October 24, 2020

Importance of Cyber security for business

importance of cyber security
Why is cyber security important for business?

Understanding the need and importance of cyber security for business.

The importance of cyber security has grown with time due to evolution of technology. From a simple computer virus in 1971 to cloud-based attacks today, cyber attacks have grown and will grow with time.

There is a misconception that only big businesses are at the risk of cyber attacks and only they should think about protecting themselves. However, it must be understood that with the adoption of technology by every business today, no one is really safe from hackers. Therefore, SMEs must not ignore the importance of cyber security as ignorance is itself a big cyber threat.

What is cyber security?

cyber security

In simple terms, cyber security is a layer of defence on systems, devices, applications and network to stop hackers from infiltrating them.

There are several reason for which hackers attack your system or network. Some of them are financial frauds, gaining unauthorized access to sensitive information and espionage(or spying).

Technology is reducing human efforts but at the same time increasing risk of cyber attack.

Therefore, there is a need of best cyber security solutions for protection from them.

Why are cyber threats increasing?

There is a huge growth in use of automation technology, cloud computing, IoT and other technologies by individuals and businesses. Businesses, especially, benefit tremendously from these technologies. From predictive analysis to automating mainstream jobs, and transferring workload to cloud computing to allowing all devices to communicate with each other through IoT, technology has it all for you.

But are you really aware of the threats that come along with such technologies?

There is an urgent need of cyber security today because hackers becoming more advanced and reckless with time.

Cyber threats in 2020 will harm businesses tremendously if not taken care of.

Please note– cyber security is also known as computer security and digital security.

Importance of cyber security

1. Protection of data-

Data is highly important for every business. It is vital for business growth and survival. Data is the new oil in this new era of technological evolution- the 4th Industrial revolution. Losing data can cost huge- legal charges, financial losses, loss of business assets, loss of trust of public, etc.

Hackers hunt for critical business information. They know businesses have the intention and capacity to pay. This is why ransomware and phishing attacks have targeted more businesses than individuals.

Advanced cyber security services also prevent data leaks, cloud leaks or unintentional disclosure of data.

2. Protection from financial loss and frauds

As mentioned before, most attacks are driven by financial motives. Hackers can steal your data and sell it. They can hide your data from you and return it in return of some amount ( i.e ransom).

Many businesses have been victim of financial frauds. Hackers use social engineering or deepfake to manipulate employees or business owners into surrendering sensitive information like credit/debit card information, OTP, Pins, bank account details, etc. They can even make you transfer money into their accounts using a phishing email.

3. Legal aspects to cyber security

GDPR and other Data Protection laws makes it mandatory for businesses to provide essential security to data. Not adhering to or infringing this can lead to huge legal charges.

There are certain laws in India (like Information Technology Act,2000 )that makes it mandatory for business to protect the data it holds. It also includes data related to its clients and customers.

4. Protecting business assets

Hackers hunt for sensitive business assets like intellectual property, legal documents and financial data for big monetary gains.

Such assets are highly valuable are sensitive for any business. It requires high level of diligence and protective measure.

5. A strong and reliable layer of defense

Those days are gone when just firewalls and anti-virus software could provide enough security to business enterprises.

Cyber threats can come from two sources- internal and external.

Internal threats are the least predictable threats to protect a business from.

External threats includes malicious actors and third-party risks (like cloud services) which are easy attack vectors.

Advanced cyber security services act as a strong and reliable protection against cyber attacks. Services like VAPT and Red Teaming useful insights on improving the security architecture of the organization for best defense against adversaries.

Conclusion

There is an enormous adoption of technology today. Both business and government organisations rely on technology to carry out large scale operations. It offers us myriad of benefits and the threats that comes along with it must not be ignored.

It is in the very architecture of technology that makes it vulnerable to cyber attacks. Therefore, we must implement best cyber security practices and leverage best cyber security services to protect our systems, devices, network and data from malicious actors.

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