4 Reasons Why Cybersecurity is Crucial for a Successful Business

Running a business comes with its challenges. Whether that’s staffing costs, processes within the business, or yearly budgets. A new problem that’s coming to the foreground due to the modern digital age is how safe businesses are online.

The majority of daily workings are now done online, unlike 30 years ago where an office housed physical copies of everything. It was easy to protect an office with security guards, locks, and safes but that’s not quite the same online. Cybersecurity is essential for any business running online and we take a look at 4 reasons as to why that is the case.

The Cost of a Breach

Nothing comes for free. That’s especially the case with online costs soaring and new jobs being developed as the technology world evolves into something more than impressive. Cyberattacks can be very costly for those trying to defend them and the overall cost is sure to take a large chunk out of your budget. The technology professionals at summitadvisorsit.com explain that some recent studies have shown that on average, the cost of a data breach at a large firm is around £20,000. Even though this is the price of the attack itself, there’s actually a lot more to it. Businesses can lose much more than just an outward sum of money. A data breach can inflict reputation damage on a company, but also can expose their intellectual property and leak any new ideas that may be in the pipeline.

Cyberattacks can also cause customers to lose faith in a company and take their business elsewhere. It’s not only customers that can be put off. Businesses could look at a reputation and decide based on previous facts that they aren’t safe enough to work with. Cyberattacks can lead to a failure to win new contracts.

Hackers are Getting Better

Hacking has become a game for many people. Anonymous, for example, is a group that hacks into even the best security systems on the planet to expose them for who they truly are. Having said that, if you’re above board and don’t hide things, then it’s not likely they will be coming after you. But, the level of hacking is there.

Hackers have a lot to gain from data breaches. Whether it’s money or information, if your website doesn’t have some kind of security, then you’re risking your business in a similar way to leaving your front door open when going on holiday. Because of the sophistication of hackers in the modern era, it’s best to assume you’ll have a breach attempt at some point throughout running your company. Getting the best online security you can afford will act as a deterrent for those trying to access your files. It’s better to be prepared than to end up losing everything.

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Anyone Can Learn to Hack

Famous hackers like Anonymous post their workings online publicly via video. It usually causes quite a commotion and leads to the younger generation becoming increasingly interested in how they can do the same. There are plenty of secrets hidden across the planet and many want to find out what they are.

Highly skilled hackers with a large bank account are obviously something to be worried about. But with the addition of all the younger hackers wanting to make their mark in the game, it’s best to be secure from all angles of attack. The sheer volume of hacking tools and programs available to anyone that wishes on the internet means there’s a growing threat from places that weren’t around before. Protect from all hackers, not just the good ones.

Everything is Stored Online

There aren’t many companies that store things in filing cabinets these days. Everything is easier to process, view, and work on, online. The larger the business the more data it produces every day. Even those smaller companies carry huge amounts of data like sales reports, client details, personnel files, even your latest marketing campaign.

So everything can be easily accessed, it tends to be stored in online places called cloud systems. Anyone with the correct passwords can access the data and work on it. Meaning no matter where you are, you can always get on with a little bit of work. Due to this, literally everything you work for is online and available to hackers if you don’t have cybersecurity in place.

Cybersecurity is important for so many different reasons. Your staff’s wellbeing, your own personal safety, your business life, growth, and development, the list is endless. It’s never a bad idea to invest a serious amount of money in online security. The majority will come with insurance as well, so if someone or something does manage to get through at least you’re covered until you can get your feet back on solid ground.

Dragan Sutevski

Posted by Dragan Sutevski

Dragan Sutevski is a founder and CEO of Sutevski Consulting, creating business excellence through innovative thinking. Get more from Dragan on Twitter. Contact Dragan