Why Is Cybersecurity Important?: 10 Critical Facts You Can’t Ignore

Why is cybersecurity important? Discover 10 critical facts you can’t ignore, and why it’s imperative for your business’s protection.

Did you know that almost 60% of all cybercrime victims in 2019 were small to medium-sized businesses?

Criminals seem to have focused their attention on this highly lucrative demographic in recent years. This is logical, after these businesses may be new and inexperienced. In other cases, they may be rapidly upscaling and unable to completely keep up with IT security needs.

Whatever the situation, small businesses need to protect themselves more than ever. If you are an SMB owner and you are wondering “why is cybersecurity important?” and “what steps can I take?”, why not take a moment to read our in-depth article.

1. Data Breaches and Ransomware Attacks are Costing More than Ever

The first reason why cybersecurity is so important is its potential effect on your business and its employees. Cyber attacks do not only take money from a company, depending on the extent of the attack they can often irreparably damage the company or even spell its demise.

In 2020 the average cost of an attack is over $84000, more than double its cost a couple of years ago. The cost of recovery, repair, and investigation should also be factored in. The financial cost to a company can be so great that it may have to completely restructure.

The company will also suffer reputational damage. If the breach involved the loss of personal data, it may take a long time before people can start to trust you again. No trust, no customers. It’s a long and steep road back to financial health.

2. Slow Adoption of Cloud Computing

Cloud computing offers many advantages to companies. Rather than manage the security of their own data, they can leave it in the hands of a large multinational corporation such as Amazon or Microsoft. They will then benefit from their higher security standards.

However, a delay in using these services can leave businesses open to attack, outdated or even inadequate IT defenses mean that it is a matter of time before businesses with sensitive data are attacked.

It is better to use the latest cybersecurity technologies offered by cloud computing services.

3. Better Coordinated Attacks

Hackers and hacker groups are better organized than ever before. This has led to some audacious attacks in recent years. In 2016 the fintech and accountancy giant Deloitte was subject to an attack and a breach of some 5 million emails resulted.

This goes to show that if a large company such as Deloitte can be successfully hacked, it is incumbent on all businesses large and small to address weaknesses and build better cybersecurity defenses.

4. Government Penalties for Data Breaches

In one of the largest breaches of all time, internet giant Yahoo lost up to 3 billion records.

While a person could argue that Yahoo as a business is still standing, this does not mean that it did not suffer serious penalties. It is estimated that Yahoo had to pay over $35 million because of their inability to prevent the loss.

A data breach may not cost you a large amount of money directly. However, if your business is found guilty of not preventing data loss, you could be accountable to the government.

5. The Proliferation of Hacking Tools

Unfortunately, it has been shown that hacking groups and criminals often work together. Tools and hacking kits made available via the dark web, make it possible for criminals to exploit even well know brands, such as cisco devices.

A cyber defense plan needs to be constantly updated to keep up with criminal methods. A professional cyber defense company can help you to do this.

6. Increase of Connected Items at Home

The number of devices in homes and businesses that are networked continues to grow. These are taking a more and more personal place in our lives but are potential tools for individuals to gather information about us.

If their security updates are not applied, the more than 22 billion IoT devices currently connected could represent vulnerabilities.

7. CyberSecurity Supports Government Agencies

Cybersecurity legislation is constantly being enacted to protect businesses. However, it cannot be leveraged unless perpetrators are accosted. A company with good standards of cybersecurity can offer valuable data to government agencies regarding the criminal’s activities and perhaps even their identities and locations.

8. Compliance with Government Law

Even before any attack happens, good cybersecurity practices can help you to b compliant with government legislation. This includes the GDPR – the General Data Protection Regulation.

Even without an attack or breach if you are not compliant with the GDPR you may be subject to a government investigation and fines.

9. Intellectual Property

Cybersecurity is not designed to prevent the loss of money or personal data, it also protects your company from the loss of designs and valuable information that gives you a market advantage.

Hackers do not always attack visibly. Often their attacks are silent and with the goal of maintaining a presence in the companies system. They remain undetected and continually siphon away valuable data.

This data could be used by or sold to rival companies. If you are working with cutting edge or proprietary software, it could be very damaging if it made available for purchase on the internet to the highest bidder.

10. Whaling Attacks

Cyber attacks are often made on unsuspecting employees who accidentally click on an email or access a link that contains malicious code. However, this is not the only scenario.

More and more “Whaling” attacks are being observed. These are different from the Phishing attacks that target everyday workers. Hackers who employ whaling attacks will direct research and approach CEO and high ranking members of an organization. This is because they have greater access to sensitive and organizational information.

Cybersecurity defenses and continual education at every level are necessary to protect companies from these subtle attacks.

Why is Cybersecurity Important? and Many More Important Questions Answered

We live in a world that is more connected than ever before. This brings more opportunities for advancement and business development than ever before. However, it also provides an environment for individuals and groups with malicious intent to plan and execute attacks. If you have ever asked the question “Why is cybersecurity important?” this is your answer.

In a world where threats to security are as complex as ever in history, you need a comprehensive security solution. We are here to provide this help. We leverage our experience in the IT and security sectors to provide IT management and security solutions for our customers.

Why not take a minute to check out our blog or contact us to see how we can provide bespoke IT solutions to support and protect your expanding business.