Since the beginning of the pandemic, the FBI has determined that cyber crime (perpetrated against businesses in the United States specifically) has risen by 300%.
This is largely due to the rapid shift businesses have taken towards a remote work culture, in combination with poor cyber security strategies to compensate for the sudden change.
No matter the reason for it, however, the fact remains that cyber threats are more prevalent than ever, and continue to threaten businesses all over the globe.
In order to combat the threat of these growing cyber attacks, robust cyber security measures and expert strategies are needed, hence the ever-increasing importance of cyber security for businesses.
To help you protect your business from harmful security breaches, this blog will explain:
- The types of cyber attacks that have been most damaging to businesses
- Exactly why cyber security is important in today’s business environment
- Which cyber security options are most effective at preventing catastrophic loss of data (and by extension potentially millions of dollars).
Types of Cyber Crime Most Harmful to Businesses
There are four main types of cybercrime that tend to be the most damaging to businesses:
1. Ransomware Attacks
In a ransomware attack, criminals will breach your security systems then encrypt your data and demand a ransom (usually in cryptocurrency) in order for you to get your data back.
This type of attack can be particularly harmful because not only do you have to pay the ransom, but there is no guarantee that you will actually get your data or intellectual property back even if you do pay.
Are You Concerned Your Sensitive Data May Be at Risk of a Cyber Attack?
2. Phishing Attacks
Phishing attacks are when criminals pose as a legitimate entity (like a bank or government organization) in order to try and trick people into giving them sensitive information like passwords or credit card numbers.
These types of attacks can be very costly because if even one person falls for the scam, the criminals can then use that information to commit identity theft or fraud.
3. DDoS Attacks
DDoS (distributed denial of service) attacks are when criminals flood a website or server with so much traffic that it causes it to crash.
This type of attack can be very damaging because it can take a long time for the website or server to recover, during which time business operations are disrupted and customers are lost.
4. Data Breaches
Data breaches occur when criminals gain unauthorized access to valuable data and personal information like customer credit card numbers or Social Security numbers.
These types of attacks are generally very harmful because they can lead to identity theft, fraud, and a loss of customer trust. One way to protect your information systems is to install, manage and regularly update antivirus software as part of a larger information security strategy.
Understanding the Importance of Cyber Security in Business Today
In order to understand why cyber security is so important for businesses, we must first understand the current state of cybercrime.
As mentioned before, cybercrime has been on the rise in recent years and shows no signs of abating. In fact, according to a report from Cybersecurity Ventures, it is estimated that cybercrime will collectively cost the world $10.5 trillion by 2025.
This is largely due to the fact that as our world becomes more and more digital, there are more opportunities for criminals to commit cybercrime. For example, as an increasing number of businesses move their operations online, they become potential targets for DDoS attacks.
Additionally, the remote work culture that has been adopted by many businesses in response to the pandemic has also made businesses more vulnerable to cybercrime.
This is because when employees are working remotely, they are often using their own personal devices and networks which may not be as secure as the business’s network. This creates opportunities for criminals to gain access to sensitive data through these devices and networks.
So, to answer the question ‘why is cyber security so important for businesses?’ Cyber security is important for businesses because it can help protect them from the costly damages that can be caused by cybercrime.
For example, a data breach can cost a business millions of dollars in damages, including the cost of investigating the breach, notifying customers, and providing them with credit monitoring services. Additionally, a data breach can also lead to a loss of customer trust and loyalty, which can have a long-term impact on the business.
Additionally, cyber security is important for businesses because it can help them to avoid regulatory fines and penalties. For example, in 2018, the General Data Protection Regulation (GDPR) was introduced in the European Union. This regulation imposes strict requirements on businesses in terms of how they must protect customer data.
If a business fails to comply with these requirements, it can be subject to hefty fines.
So, as you can see, there are many reasons why cyber security is important for businesses, none of which can be dismissed or disregarded.
Interested in Learning More About How an MSP Can Help Your Business? Read These Other Short Articles Today:
Why a Managed Cybersecurity Solution is the Best Option for Most Businesses
While cyber security is most certainly important for businesses to have in today’s online threat landscape, not all businesses have the internal resources and expertise to effectively manage their own cyber security.
This is where a managed cybersecurity solution comes in.
A managed cybersecurity solution is a service that is provided by an external company which specializes in managing cyber security for businesses.
This type of solution is often a better option for businesses than an in-house option because it can provide them with access to expert knowledge and resources, as well as economies of scale.
Additionally, a managed cybersecurity solution can be more cost-effective than an in-house option because the company providing the service will often have bulk discounts with security vendors. This means that the company can pass on these discounts to their clients, which can help to lower the overall cost of the solution.
Accelerating the Importance of Cyber Security With a Qualified Managed IT Provider
In today’s information technology landscape, a managed data security solution tends to fall under two broad categories that work in tandem together: network security and cloud security.
The former involves the constant monitoring and maintenance of traffic logs and access to information (such as firewalls, patch configuration, authorized access, multi-factor authentications, etc). Whereas the latter focuses on any vulnerabilities that might be exploited via the cloud (credential piggybacking, corrupted data, cloud-based data breaches, etc.)
Here at KDIT, we’ve been helping businesses keep their data safe with tailored IT services delivered based on our clients’ unique business needs, and we can help you too.
If you’re worried about the integrity of your business’ data, talk to us today and set up a free consultation—and we’ll identify a solution that works for your organization’s culture as well as your budget.