Why You Need to Consider Cybersecurity for your Business
As technology continues to progress over the years, so does the number of cyberattacks around the world that are occurring and rising at an alarming state.
Many big companies have been put in the spotlight as they experience being shaken by cybercriminals who compromised their company and clients. As per a study, owning a large business makes you more prone to experience cyber-attacks however that is not always the case.
No matter what size your business is as long as you can be found online and you have available data does not make you immune to these cyberattacks. Oftentimes, cybercriminals target small to medium-sized businesses because they often do not invest in cybersecurity. Given budget constraints, may business owners just shrug off the thought of securing their business from online attacks and threats?
As a business owner, you have to understand how these risks can affect your business in general and your clients as well. So if you do not want to compromise all of your hard work, know why it is important to secure your business.
Types of Cyberattacks
It is essential also to educate yourself about the different types of attacks you might encounter.
Phishing
A common attack that cybercriminals use which may involve yourself or one of your employees as an accomplice unknowingly. Often sent as email or other online forms of communication, it contains malicious links. Once a phishing email is sent, opened by someone, and was able to click the link, it can now create access for these criminals to infiltrate your system or data.
Malware
Malicious programs that are downloaded to your computer without you knowing about it can cause serious damage or data breach. There are several types of malware like viruses, spyware, and worms.
Some of the biggest data breaches recorded in history used malware that resulted in millions of compromised data.
Ransomware
The type of attack that keeps IT personnel on their toes, ransomware is a type of malware that encrypts data and devices on a network that hinders user access. It is then when hackers demand a type of ransom payment to be able to restore access by the owner or user. Unfortunately, payment is not a guarantee that it will be restored completely.
Denial of Service (DoS)
Considered one of the oldest types of attack, this type of attack comes into two methods – one that sends specialized data to a system that can cause an error and prevents the system to function which is called specially crafted data, and the one that overloads a system to slow it down until it cannot function anymore called flooding.
Password Attacks
A hacker inputs numerous password combinations in an attempt to access a system or network. This is the reason why many IT personnel and cybersecurity experts continue to advise everyone to create strong and complex passwords.
Man-in-the-Middle (MITM)
An attack that involves a third party interrupts a connection between two parties. It then listens to the conversation or monitors communication exchanges to pick out confidential information shared over the connection like personal information, password combinations, login credentials, and more.
Reasons Why You Need Cybersecurity for Your Business
1. To Protect Your Business
An obvious reason for getting cybersecurity is to protect your hard-earned business. It will act as a shield against various attacks from cybercriminals and online threats. As technology continues to get involved a lot in your day to day operations and you become more reliant on the internet to do business functions, it poses great risks for your business as you get more exposure to possible attacks.
2. Attacks May Damage Your Reputation
Building your business does not take overnight success so does your online reputation but it only takes a few seconds for cybercriminals to damage it. If your company experience any cyber-attack or data breach, it will create damage to your reputation and will affect how people trust you. Sometimes, businesses that lost their credibility over cyberattacks find it hard to bounce back.
3. The Need To Protect Your Customers
When customers give you their personal information and other confidential information, they trust you that you will keep it safe and secure it from all kinds of attacks that may use it in any ill-fated activities so it is your utmost responsibility to safeguard it.
A study showed that a lot of customers will stop engaging with a brand and patronizing their product or service if it experiences a data breach.
4. You May Lose Clients
As these attacks damage your relationship with your clients, they might choose not to do any transactions with you anymore and cut ties in connection with your company. Losing clients can do more damage as they may also request you to compensate them which may cost you a lot. Some may even file a lawsuit against you as their data are put at risk.
5. Cost a Lot Than You Can Imagine
If you do not have any cybersecurity to protect you from any cyber threat attempts because you think you do not need it or you do not have any budget to spare, it might cost you more once you experience a real attack.
If these ill-minded criminals get a hold of your intellectual property, the cost it will incur you after will be a bit heavy in your pocket. Aside from this, you will also be needing a big amount to compensate your unhappy clients. You will also spend a lot of time trying to track and go after these criminals. These may cost you little than they really should be or nothing actually if you have only invested in cybersecurity.
6. You May Be Asked To Pay a Ransom
If the type of malware that attacked you is ransomware, you may have to pay a specific amount of ransom money before you can access your files. This may involve a large sum of money as your attackers can demand a high price before releasing your data. However, there are times when paying a heft amount is not a guarantee that your data will be released by these criminals which amplify the cost of damage.
Conclusion
Technology continues to advance each day, and so do cyberattacks and the ways cybercriminals can infiltrate your system. Having cybersecurity installed is not enough. You need to constantly update it to keep it up to date with the latest features. You also need to be aware of possible attacks and their characteristics so you can easily identify an attempt. Educate your employees as well as they can turn your best defender against any attack.
Always keep in mind that while it will cost you at first, it can be turned into your greatest investment as it protects your assets.
