What Is Cybersecurity?
Cybersecurity is protection against theft, damage, or unauthorized access to your IT infrastructure. In order to maintain your business’s integrity, you must protect your consumer and partner credentials. Cyber-attacks aim to access, change or destroy your business’s sensitive information. Any type of cyber-attack causes catastrophic risks for your business, especially a risk of extortion. Here are a few reasons why it’s so important to implement cybersecurity protocols.
Rise of Data Breaches
There has been a severe increase in data breaches towards consumer and client-based organizations. Most businesses use common networks that are targeted for customer data or corporate espionage. According to Ponemon Institute, the average total cost of a data breach in 2018 was $3.86 billion, that’s about $148 for every record compromised. The standard number of days it took an organization to detect a breach was 196 days. The increasing rise of data breaches are costing businesses billions and leaving them with little to nothing.
New Cyber Threats
As technology trends begin to rise, new cyber threats continue to surface. Organizations not only need to look out for attacks like ransomware, phishing or malware threats but need to be aware of the newest forms of cyber-attacks. A few new hacking mechanisms are digital card skimmers and brand extortion. Digital card skimmers, also known as form grabbing, targets online transactions. They steal payment information from shopping carts before you’re able to submit your online order.
The newest form of brand extortion uses fake online accounts to threaten a company’s reputation. Using Yelp, or other social media outlets, they create numerous negative reviews. Like ransomware, the malicious software will block access to computer systems until a sum of money is paid.
Loss of Business Reputation
When a breach occurs, a business’s reputation becomes in question due to the loss of consumer and partner trust. Without cybersecurity, your business is vulnerable to identity thefts and loss of important data like photos, crucial documents, and contracts. Hackers have the ability to destroy businesses, as well as damage personal lives by their malicious threats to compromise information.
In order to remain secure, your business must enforce cybersecurity measures. Your business needs to practice proactive cyber defense tactics, as well as establish cyber defense technology into your IT infrastructure. Managed Service Providers offer a method to analyze and evaluate the potential risks and hazards your business may face. Working with an MSP, can help your business plan for potential risks and respond to them appropriately. Learn more about executing a strong cybersecurity software.