Ignoring Cybersecurity could be Dangerous for Enterprises

For few companies, what represents their assets are the private data they collect; and for others, it’s customer data such as purchases, payments, and payment methods. Every other business produces operational data that competitors would love to get hold of, in fact most of them manage to do just that!

When it comes to assisting organizations on how to avoid losing their sensitive information, check below to find out why organizations need to take protective action, and how to achieve them that can save business reputation as well as trust from customers.

Why should businesses care about data protection: 

There’s a clear necessity for protecting data as we tend to come across cyberattack news now and then. Reportedly, most of the US businesses were targeted by hackers in the past year, and if the attacks happen to be successful, the cost of dealing with them was around $1 million per attack.

Very few small businesses are capable of dealing with the outcome of a cyber-attack. Most of them fail to respond when they are targeted in the first place. That said, it’s expected that around 60% of companies targeted by hackers fail within 6 months.

Though the numbers are slightly overestimated, they tend to show that doing nothing about cybersecurity for the business can put their digital and information assets in danger. 

What harm can cyberattacks cause to the business

The damage that such attacks can cause to the business can be gauged by understanding the fate of SMBs who neglected the challenges presented by cyberattacks. Check the example below: 

In the year 2012, Efficient Escrow was a flourishing Californian payments company which was having a bright future ahead. Sadly, multiple cyberattacks that made false wire payments to Russia and China drained more than $1.5 million from the company and clients. They had to confront actions from state regulators & the company was done by mid-2013.

In another example from 2009, Floridian construction company PATCO was defrauded of more than $450,000 by a Trojan horse attack. Though PATCO got back most of the money, it was solely after a three-year legitimate experience that included taking their bank to court. This takes endurance and a bit of legal luck to get there, not every small business can count on benefiting from either. Check out the Software Defined Perimeter articles.

Businesses should avoid these mistakes while creating a cybersecurity strategy

Businesses are now opting for Zero Trust Network Access solutions to safeguard their digital and information assets, the technology provides secure remote access for employees as well as a combination of other needed technologies that can help businesses in maintaining their cybersecurity strategy without compromising their productivity.

Below are a few points that businesses should avoid while planning cybersecurity:

1. Late Response

It’s stunning to notice that most businesses simply ignore cyber threats, hoping that it won’t happen to them. Though the first rule of cybersecurity is to be prepared for the worst. Assume that the company can be a target and to be handy with all the steps to follow to be safe as well as to conduct activities if they suspect an attack. 

2. Neglecting to add resources

For SMBs, employees/staff is one of the key security weak points. For example, remote team may work using an unsecured public wifi hotspot, this is an ideal spot for hackers to explore and try their bait. Or the password practices by employees can be extremely weak, this is why all businesses should fund high-quality training for every employee.

3. Not willing to automate security

Businesses might think to have an IT contractor to secure the networks, this could be risky. With the help of cybersecurity solutions that can secure cloud applications and manage each access based on identity; businesses can avoid data breaches or be exposed to phishing tricks. 

4. Outdated software and hardware

If you happen to check the annual budget of most of the organization; they don’t include updating VPNs, OS, software/hardware in the plan. This being the key loophole for attackers should be updated from time to time and invest in solutions that are Alternative to VPN.

Finally, it’s essential to create a cybersecurity culture among staff members, having external security trainers to talk about password security, social media, protocols to be maintained while communicating, and remote working. Nothing can be easy when it comes to protecting all your sensitive information and handling daily activities, however, investing in a cybersecurity solution can help businesses save their time and gain the best ROI in staying updated when it comes to cybersecurity and focus on their productivity.