As the world continues to embrace digitalization, countless businesses enjoy its many benefits, including convenient data management and reduced paper-based documentation. However, like all innovations, going digital has its fair share of cons.
For instance, the internet is not a safe space. The more your company uses online platforms and services, the chances of confidential information getting compromised also increase. In fact, the number of data breaches and cyberattacks in 2021 hiked by 15.1% from 2020.
That said, organizations should make cybersecurity a top priority. By implementing more robust and rigid business security measures, you can protect your company's and customers' data.
Why is cybersecurity critical for businesses?
Most enterprises use the internet to facilitate daily processes and activities. However, increased reliance on online tools significantly heightens security risks. Additionally, as hackers become more skilled in infiltrating private networks, small businesses lacking IT resources become more vulnerable to socially engineered cybersecurity attacks.
Of course, forgoing online platforms is not an option. The good news is you and your team can use the internet safely for daily operations if you focus on improving your company's cybersecurity protocols.
Cybersecurity includes a range of methods for protecting computer systems and databases from unwanted access. For example, you can mitigate fraud attempts, data privacy infringement, virus infections, and internet scams by fortifying your company's online security.
Here are other reasons that make a stronger cybersecurity plan a must:
Apart from causing data leakage and theft, cyberattacks also impact a company's workflow. For instance, statistics from 2021 show that a business goes through a downtime of 22 days after experiencing a ransomware attack. This period could have been spent on production and other core activities that generate revenue.
By strengthening your company's cybersecurity measures, you can reduce similar threats and prevent work disruptions. Ultimately, you can avoid wasting time and resources on business recovery.
The success of a business lies in its workforce, so it's crucial to protect your personnel. As such, it's necessary to educate employees on the importance of following online security protocols and train them on how to spot common cyber scams like phishing and spoofing.
Moreover, it's vital to establish policies to guard confidential business information and remind workers to be vigilant regularly.
With a robust cybersecurity plan, you can safeguard your staff's sensitive information, such as login credentials, banking details, and payroll accounts. This approach not only prevents them from falling victim to cybercrimes, as showing them that the company values their data privacy also helps build trust and increase employee retention in the long run.
Supports website performance
In this day and age, an official business website is essential for all enterprises. Having an online presence allows you to reach a broader market. Potential customers can also explore your product offerings, learn about your services, and send inquiries through your website.
However, if your hosting service gets compromised, your system becomes infected, forcing your website to go offline. In addition, when users visit a page with a security warning, they are likely to lose trust in your company and develop a negative perception of your brand.
This scenario can result in huge losses for your business since restarting the webpage can be time-consuming and expensive. The trust gap may also result in the loss of multiple customers. Furthermore, missed transactions and delays in communication during downtime can affect your revenue.
The same situation applies to business applications. Unauthorized access to online accounts can lead to serious problems like identity theft. Hence, it's vital to strengthen application security by enhancing password protection or providing users with additional options like multi-factor authentication or biometrics access.
An effective cybersecurity plan ensures seamless networking between you and your customers. It can also safeguard your system from long-term damage and viruses while boosting the efficiency of your online and in-app operations.
Protects your customers' information
Gathering and analyzing customer data is key to building effective business strategies. However, storing customer information can be tricky, especially since hackers are using more sophisticated tools, such as AI and machine learning, to undermine the security of databases.
Fortunately, with powerful cybersecurity, your company can add an extra layer of protection to customers' private data, providing them with a safe environment. Your customers trust your brand, so it's critical to assure them that their personal information is highly secure. Otherwise, they won’t think twice about taking their business elsewhere, and your competitor will likely use that to their advantage.
Prevents significant business losses
If there's a company data breach, sensitive information can get into the hands of cybercriminals. As a result, the business may have to pay huge fines or face severe legal consequences because authorities enact regulatory frameworks to safeguard consumers. In addition, the company will be held liable for failing to take security measures when dealing with consumers' personal information.
Moreover, retrieving stolen data can be costly, leading to massive losses and even bankruptcy. It may take years for a business to recover from these considerable financial losses.
Data hacks can also harm the company's reputation, particularly for publicly traded companies. For example, many large corporations experienced dramatic drops in equity when shareholders sold their stocks immediately after a system breach. However, scenarios like these can be avoidable with a robust cybersecurity system.
Strong Cybersecurity is a Must
While businesses do benefit immensely from digitalization, so do cybercriminals. Day by day, they are discovering more advanced techniques to automate cyberattacks and infiltrate multiple systems simultaneously. Therefore, companies must continually strive to improve their cybersecurity strategies and strictly implement security protocols to protect their sensitive data.
Storing and maintaining data online can be difficult. In particular, businesses that provide data-driven services like document processing and online bank transactions face increased cyberattack risks.
Fortifying your company's cybersecurity can safeguard your information and your employees' and customers'.
Lastly, a robust cybersecurity system can help boost productivity, significantly reduce costs, mitigate financial losses, support your day-to-day operations, and improve your brand's public reputation.
Lou is a passionate writer in the fields of business and finance. He is works with Asialink Finance and uses his talent to share business tips and ideas to his readers.