Cybersecurity is the suite of tools and processes that protect your business’s digital assets. Cybersecurity is what keeps computers, networks and data protected from unauthorized access.
Data is valuable, like money. And just like how banks protect money in safes, cybersecurity protects valuable data from falling into the wrong hands.
And it’s more than just avoiding headlines and huge fines. Cybersecurity helps you avoid everyday stress, inconvenience and embarrassment.
Every day, someone at an SME clicks a malicious email link, pays into a fake bank account or accidentally downloads a virus. These hassles cost time, money, personal data and brand reputation. Effective cybersecurity can help.
Cyber attacks continue to grow in sophistication. The arms race between hackers and cybersecurity professionals has led to an ever-expanding variety of tactics being used. One of the most recent is ransomware, a means of hijacking access to systems. There have been several high-profile attacks using this tactic.
Financial gain is one of the most common motivations for data breaches. Whether the attack is done for a fee, or the hacker uses ransomware to solicit money from the target, cybercrime has become a huge business. But, of course, this is not the only reason to turn to cybercrime. Hackers are also driven by political, ethical, intellectual or social motivations.
On 25th May 2018, the of cost data breaches became higher than ever. Under the General Data Protection Regulations (GDPR), companies fail to comply are subject to a maximum fine of €20 million or 4% of annual global turnover, whichever is greater. This fine is on top of damages and other legal action. You also need to consider the cost of training staff, replacing systems and the cost of lost data. There are also non-financial repercussions such as organisational sustainability and reputational damage. The costs go on and on.
New regulations and reporting requirements make cybersecurity far more onerous on businesses. With CEOs and board-level members being personally accountable, the question of cyber risk and demand for effective strategies has never been higher. A strong cybersecurity stance is a key defence against cyber-related failures and malicious cyber attack. IT managers must be much more transparent and proactive in promoting cybersecurity practices.
When considering the effectiveness of your current cybersecurity processes, consider the following questions:
