Why is Cybersecurity Important?
What’s the point of cybersecurity, anyway? It might seem a silly question, but if your instinctive answer is “to stop us getting hacked” then you might be underestimating the risks. The problem with cybersecurity breaches is that you face a range of dangers that can affect your business in very different ways. Let’s look at just a few.
Time Is Money
In the aftermath of a breach, part or all of your computer network and functions may be unavailable. This could be because attackers have actively damaged the network or it could take time to isolate affected areas and make sure everything is safe to use again. Either way, you’re not just paying for staff time in directly tackling the problem. You’re also looking at lost staff productivity when they can’t perform any tasks that rely on computer access.
Remote Cyber Risks
Remote working was already on the rise before COVID-19 arrived and now working from home is the norm for many which is another reason why cybersecurity is important. If your systems are compromised, you could easily find yourself unable to access video conferencing tools or internal messaging applications. Reverting back to phone calls or emails can be a workaround but this can be hugely inefficient and frustrating, particularly if you’ve adjusted to the “new normal.”
A Matter Of Trust
If the news breaks that you’ve been hit by a cyberattack (and you may be legally required to disclose it), customers may feel less confident about dealing with you. Naturally, this is most severe if their data has been compromised, but even if an attack doesn’t involve customer-facing technology at all, it could still make people think twice about using your services such as an online shop. Indeed, you could even lose future business simply because a cyberattack means a temporary disruption such as orders being lost or delayed.
Cybersecurity – The Spying Game
Many of us picture hackers as either kids out to wreak havoc for the thrill of it, or gangs trying to access and drain financial accounts. Businesses face another threat group however: unscrupulous rivals trying to access sensitive data such as trade secrets, supplier agreements, contract bids, and anything else you wouldn’t want to fall into the wrong hands. Don’t forget the international angle either: some of the most sophisticated attacks are carried out on behalf of nation-states looking for details of businesses dealing with government agencies and other public bodies.
Most businesses come under one or more privacy laws such as Europe’s GDPR, Canada’s PIPEDA and California’s CCPA. These laws require businesses to adequately secure personal data such as customer details. If you suffer a breach and it turns out you hadn’t met the required security standards, you could face significant fines and claims for damages by individual customers, a cost that can soon mount up.
Just as you face more than one risk from cybersecurity breaches, you’ll likely need multiple weapons to fend off attackers. Contact CPI Solutions today and we’ll talk you through how we can help protect your business.