The threat of cyberattacks for businesses is on the rise. According to the latest estimates, the cost associated with cybercrimes is now in excess of $400 billion and this is considerably higher than it was a few years ago. In a move to keep cyber criminals at bay, businesses are investing more and more in ramping up their security protocols and digital frontiers in order to keep their operations safe. However, the added costs as well as the numerous tools and services can and do put off some businesses.
Due to the increase in cyber threats and attacks, cybersecurity has become extremely important and here are some major reasons why investing in it is a good decision:
The increasing cost of breaches
The simple fact is that it can be extremely expensive for a business to deal with the consequences of cyberattacks. Yes, there is no denying that there is financial damage and the cost of remediation, but there are other costs as well, which can cause a problem. A data breach can lead to long-term reputational damage for a business. Customers lose their trust in the organization and a business will also find it difficult to gain new contracts.
The sophistication of hackers
Nearly every business has externally exposed systems and a website that provides criminals with entry into the internal network. Successful data breaches can be quite beneficial for the hackers. As highly sophisticated attacks have now become widespread, businesses have to be prepared for a breach at any point. This means they need to implement measures and controls that can help them in detecting and responding to malicious activity before it causes disruption and damage. You can find some great tips here to stay prepared and secure against cyberattacks.
The availability of hacking tools
While highly-skilled and well-funded hackers are undoubtedly a risk to the business, the availability of a ton of hacking tools and programs on the internet means that even less-skilled individuals are a threat. Cybercrime has become commercialized and now anyone can get the resources for launching damaging attacks like cryptomining and ransomware.
The proliferation of IoT devices
Nowadays, a huge number of smart devices are connected to the internet. These are known as IoT devices, which stands for the Internet of Things and they are quite common in offices and homes. On the surface, these devices are immensely useful in speeding up and simplifying tasks and also offer greater levels of accessibility and control. But, the problem springs up due to their proliferation. Every IoT device is connected to the internet and if it is not properly managed, it can provide cyber criminals with a way to access the business. This means that a large number of security weaknesses and vulnerabilities have opened up with the widespread use of IoT devices. Businesses now have to exercise caution and conduct routine assessments to identify and eliminate any risks.
Hence, cybersecurity is extremely important nowadays and no business can afford to ignore it.