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Why Cybersecurity Matters to You

Posted August 21, 2018

Cybersecurity is no longer an option but has become a necessity for any business. It’s easy to think that these attacks will never happen to you or your company. Although this may have been true even 10 years ago, cyber-attacks can happen to anyone with a device that is online. Cybersecurity has become a growing issue as attack rates have been increasing each year, and due to the complexities of these cyber-attacks, cybersecurity has never been simple. It’s important to know what constitutes good cyber security and what is needed for each business.

Here are the three reasons why cybersecurity matters to you:

Protecting client data & maintaining trust

When your business starts to become a profitable entity, it is only right that there will be more clients to manage. A crucial part of any successful business is the trust between the customer and the company. Ensuring that the client’s data is safe will not only benefit your company but also the customer’s trust in the business, as cyber-attacks can put your customers and partners at risk.

In May 2014, eBay was a victim of a giant cyberattack affecting over 145 million users, exposing names, addresses, dates of birth, and encrypted passwords. In short, hackers got into the company’s network using the credentials of three corporate employees and had complete access inside for 229 days, during which they were able to hack into the database. The breach resulted in a decline in user activity and a decline in trust. PwC’s Global State of Information Security Survey 2018 states, “87% of global CEOs say they are investing in cybersecurity to build trust with customers.”

Increase in cyber threats

According to a report by McAfee, cybercrimes in 2014 had a total cost of $445 billion and in 2017 had reached $600 billion. The Cybersecurity Ventures report on cybercrimes estimates that the cost of cyber threats will rise to $6 trillion annually by 2021. Not only are the attacks increasing, but the degree of the damage from these attacks is also on the rise.

Examples of cyber-attacks include:

  • Malware that gives your banking and credit card details of cyber criminals
  • Ransomware that encrypts your data files (The only way to access your data files is by paying the criminal to unlock the files)
  • Data leaking/ destruction of data
  • Stolen money
  • Theft of intellectual property.

Cyber threats are no longer a matter of “if,” but “when,” and these breaches can be a huge financial burden for your company. With cyber security, it is always better to be safe than sorry.

Cyber-attacks can apply to any business

Many times, when we hear of large-scale cyber-attacks, we hear of big companies like Target and eBay, and we tend to think that our business is too small to be at risk. However, you need to know that this is a false sense of security. We’ve grown too accustomed to hearing about big companies or government bodies being hacked but not about the attacks that do not make the news. Small-to medium-sized businesses are actually the ones not addressing the problem properly, making them an easier target. 43 percent of cyber-attacks in 2015 were targeted towards smaller businesses, according to Symantec, a software company. This number has continued to increase each year.

Cyber threats are here to stay, and being proactive about your cyber security will only benefit your company in the long run. Threats will only continue to increase and become more intricate as time goes by. Like all businesses, it is best to be proactive and reduce any risks and vulnerabilities that can arise.

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