Necessity of Cyber Security for your Business 1

The necessity of Cyber Security for your Business

Cybersecurity is a primary concern for every business operating in the cyberspace today. The need for cybersecurity comes at a point in time where the threshold of cyber threats is significantly high. Statistics show that major businesses and companies in our time have been exposed to major security breaches that are proven to be costly and dented their reputation. To protect your business from such eventualities, it is important to undertake the necessary cybersecurity measures that will ensure you do not suffer similar consequences. Here are 4 important reasons as to why your business needs cybersecurity.

Cyber Security for your Business

Cyber threats are real in our time.

The threat to cybersecurity in our time is livelier than ever before. IT reports indicating that more than 60% of cyber-attacks in our time target small businesses intending to make financial gains by threatening to destroy their reputation. Around the globe, hacking attacks occur at an alarming rate of every 39 seconds with a high degree of precision and success. This leads to over 3 million documents and records being stolen by hackers daily. This shows that about 150,000 of such records are hacked into on an hourly basis, translating to about 44 records and documents per second. The alarming statistics imply that your business is no exception and that you should seek an appropriate cybersecurity solution as the first line of defence.

Businesses have vital and sensitive information.

Hackers primarily target sensitive information, especially details that are personal to members of the public. Small and medium-sized businesses normally hold information such as social security numbers, credit card numbers, bank account details, and residential addresses. This makes such businesses highly prone to being hacked into with the primary motivation thereof being seeking to breach into vital sensitive accounts such as bank account and other avenues of making financial savings.

Failure to become cyber safe is costly.

The failure of your business to employ the necessary cybersecurity mechanisms to prevent yourself from cyber threats can be too costly in the long term. Statistics indicate that an average business or company suffers costs escalating to $3.8 million per year as a result of cyber insecurity. In addition to the financial losses, your business may also suffer a loss of public trust as well as a damaged reputation. Whereas your business may spend a small amount of investment trying to become cyber-sensitive, such a cost is insignificant as compared to the losses you may incur as a result of in compliance.

Secure your sensitive data

Your business most probably holds certain data and information that you regard sensitive and personal. The treasure trove of such information is precious to hackers whose intention is to make some financial gain by holding your business hostage and demanding for ransom. Conventional methods of securing your business data such as storing it in safes inside the premises of your business have proved to be too costly and at risk of compromise from various other risks including fire or physical break-ins. This leaves you with no alternative other than to upgrade your security measures to include cybersecurity. Even if your business has already put in place cybersecurity measures, regular evaluation and upgrading is necessary as hackers are always on the move regarding measures, they use to penetrate your business.