanced threats. An effective cybersecurity strategy is built around protecting three key elements: identity, privilege, and assets.
Why Is Cybersecurity Important?
Security has always been a huge concern for organizations. It was crucial even in the days of punch cards and manual filing of data in hard-copy format. A single lost file back in those days could cost a lot. Today, however, the stakes are even higher.
With the increasing frequency of cyber attacks, the cost has also taken a hike. Recent reports reveal that the cost of a single cyber breach is around $84,000 to $148,000 for a small business. This doesn’t even include the cost of remediation and recovery. Add the loss of customer trust, and the damage is irreparable. With a blow that huge, it is no surprise that 60 percent of these companies go out of business within six months after a cyber attack. A single breach can prove fatal for your business, and therefore, prevention is the best strategy.
Is Any Business Immune to Cyberattacks?
While stories of big corporation breaches become headlines all too often, small and mid-size businesses are equally vulnerable to cyber attacks. According to Verizon’s Data Breach Investigation Report, 58 percent of all cyber attacks in 2018 were targeted as small businesses. The reason is self-explanatory. Small businesses do not spend as much on cybersecurity and are fairly vulnerable. This makes hackers and attackers job simpler. Small businesses are more likely to pay the ransom in case of a ransomware attack, the frequency of which is also on the rise.
Is New Technology Making Us More Vulnerable to Cyberattacks?
Trends like BYOD and IoT are becoming crucial for a productive environment. These disruptive technologies and trends bring numerous benefits — but since they involve connecting various devices to the network, they may also serve as entryways for hackers and attackers. The shared nature of IoT and the current lack of governing standards make it an open invitation to cyber threats. From 2016 to 2017, there was an alarming 600 percent rise in IoT related cyber attacks.
These technologies may only prove effective in a secure environment. Without proper cybersecurity system and policies in place, potential network threats might multiply with the number of devices connected to the network.
Is Compliance Possible without Cybersecurity?
Cybersecurity has become such a crucial concern that even the government has become more involved in the matter. Over the past year, numerous important regulations and legislation were passed, especially following the attacks on major corporate giants such as Facebook and Deloitte. Ironically, the latter is one of the leading cybersecurity consultants in the world.
GDPR, introduced by the EU, is one of the prime examples of governments playing their role in fortifying cybersecurity. These regulations force businesses to take security more seriously and invest more time and money on securing data and systems. Similarly, the US government introduced many new regulations of businesses and for high-risk industries such as finance and healthcare.
Tighter regulations mean it will soon become impossible for any business to operate, let alone survive, without prioritizing cybersecurity.
Cybersecurity is not a buzzword. It is not a marketing gimmick to sell your services and solutions. With an increasing number of cyber threats that are also becoming more sophisticated by the day, cybersecurity is the need of the hour. Any small business is just one breach away from a complete shutdown. And for a larger corporation, there is much more at stake than money.