The importance of cyber security to today’s business

As the presence of technology in today’s business has grown, so too has the risk of?cyber-attacks?and breaches. From the largest of corporate giants to the smallest of start-ups, every business with some form of online system is open to the possibility of a cyber security threat. For instance, recent statistics have shown that around 61% of small-scale businesses are prone to cyber threats every year.?

This is why it is essential that your?organisation?is up-to-scratch when it comes to protecting not only your own data, but your customers’ information too. A severe breach in your system can lead to huge losses for your company not just financially, but through brand image and customer trust as well. Here are a few reasons why cyber security should be one of your top priorities.?

?Protect your business?

If you’re unsure of how important cyber security really is to your business, think about all the major companies that have experienced leaks and data breaches over the last few years.?Scores of?organisations?have been faced with company documents, private correspondence and customer information becoming?public knowledge online due to a computer attack. One of the most high-profile examples was the?Sony security breach ?that occurred in late 2014. Hackers not only erased data from the media giant’s systems, but also released information about the company’s various projects, sensitive documents, and many?customers’?private details.?

Examples like this show that even the largest of companies are susceptible to?cyber-attacks, which is why it’s essential that you are keeping your business?safe. Companies with the right levels of cyber security have avoided difficult, damaging and sometimes disastrous system breaches. This not only protects your company’s sensitive information, but ensures that?your public image remains safe.?

Increasing need against new advancements?

The biggest issue with cyber threats is that, like all of technology, they are always developing and evolving over time. So, it might be the case that you already have cyber security programs and protocols in place. But with hackers using new tech innovations to slip through the cracks, your security system may not be able to handle these new digital offences.?

This?highlights the need businesses have to regularly monitor, assess and update both their cyber security systems, and the staff that handle these responsibilities. As new?software?and programs are introduced to further secure your company’s online information,?your?business needs to ensure that you have the most up-to-date?security software available to protect against new threats. And to ensure that your new programs are being used to their full advantage, you’ll need to hire IT &?tech staff that are fully capable of both working with the newest software and are prepared to combat any attacks that your system encounters.??

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Save on potential losses?

Every business owner looks for areas where they can save money; it’s a natural part of running a company. And when looking at where to cut costs, many CEOs and Directors will look at cyber security as an area where they can cut back. Much of this comes down to a feeling?of?“we haven’t had any hacks or breaches before, so we don’t really need to spend too much on this”. But it’s important to remember that, in the long run, not investing in a detailed cyber security strategy can lead to higher costs and losses.?In their 2020 report, IBM estimated that the average cost of a data breach in the US was?$3.86 million . This highlights the severity an attack to your system?can have on a business.?

In the event of a?data breach, your company could lose a number of financial revenues due to factors like customers losing trust in your company and investors deciding to pull out their funding. You’ll also have to spend money and time trying to fix the issue at hand, whether that be purchasing software to fix the problem or hiring outside firms to solve things. This leads to more expenses, which doesn’t?even?factor in the possibility of having to compensate any involved parties whose private details have been compromised.?

If you want to avoid any future costs that could harm your organization, it is essential that you invest?in cyber security today to prepare for the long-term. While it may be costly to set up and implement software?&?hire staff, the short-term costs are nothing compared to the future losses you could incur if actions aren’t taken.?

?Secure your customers’ trust?

Your customers are at the heart of your business: its success is determined by how?they?feel about your brand. If they trust you, they’ll continue to use your products and services. But when a company’s data is stolen or hacked, it will deeply affect the image of that business to their customer. And if the breach becomes public knowledge, it will tarnish?their?reputation to any potential customers.?

When cyber security is maintained against a potential attack, it goes a long way towards?building and strengthening the trust your customers have in your?organisation. This is why a strong cyber security system is essential. When a customer sees that you are prepared?against?any online attack that could affect their details, they see that they can depend on your business.?

?Now that I’ve explained why cyber security is essential to your business, here are a few areas you can focus on to?begin protecting your company from online attacks and breaches…?

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Assess and identify any vulnerabilities?

The first step for any cyber security strategy should be to assess your current strategy and identify any areas where there are vulnerabilities, and how you can address them.?

There are a number of security assessments you can trial to identify any sensitive areas in your system. First,?there’s?a?vulnerability scan, which?will involve an automated testing tool that probes a business’s computer networks to find weak spots. This is a great starting point for identifying any immediate areas where even?the most basic hackers and malware could cause damage.?

Next, you can try a gap analysis. This identifies the disparities between what your company is doing to protect against cyber-attacks, and what the current best practices are for cyber security. This is a great opportunity for you to identify what you are currently doing, and what you should be doing. Next, you can try a penetration test, where a professional white-hat hacker will attempt to access your network. This is the perfect chance to see if your current efforts are doing enough to protect against hacks, and what more you can do to keep people from breaking through your system.?

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Train your employees?

It’s more than outside factors you need to consider for your cyber security.?Many data breaches can occur because of a mistake made by a company employee. For instance, it was reported that?95% of cyber security breaches ?occurred due to human error. This is usually due to an employee not being able to identify a potential attack, as many hacks and malware come in the form of phishing and sophisticated, hidden messaging. While many of these scams and attacks are easy to identify, it only takes one employee to provide cyber criminals with the details they need to find their way into your system.?

This is why it’s essential that all your employees are thoroughly trained to be aware of any potential attacks they encounter, and how best to handle them. This could include ways to prevent any future interactions with offending programs or contacts, when a potential breach has happened, and who they should speak to in this event?with a fully detailed training program dedicated to identifying cyber threats, and how to prevent them, will go a long way to ensuring that your employees are avoiding any potential mistakes that could lead to a severe breach.?

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Hire skilled, dedicated staff?

One of the most essential elements of a successful cyber security strategy is that you have the right staff in place. While it’s important to have the most up-to-date and advanced?equipment in place to protect against attacks, this will go to waste if you don’t have anyone in your office to implement, monitor and action these programs.?

With an in-house team of highly skilled IT experts, dedicated to ensuring your online systems are secure against any potential threat, you’ll be kept updated on any breaches and attacks, and will have an immediate reaction to any potential disasters.?This will also provide you with a variety of skills in specific areas that could cause breaches. From cloud data storage, to automation, network security, you’ll be protecting all your online channels and systems, ensuring your?organisation?is fully protected.?

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If you’re looking to fill a vacancy that is aimed at ensuring your business’ cyber security is where it needs to be, get in touch today and I can help you find the perfect candidate. Contact me on?07961 479043, or by email at [email protected].?