Why Cybersecurity is Important?
Did you know that 64% of businesses worldwide will have encountered some sort of cyberattack by 2021? And did you know that, compared to 2020, the number of cyberattacks rose by 50% in 2021? This does not sound ideal, but fortunately, business owners now have the tools necessary to combat the bad actors who are threatening to reveal confidential client information and severely disrupt their operations.
Is the Internet a boon or a hindrance for companies? I believe it is both. As much as businesses, regardless of their industry, size, or age, profit from the internet and its wealth of resources, so do cybercriminals who patiently wait in the shadows to uncover openings and gaps in organizations' systems so to access vital data.
Organizations of all sizes face a serious threat, regardless of the industry in which they operate. Case in point – a ransomware attack which has hit all the facilities of St. Luke’s in 22 states. The incident has triggered an ‘internal disaster’, resulting in the loss of patients’ digital records.
Why Cybersecurity is Important?
To appreciate why cyber defense is crucial, it helps to examine the primary consequences of a cyberattack:
- The Hole in the Wallet!!
Cyberattacks can cost businesses a lot of money through ransom payments, lost company value, unauthorized money transfers, and diminished sales.
There is also the expense of conducting a thorough investigation into the attack, which is usually outsourced to a consulting firm
The costs of an inquiry in the event of an attack must be considered; for instance, in 2015, Sony spent $15 million on investigation and cleanup charges.
- Concerning the Legal Defense
Customers may file a claim for damages if their personal information was compromised due to a hack. The cost of hiring a lawyer and waging a legal battle, especially in the United States, can quickly become exorbitant.
- Denial of Service Results in a Loss of Income
A Denial-of-Service (DoS) attack is an attempt to completely disable a machine or network such that it is unreachable to its users. The cost will depend on how crucial the company's IT infrastructure is to its operations and how much money would be lost as a result of the outage.
- The Brand’s Repute
In the aftermath of a cyberattack, a company's reputation takes a serious hit. Even long-time, devoted customers eventually branch out and do business with rivals. The reason for this is obvious: protecting one's privacy and personal information is crucial in the modern era. A company's customers will lose faith if it can't keep their information secure. That's all there is to it.
Online safety is just as important as physical safety or home security. However, when it comes to effectively managing a business in the modern digital age, the issues are much more severe than, say, having your social media account compromised or discovering a virus on your computer.
Personal information about your employees and customers can be stolen and used for bad if this happens, and the repercussions can be severe.
Also, remember that not all cyberattacks target well-known companies, even if doing so would be lucrative for the threat actors. Medium and small enterprises are also vulnerable to cyber attacks. Is there anything to do? Actually, it's really not that complicated. Find a reliable cybersecurity service to ensure the safety of your business. If you haven’t already, you can contact us at (832) 224-6638 or visit our website.