The Purpose of Cybersecurity
Many business owners and information technology managers come to us and ask, "why is cybersecurity important?" At first glance, cybersecurity may appear to be an abstract concept that lacks any significant direct impact on your business, when in reality, nothing could be further from the truth. Cybersecurity encompasses many aspects of ensuring that your business or organization remains entirely protected against many different types of threats. In the end, this leads to more satisfied customers, shareholders, and investors who have faith in your organization, and assets that are secure from threats and criminals.
If you are wondering why is cybersecurity important, it is essential to first examine the average cost of a data breach per organization. According to recent reports published by IBM Security, the average cost of a data breach in the United States can run an organization nearly $4 million in both direct and indirect revenue. Can your company afford to cover these costs if you fall victim to data hackers and online criminals? The answer from many organizations is no.
The good news is that you can protect your company against threats in the space of cybersecurity. Implementing proper cybersecurity policies can help protect the reputation of your organization, the productivity of your employees, information of both customers and staff, and most importantly, your revenue stream. Flagler Technologies provides countless organizations with premier IT security solutions in Florida and nationwide.
To see how your business or organization can benefit from better cybersecurity measures, and to learn more about the answer to the common question of why is cybersecurity so important, contact Flagler Technologies today. Our information technology experts will perform an audit of the security measures your business currently has in place to properly identify areas in which you can improve, to offer your employees and customers better protection, therefore increasing revenue and improving business.
The Various Types of Cybersecurity Threats
There are several different types of cybersecurity threats that can affect businesses and their clients. Each one is just as important to understand, as they pose different consequences and ramifications for your company if your employees fall victim to any of the scams.
Cybersecurity threats have three main goals:
To damage your company's data. For example, to erase important records.
To steal your company's data. For example, to gain access to customer credit card information or your business' financial accounts.
To disrupt the function of your company's digital life. For example, to lock your employees out of essential accounts or to take down your servers for a period of time.
Cybercriminals may benefit from accomplishing one, or several, of these goals financially or otherwise. Sometimes, they may not make any money from gaining access to your data and information, but they may accomplish another goal. For example, competitors may benefit from interfering with your sales portal during a particularly busy time.
The most common types of cybersecurity threats:
Malware attacks. This is when a cybercriminal succeeds in installing malicious software on your machines or platform that can aid in goals such as stealing information, corrupting files, and more. Malware attacks can happen when an employee accidentally downloads an unsafe program or grants access to an unsecured source unknowingly.
Phishing scams. Phishing scams often take place over email and occur when a cybercriminal poses as a legitimate source such as another employee or well-known vendor in an attempt to get users to hand over sensitive data including usernames and passwords.
Spear phishing scams. Spear phishing scams occur when a criminal poses as a trusted source, such as a bank or the IRS, and gets an employee to reveal sensitive data.
MitM attacks. Short for "man in the middle attacks," this happens when a third party is able to intercept communications between point A and point B. For example, they may intercept emails and can possibly change the information in the communication.
Trojan attacks. Trojan attacks occur when malware enters your systems posing as a legitimate source, then changes into a malicious entity once inside.
Ransomware. Ransomware attacks encrypt your own data and attempt to hold it hostage, before then trying to sell it back to you.
DDoS attacks. Also known as Denial of Service Attacks, these cybersecurity threats happen when a criminal takes over many different electronic devices at one time to interrupt regular service (for example, crashing a website).
Data breaches. Data breaches occur when your company either accidentally or unknowingly lets go of sensitive information and data, which is then used for either financial gain or to damage your reputation by the offender.
While each of these common types of cybersecurity attacks functions in a different manner, they all share one of three main goals listed above and can cause significant damage to your organization. When a cybersecurity threat makes its way inside your business, data and information can end up in the wrong hands and it can end up costing you big time.
Additionally, you may be subject to regulatory fines if you breach an industry-specific guideline, such as HIPAA or GDPR. You will also have to inform each person who is affected by the cybersecurity threat, whether that be employees, customers, or both. This can cause irreparable harm to the reputation of your business.
