Cybersecurity is the protection of internet-connected systems, such as networks, programs and devices, from cyber threats. While most businesses are aware of the various cyber threats that exist, few have the defenses to address them. According to Information Management, an estimated 77 percent of organizations do not have a cybersecurity incident response plan in place.
Top Reasons Why Cyber Security Is Important
When companies fail to implement advanced cybersecurity measures, they open their business up to costly security risks. Here are some of the top reasons why cyber security is important.
Block Cyber Threats
No business that uses the internet to help run their business is immune to viruses and other cyberattacks. When a hacker attacks a computer system with a virus or malware, confidential data is often exposed, stolen or corrupted. Some of the most common types of cyberattacks include:
- Spyware – This type of cyber infection is intended to spy on a business’s computer actions. Valuable information is then relayed back to the cybercriminal.
- Ransomware – Ransomware refers to a type of malicious software that is used to withhold access to a business’s computer system until money has been paid.
- Adware – This form of computer virus involves attacking a computer with advertisements and can cause a system to become vulnerable to future attacks.
Cybersecurity solutions provide businesses with digital protection against these types of threats. Employees can use the internet safely and with fewer cybersecurity risks.
Identify Security Vulnerabilities
Implementing proper security protocols can help identify security gaps early on and before problems escalate. A comprehensive cyber risk assessment and internal audit can help businesses identify possible security vulnerabilities and develop an actionable plan to address these concerns.
An effective cybersecurity solution also provides businesses with intelligence and insight into what threats the business faces before becoming targets for cybercriminals. The proper steps can then be taken to block cyber threats from getting through the organization’s IT systems.
Gain Consumer Trust
A business’s cybersecurity plays a critical role in the business-customer relationship. According to an American Express Digital Payments Survey, 40 percent of online shoppers are likely to stop their purchase if they are unsure of a website’s security. A business that uses advanced cybersecurity can use this as a selling point to foster the customer relationship and increase revenue.
Cybersecurity helps inspire confidence in customers and clients. Consumers who feel confident about putting their confidential information into a website are more likely to purchase and return to that website to make future purchases.
Reduce Regulatory Risks
Businesses have the responsibility to keep customer data secure. Data regulations and laws, such as HIPAA, GDPR and CCPA, have been enacted for this primary purpose. If an organization fails to adhere to these laws and regulations, they may encounter hefty fines along with the damages that result from a data breach. Implementing cybersecurity measures help businesses stay in compliance and meet important security standards.
The monetary losses associated with downtime can be substantial. According to Gartner, the average expense of IT downtime is approximately $5,600 per minute. Of course, the larger the business the more significant these losses can be, with larger businesses losing up to $300,000 or more per hour. Downtime can also affect a business negatively in other ways, such as through a loss in productivity when employees cannot complete their job duties.
Leverage Innovative Tools
Traditional cybersecurity services rely on on-premise services, including software and hardware tools. Cybersecurity services enable businesses to branch out and take advantage of other secure technologies, such as cloud computing. In a cloud solution, there is no need for additional hardware as cybersecurity is managed through cloud-based consoles and tools. Many modern businesses also hire a third-party managed service provider (MSP) to take care of their IT and cybersecurity needs.
Achieve A Total Solution
Today, businesses have access to a wide range of security solutions. Some of the best solutions consist of a comprehensive package that includes everything that a company needs to protect against digital threats. These services may include anti-virus, anti-spam, firewall, online content filtration, wireless security and similar services to keep a business safe from online threats.
Contact An Experienced Managed IT Services Provider
Cybercriminals have become more intrusive over the last decade, resulting in costly disruptions, regulatory fines, reputational damage and loss of competitive advantage for businesses. Partnering with a cybersecurity provider can help minimize these serious risks and help businesses gain an advantage in the market. Businesses that choose to upgrade their cybersecurity can gain access to a dedicated security team familiar with the complex security landscape and the latest cyber trends.
TCB, Inc. is a leader in IT security and has spent many years helping businesses of all sizes implement the right security technologies. To learn more about why cybersecurity is important or to speak with an experienced managed IT services provider, contact the IT experts at TCB, Inc.