Reasons Why Cybersecurity Is Important Now More Than Ever

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Technology

Cyberattacks are getting very common with every passing day—88% of organizations globally experienced spear-phishing attempts in 2019. The average cost of data breaches is $3.8 million as of 2020.

These numbers indicate that cybersecurity has become more important than ever. You can take advantage of a computer support company to strengthen your business’s security and protect yourself from cyberattacks.

In this article, you’ll learn why cybersecurity is getting more important than ever.

1. Damages Business Reputation

People do business with companies they trust. If hackers attack a business, its reputation will tumble, not to mention the share price and overall valuation of the company. This will allow your competitors to overtake you and take your loyal customers to them.

Imagine there are two companies: A and B. A has a history of being a victim of a cyberattack. Would you be more comfortable doing business with company A or B? Most probably B, right? That’s what cyber-attacks do to the reputation.

2- Loss of Money

Apart from the share price, there are other kinds of money loss you are likely to experience when you become a victim of a cyberattack. First, you’ll have to pay ransom to hackers. Second, you’ll have to pay fines and penalties.

For example, Equifax, the global credit rating agency, had its data leaked, affecting 147 million customers. The costs of recovering from the hack were estimated at $439 million. Remember, the more sensitive the data is, the more it will cost you.

3- Increase in Sophisticated Hackers

With the increase in cybersecurity, hackers are getting more sophisticated every day. They can find a backdoor on your website, send phishing emails to your employees, or even hack your Wi-Fi network. They even use a lot of sophisticated tools and carry coordinated attacks to ensure as much damage as possible.

As a business owner, you need to be aware and also educate your employees about the latest cyber attack trends to prevent any damage before it happens. It further increases the need for cybersecurity.

4- Smart Devices Increase the Risk

In recent years, smart devices powered by AI and IoT have increased significantly. They provide more convenience, simplify the tasks, and offer a high level of accessibility. However, with such great comfort comes great risks. These devices are connected to the internet and hence are an easy target for cybercriminals. Also, with the rise in 5G, the attacks are getting more vulnerable.

Therefore, apart from a great internet network to run these devices, you also need better and robust cybersecurity strategies to protect them from cybercriminals. If they get access to these devices, they can easily enter your network and control other devices.

5- Finding Right Talent Gets Difficult

People want to work at companies they believe in. But, if you’ve been a victim of a cyberattack, chances are top talents will hesitate from joining your company. That’s because when someone joins your company, they give a lot of personal details (bank details, address, and more). They would never want these details to get leaked in a data breach. And, when you lack good talent in your company, your growth will suffer.

6- Loss of Business

When a company becomes a target of cybercriminals, they usually lose their top-tier clients. And, it’s true for MNCs as well. Even Cognizant lost several of its clients after it was attacked in 2020. Apart from the ransom they had to pay, they also had to find new clients to keep the business running smoothly. This makes investing in cybersecurity even more important in 2021.

Conclusion

Cybersecurity has become a vital area to invest in. It helps protect you from cybercriminals and paying ransom to them to get access to your data. Plus, it safeguards your business’s reputation and prevents clients from leaving you. If you have not invested in cybersecurity yet, now is the time to do it.

Angela is a senior editor at Dreniq News. She has written for many famous news agencies.