The origins of common cybersecurity threats:
Individuals. Individual people are a common criminal party in regard to cybersecurity crimes. A sole person, with digital knowledge, can cause severe damage to your organization with the right tactics and software.
Criminal organizations. These organizations may originate overseas or domestically within the United States. Criminal organizations are particularly dangerous as they are able to launch large, coordinated attacks.
Competitors. Unfortunately, other companies in your industry may have it out for your business and they may attempt to launch cybersecurity threats against your company.
Disgruntled employees. Whether current employees who are unhappy or former employees who left on poor terms, those with insider information can pose a significant risk to your organization.
Foreign governments. If your company handles information that is pertinent to national security or does business with government vendors or parties, you may be the target of foreign government interference and the interference of terrorist or extremist groups. Terrorists and extremists may be foreign residents, or they may be domestic terrorists looking for information relating to the United States.
Why Is Cybersecurity So Important?
The answer to the question of "why is cybersecurity important" is both simple and complex. To answer the question simply, proper cybersecurity precautions protect your company's most significant assets, your data, and your information. Protecting your data and information helps to protect your reputation and image and the productivity of your workforce. You also avoid costly damage control and system repairs after a cyber attack occurs.
However, the question is much more complex than it seems. At first glance, it may be challenging to see all of the ways in which cybersecurity, or a lack thereof, can affect a business. In reality, cybersecurity issues touch almost every point of your day-to-day operations. From your phone systems to your email, your online browsing to your customers' journey, there is no aspect of business that is left untouched. Cybersecurity impacts it all.
There are seemingly countless points where a cybercriminal can invade, costing your organization valuable time, resources and money.
Proper cybersecurity measures at your business help protect the following aspects:
Sensitive data, such as usernames, passwords, and financial information.
PII, or personally identifiable information, such as social security numbers.
PHI, or protected health information, such as medical history, insurance information, and more.
Intellectual property belonging to your company.
Data, such as sales numbers, customer demographics, research findings, and more.
Systems information, such as platform operations and web info.
When any of this information falls into the wrong hands by way of a cyber attack, you leave open the possibility for a criminal to take down your entire business. Even if you can recover the damaged or stolen data, there will likely be irreparable harm done to your organization's reputation. Additionally, you may lose customers and the faith of shareholders and this may take quite some time to recuperate.
How to Manage Cybersecurity
Whether your business is large or small, there is a great need to effectively manage cybersecurity in a way that protects customers, employees, as well as your organization. A managed IT services company, such as Flagler Technologies, can complete an audit of your company and identify risks that are unique to your business to help build a system of defense.
Management of cybersecurity will vary depending on the particular risks that concern your organization. For example, anti-virus software for each of your electronic devices may be paramount if your main concerns include malware attacks in your business. Or, you may benefit from implementing the use of a VPN if you have a lot of remote workers who may be browsing the internet on unsecured networks and devices.
The best way to effectively manage cybersecurity for your company is to bring in a professional team to assist your business. Not only will a managed IT services company be able to properly identify key areas of increased risk, but they will be able to implement safety measures to protect against threats and continuously monitor all of your systems for any dangers that may be lurking behind the screen.
Contact Flagler Technologies Today
If you are wondering "why is cybersecurity important?" call Flagler Technologies today. We are a premier IT solutions company in Florida and we are standing by and ready to help your organization develop an effective plan to manage cybersecurity and prevent cybercriminals from taking advantage of your company.
Additionally, we provide ongoing resources and guides that empower businesses to secure their workforces, giving helpful tips and education that you can pass on to employees whether they work in the office or from home. When you partner with Flagler Technologies you will get top of the line solutions to help manage all of your cybersecurity needs.
To get started and begin protecting your business against cyber threats today, give us a call or contact us online using our convenient form fill and someone will get back to you. Call 561-229-1601 for more information.