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 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 have proven costly and dented their reputation. To protect your business from such eventualities, it is important to undertake the necessary cybersecurity measures to ensure you do not suffer similar consequences. Here are four important reasons 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 indicate 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 such records are hacked into hourly, translating to about 44 papers 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 defense.

Businesses have vital and sensitive information.

Hackers primarily target sensitive information, especially personal details 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 companies highly prone to being hacked into, with the primary motivation of seeking to breach vital sensitive accounts such as bank accounts 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 due to cyber insecurity. In addition to the financial losses, your business may also suffer a loss of public trust and a damaged reputation. Whereas your business may spend a small amount of investment trying to become cyber-sensitive, such a cost is insignificant compared to the losses you may incur as a result of compliance.

Secure your sensitive data

Your business most probably holds certain data and information that you regard as 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 ransom. Conventional methods of securing your business data, such as storing it in safes inside your business premises have proved to be too costly and at risk of compromise from various other perils, 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 implemented cybersecurity measures, regular evaluation and upgrading are necessary as hackers are always on the move regarding actions, they use to penetrate your business.