Does your business operate through the cloud or within the online workspace? If so, cyber security is essential to your continued trading.
Cyber security is becoming a growing need for every type of business which has any online interactions. Digitalization and the arrival of Industry 4.0 have caused a new threat, and that threat is one which not all businesses are paying attention to. Businesses increasingly rely on digital services to support them, but this leaves consumer information open to potential data breaches. By now, we all know how much data breaches can cost.
Avoid all the above by simply taking control of your cyber security strategy. Here is why it is important and what you might do to take those first steps towards cyber health.
Cyber Security is a Growing Need
Cyber security is becoming critically important in the modern business world. Cyber threats develop greater complexity every day. From account information to your private tax calculations, Forbes estimate that global cybercrime will keep growing at a rate of 15% per year, hitting $10.5 trillion by 2025. This reflects upon how the value of data increases year on year.
Reasons why your business needs cyber security management?
The main reason you need to closely manage cyber security within your business lies in the protection of sensitive data. Sensitive data includes everything your customers place on your site. This might mean their payment info or their account passwords. Your business needs cyber security management to avoid all this. Here are other reasons to consider a new strategy in your business.
- Financial losses: IBM put the cost of a cyber-attack at around $4.5 million per business.
- Reputation losses: imagine trying to recover a lost reputation after a cyber scandal.
- Loss of customer loyalty: if you can’t be trusted with their information, consumers will go elsewhere.
- Protection against ID theft: the biggest potential fraud caused by a hacker is identity theft. You can get good money for an ID.
- Data theft, malware, viruses, and information loss are all problems that installing a security operations center can help combat.
- Compliance: are you in regulatory compliance with data laws in your region? Data protection now receives coverage by the laws in most countries.
- Legal Liability: if you fail to implement the correct procedures, you may have to pay fines as a legally responsible business.
Next steps for your business’s cyber security strategy
If you would like to develop a solid data protection policy, these tips on how to manage your business’s cyber security will help you devise your next steps. Remember, you can always go on a course to teach yourself how to do it if you are a SME owner.
- Conduct risk assessments to identify which areas of your digital filing system may be a risk.
- Implement password policies within your organization. The tougher a password is to crack, the less likely a cybercriminal can hack it.
- Engage in staff training to educate your employees on cybercrime.
- Firewalls, anti-malware and spyware, and antivirus protection will all help.
Cyber security is crucial for businesses of all sizes. When was the last time you had an update?
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