On average, hacker attacks occur every 39 seconds, according to a study from the University of Maryland Clark School of Engineering. The after-effects of a cybersecurity event can be substantial and may include financial losses, reputational damage, operational disruptions, and possible legal ramifications.
What Is Cybersecurity?
Cybersecurity is the practice of protecting private systems, networks, hardware and data from harmful digital attacks. Hackers gain access to networks or computer systems by searching for vulnerabilities such as unused accounts with easy passwords. After the intruder gains access to the account, they can change the password and use the account to obtain sensitive information or control of the system.
Cybersecurity consists of tools, technologies, risk management solutions, training, and best practices to protect computer systems from unauthorized access or attacks. Technology evolves rapidly and hackers continuously find new ways to steal private information and exploit businesses for money or retaliation. The loss of critical data, such as intellectual property or source files, could potentially cost a company its competitive advantage.
There are several forms of cybersecurity to safeguard against digital intruders. These include network security, data loss prevention, cloud security, intrusion detection systems, identity, and access management, and antivirus and anti-malware solutions. Together, these cybersecurity tools help prevent many cyber threats, such as malware, ransomware, phishing attacks, and social engineering.
Why Cybersecurity Is Important In Business
Cybercrime has become more prevalent in recent years, especially among businesses. According to a 2018 Cyber Security Breaches Survey, approximately 43 percent of companies fell victim to a cyber security breach in 12 months. With ongoing advancements in technology comes a greater demand for IT professionals with sophisticated skills and cybersecurity knowledge.
Cyberattacks impact businesses of all sizes in nearly all industries. Below are a few reasons why cybersecurity matters in business and how working alongside a cybersecurity company can help organizations maintain safe and secure systems.
Cyber Crime Is On The Rise
Today, cybersecurity risks are at an all-time high as more Americans work from home and businesses increase their use of technology services and devices. Cybercrime Magazine predicted that cybercrime would cost the world more than $6 trillion annually by 2021, up from $3 trillion in 2015.
The costs of cybercrime come from the destruction or damage of data, lost productivity, stolen money, theft of financial or personal data, theft of intellectual property, fraud, embezzlement, forensic investigations and restoration of hacked data and systems. Without proper security awareness training and implementation of innovative security systems, the cost of cybercrime will continue to rise.
Large Financial And Reputational Costs
The impact of cybercrime can be substantial and far-reaching. The financial costs alone are enough to drive a company out of business. In the Ninth Annual Cost of Cybercrime Study, Accenture and Ponemon Institute discovered that organizations spend an average of $13 million recovering from a cybercrime. The reputational costs of cybercrime can also significantly damage a business. Following a cybercrime, an organization may lose consumer trust, experience negative feedback from the media or lose current and prospective customers and constituents. Once reputational damage occurs, it is challenging to repair public perception.
Confidential Data Needs To Be Protected
Businesses are responsible for storing and securing a wealth of sensitive data. If the wrong people gain access to this data, it could set a business up for potential lawsuits and the resulting financial repercussions. A leak of confidential records could also benefit a competitor by revealing the business’s practices and strategies. Keeping confidential information protected helps maintain a business’s good reputation by demonstrating to employees and customers that their privacy is valued. It is important to keep all types of data secure, including employee, business, and management information.
Speak With The Cybersecurity Experts At Hartman
Cybersecurity has never been more critical than in today’s digital world. Organizations rely on technology for nearly all business processes, from email correspondence to the transmission of financial transactions. Without proper cybersecurity practices, businesses are at greater risk for financial, reputational, and legal damage that could force them to discontinue operations temporarily or permanently.
Cybersecurity can be difficult to navigate, even for professionals familiar with digital security, which is why many businesses trust their online security to cybersecurity experts. To learn more about the importance of cybersecurity or to speak with a cybersecurity professional, reach out to our experts at Hartman Executive Advisors today.