Why is cybersecurity important for businesses and how to deal with Cyberattacks?

In the growing digital world of today, cybersecurity is one of the most important aspects, as it protects organizations, individuals, and governments from cyber threats like hacking, phishing, malware, and other malicious activities. Cybersecurity has become increasingly important due to the quick rise in digitalization and the expanding usage of technology.

After the arrival of COVID-19, numerous businesses can be seen more engaged in the digital world and more and more trade can be observed online. A new way of doing remote work was highlighted and highly adopted due to health issues. This leads to the storage of data, important meetings and discussions, and the rapid exchange of important documents online. It became a breeding ground for cyber criminals and due to the abundance of such data, the rapid increase in cyberattacks can be seen.

What is Cybersecurity?

Cybersecurity is the practice of safeguarding and protecting your devices, network, and data from any kind of cyber attack, theft, damage, and unauthorized access. It involves the use of technologies, processes, and practices designed to secure the confidentiality, integrity, and availability of all your online data, information, and assets.

Cyberattacks have the potential to cause major financial losses, harm to a person’s or an organization’s reputation, and in certain situations, even pose a threat to national security. A successful cyber attack can badly affect sensitive information, including personal data, intellectual property, and trade secrets. Users have a danger of losing this information as well as important data that could be hacked and later on, used improperly by data harvesters or hackers.

Cybersecurity tools including firewalls, encryption, access control, and user cybersecurity awareness can lessen the impact of and help prevent cyberattacks. To defend against cyber attacks, businesses, and individuals need to adopt strong cybersecurity cybersecurity procedures and maintain a state of alertness.

Importance of cybersecurity for businesses

Cyberattacks can cause severe harm to businesses if they face any. It has the potential to ruin a business’s reputation, finance, and crucial data loss. Cybersecurity has become the utmost priority of businesses nowadays.

• Protection of Sensitive Data

Managing privileged access is crucial for businesses to maintain a secure environment for their sensitive data. Privileged access management solutions can automate the process, record user activities, and reduce the risks of insider threats. They can also help companies meet compliance requirements, decrease operational costs, and improve situational awareness throughout the enterprise.

• Saving the Brand From a Data Breach

A data breach can have a severe impact on business, including loss of customer trust, revenue, and overall brand value. According to the Ponemon Institute and IBM’s “Cost of a Data Breach” study, 65% of consumers lose trust in a company after a data breach, and stock prices drop by about 5% the day a data breach is disclosed.

• Cyberattacks Can be Costly

A cyber attack can be costly for any business and can lead to huge financial losses. After a cyberattack is launched on any business the attackers ask for a huge amount in return as a ransom. Since companies are responsible for preserving their customers’ data, information breaches may result in legal action and fines.

• To Maintain the Productivity of Businesses

A successful cyberattack can cause severe harm to the productivity of the running business. This slows down the systems, work, and network of any organization or business. Efficient cybersecurity measures can help you in maintaining the productivity of the business.

• Protection from Third-Party Risks

Managing third-party risk is becoming increasingly important for businesses as it helps them meet regulatory requirements and assess the risks of each relationship. The goal of third-party risk management is to identify and prioritize risks and determine how to best manage them throughout the lifecycle of the relationship. Regular due diligence should be conducted to identify new threats, and Gartner provides research and tools to help companies mitigate third-party risks.

• Safe Work Environment for Employees

Efficient cybersecurity measures can be beneficial for the employees of the company to work safely and securely even remotely.

How Businesses Can Deal Cyberattacks

To maintain cybersecurity, businesses have to take certain measures against the increasing cybersecurity. Some of the major ways businesses can deal with cyberattacks are below:

• Cybersecurity Awareness Training for Employees

Businesses should train their employees by conducting cybersecurity awareness programs and courses because the company’s staff plays a vital role in maintaining security.

A data breach is even more likely to affect your company now that most interactions at work take place online thanks to remote work arrangements. Your network or a staff member’s computer could crash in an instant with only one click on the incorrect link. By holding security awareness training, that issue can be resolved in part.

• Use of Password Managers

To prevent any important data breach and access of any hacker to your system, businesses are recommended to use password managers. Using a complicated and strong password will keep their sensitive data and documents safe and secure.

• Two-factor Authentication (2FA)

Two-factor authentication is a code sent before any successful login. A login code, or two-factor authentication, or 2FA, increases security by requiring a second authentication step. In the event that hackers get your credentials, it helps in preventing data breaches and hacking situations.

In some devices, security is enhanced by adding an additional third layer of identification such as Face ID or a combination of numbers.

• Data Backups

The option of data backup plays a vital role in maintaining the cybersecurity of any business. A business or a company should always have an offsite data backup for their data and computer system.

In case of any sudden attack or system disaster, the company’s data might be hurt and can be a severe loss. This loss can be prevented if you make sure that you regularly sync your cloud and physical backups once a week. In the unlikely event that your internal servers are compromised or destroyed, having duplicate copies of your data stored in two different places will keep them safe.

• Keep your software and application up-to-date

It is essential to keep the software and application your company uses up to date. Whenever the application or software asks to update the application then act as per the instructions and avoid ignoring it because software companies launch these updates after fixing the security issues.

• Keep the Recovery Plan in Hand

Companies and businesses should always keep the recovery plan in hand in case of any cyberattacks and data breaches. This will help in taking instant action and reduce the damage that can be caused by cyberattacks.

• Use of Suitable Firewall, Antivirus and VPN services

Ensure that the firewall, antivirus, and VPN technology on your networks and devices are suitable. Once you have implemented suitable IT security measures for small businesses and software, evaluate the safety settings of browsers and software to align with your business’s security requirements without raising the risk level.

Famous Companies That Have Faced Cyberattacks

There are plenty of companies that went through cyberattacks but the famous and most popular ones are below:

• eBay:

A leading e-commerce company eBay faced a severe cyberattack on March 2014 that is a breach of an encrypted password. eBay asked all 145 million of its users to reset their passwords after discovering an encrypted password breach.

Cybercriminals use the password of a small group of employees to gain access to the user data that include their credentials and other personal information like email address, payment details, etc with the intention to exploit it.

• Yahoo

In August 2013, Yahoo one of the email service provider ain’t faced a cyber attack that has compromised 1 billion accounts. This data breach also asked the affected users to change their passwords. Fortunately, clear text passwords, payment card data, and bank information were not stolen. Nevertheless, this incident remains one of the largest data breaches in history.

• Equifax

Approximately 145.5 million American customers, 400,000 to 44 million British, and 19,000 Canadians were affected by the Equifax hacking event, which resulted in identity theft. The morning after the hack, Equifax’s stock fell 13%, and the firm was hit with a plethora of lawsuits. Equifax also suffered serious harm to its reputation.

FAQs

Conclusion

In conclusion, cybersecurity is of paramount importance in today’s digital age. As technology advances, so do the threats and risks posed by cybercriminals, making it critical for individuals and organizations to take proactive measures to protect themselves. 

It is of significant importance for businesses nowadays. Cybersecurity helps safeguard sensitive data, systems, and networks from unauthorized access, theft, or damage. It also protects against cyber attacks, which can result in financial losses, reputational damage, and legal consequences. 

Investing in cybersecurity measures such as firewalls, antivirus software, and employee training can help prevent cyber-attacks and minimize their impact. Ultimately, cybersecurity is crucial in preserving the confidentiality, integrity, and availability of digital information, thereby enabling individuals and organizations to conduct business safely and securely in the digital realm.