IS CYBERSECURITY AN INVESTMENT OR A WASTE OF MONEY?

Cybersecurity: What is it?

Protecting and safeguarding systems, networks, mobile devices, applications, and data against unwanted access or harmful online assaults is the goal of cybersecurity. Attackers will go to great efforts to change, steal, or destroy crucial data, endangering corporate operations. At worst, an attacker will demand money from your company as a ransom.

A sound cybersecurity plan deploys many layers of defence across vulnerable servers, computers, networks, and systems. It will be difficult for cybercriminals to trace due to the diffusion of data. To create an adequate security posture, technology, procedures, and people must collaborate in every organization.

 

Why should I make a cybersecurity investment?

As technology evolves, lucrative commercial opportunities emerge. However, because technology is always evolving, new opportunities often emerge without adequate safeguards, presenting major cybersecurity risks.

Firms that rely on technology for day-to-day operations should take care to have a robust safety policy.

 

1. Computer attacks are becoming more common.

Finance, healthcare, and retail are the three areas most affected by cyberattacks. Surprisingly, even the most powerful government entities are vulnerable to hostile attacks. For example, the US Defense Agency had a data breach in the middle of 2019, although it wasn’t discovered until February 2020. Cybercrime, like other sorts of crime, is growing as the population grows and more businesses shift to the new, digital-first economy. A few years ago, internet users constituted 51 percent of the global population. According to industry forecasts, by 2022, 75 percent of the world’s population will be regular internet users, and by 2030, that figure is expected to reach 90 percent. The rise of new and sophisticated technologies and digital ideas such as IoT has resulted in increased cyber assaults. And, as technology advances and is made available to customers, cybercriminals have responded, creating new techniques for assaulting and extorting organizations.

2. The Internet of Things (IoT) is on its way.

The Internet of Things (IoT) promises to make our lives and occupations much easier. We tend to equate “the internet” with computers and mobile phones, but in truth, we can connect almost everything to the internet today. From Fitbits to refrigerators and televisions, we can now connect and control products in entirely new ways.

These smart things are capable of sensing, storing, processing, and networking. They share data with your home network in your house. IoT devices are not safe in the same way that PCs are because they are not equipped with the same level of antivirus and encryption. If a device is linked to your home network and is not secure, it serves as an access point. Smart objects will become much more popular as the data they collect is beneficial to businesses for marketing purposes. By 2020, there will be 20.4 billion internet-connected gadgets.

The advantages of IoT make it an appealing technology for corporate adoption. Giving machines the capacity to predict a malfunction or report mistakes on their own would save businesses the time and effort of human maintenance. According to a Bain & Company study, the greatest barrier to firms engaging in IoT technology is security threats; 45 percent of respondents stated they would be prepared to invest if their fears were resolved. However, as the Internet of Things grows in popularity, corporate solutions for network security become more widely available.

Your network will need to change to recognize and prioritize hazards autonomously. Threats come in many kinds and sizes, from malware to distributed denial-of-service (DDoS) assaults, and all must be evaluated. IT professionals monitoring networks will become progressively more vital in making IoT-enabled technologies safer for companies. As your network grows in complexity, you will need to apply patches and upgrades regularly to maintain it safe. IT specialists’ insights are required to make contextually suitable judgments. IoT networks will create a new need for professional specialists to collaborate with your team.

3. Hackers are becoming more sophisticated.

Data breaches have gained a lot of attention recently, and with cause. According to Cybersecurity Ventures, cybercrime losses will cost the globe $6 trillion per year by 2021.

Data breaches are not confined to one industry and can harm a company’s brand as well as result in a consequence. Ransomware, for example, is very harmful – it’s cyber-blackmail. Ransomware, which is typically distributed by email or fraudulent software, encrypts user data and demands payment to decrypt them.

You must monitor your network to repel hackers. This allows you to track and analyse network traffic, giving you control over what comes in and what goes out. It will not only help you stay safe, but it will also allow you to continue growing your network as you grow. A strong system of anti-virus software, firewalls, and real-time monitoring will assist you in detecting dangers before they cause any harm.

The best investment you can make in your organization is proactive system protection – your cybersecurity is worth it.

4. Keep your reputation safe.

Customer satisfaction is becoming an increasingly important part of any firm as customers grow more connected. In reality, in today’s competitive business world, it is nearly difficult to prosper without clients trusting and believing in your brand. As a result, creating and maintaining a dependable cybersecurity system is a distinct selling advantage that consumers and business partners value.

Consumers are becoming more knowledgeable and conscious of the necessity of data security and privacy. Most clients, for example, will only supply their payment information if they are certain that your online business is safe. They will even check up on reviews and seek to see if your site has been compromised in the past before providing you with any of their information.

According to a recent survey, up to 40% of online buyers would abandon a purchase if they have doubts about the security of your website. On the other side, you may utilize cybersecurity and client privacy to distinguish your company from rivals. You may begin increasing buyer trust by utilizing trust seals from major cybersecurity brands and payment gateways like PayPal, Square, and others.

5. Growing cloud data and mobile usage indicate increased danger exposure.

Corporate mobile technology is relatively new to the market, but it is rapidly gaining traction. Because of the nature and newness of the technology, it is particularly vulnerable to hostile assaults. Furthermore, because mobile devices are smaller in size, they are easier to misplace, exposing critical data.

In contrast to on-premises servers, where data can only be compromised at the physical site, information in the cloud may be accessed from anywhere on the globe. As a result, the prospect of being hacked from anywhere in the globe exists.

As organizations expand, so does the amount of data gathered and processed. Most businesses have used cloud services for business processes due to the flexibility and effectiveness of cloud technology. While respectable cloud providers have a tough security system with numerous levels, the technology is still vulnerable to cybersecurity breaches if security flaws are not adequately patched.

Because the cloud is still relatively young and changing, many people prefer to adopt a hybrid cloud solution. This strategy allows enterprises to use both the cloud and an on-premises server and get the benefits of both.

6. Consequences of regulatory and noncompliance

Businesses must safeguard sensitive consumer data from unwanted access. Following a cyber-attack, your organization may be exposed to harsh regulatory examinations, which may include increased tax compliance, continuing audits, and access restrictions.

Noncompliance with cybersecurity legislation is typically met with hefty penalties and fines with extremely short deadlines. If your company is the victim of a cyber-attack and is deemed non-compliant, you risk losing the reputation and confidence of your investors and business partners.

Most importantly, data breaches might result in several lawsuits with high pay-out demands. For example, a cyber-attack on Target in 2014 compromised over 70 million customer data records. As a result, the corporation faced over 140 lawsuits, with settlements totalling $10 million.

The Advantages of Investing in Cybersecurity

It is vital to protect your company from fraud, data breaches, and other internet threats. Thousands of dangerous websites are discovered every day. Tons of data have been compromised in security breaches in recent years, and recovering from such losses is difficult.

As a result, investing in cybersecurity is a very sound business decision. Here are some more reasons why you should invest in cyber security for your business:

⦁          Data security

⦁          Ensures productivity

⦁          Prevents financial loss

⦁          Boosts customer confidence

UK Cyber Security Group Ltd is here to help

Please check out our Cyber Essentials Checklist

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If you would like to know more, do get in touch as we are happy to answer any questions. Looking to improve your cybersecurity but not sure where to start? Begin by getting certified in Cyber Essentials, the UK government’s scheme that covers all the technical controls that will provide the protection that you need to help guard against criminal attacks. Or just get in touch by clicking contact us