11 Reasons Every Company Should Invest in Cybersecurity

Here are 11 reasons why every company should be investing in cybersecurity. They are;

#1 Cyber-attacks are all over the news

The cybercrime industry generated a minimum of $1.5 trillion in revenue in 2018 globally. The cyber-attacks are becoming like an epidemic disease all over. Every industry and company is prone to cyber threats. Every day for about every 50 seconds a cyber-attack takes place. Financial services, the Pharma industry, and the Oil & Gas sectors are the worst hits with about 72% attacks according to research. Cyber security is the talk of the town.

#2 Cyber-attacks lead to multiple losses

Financial loss is the common denominator in determining the severity of the cyber-attack. The damages and losses actively caused by cybercriminals are expected to be $6 trillion by 2021. Many companies would become prey to cyber-attacks. For instance, Sony Pictures suffered a massive attack which led to a $24 billion loss, and over 77 million users were affected.

“It’s a wakeup call”.

#3 Cybercrime leads to Lawsuits & Non-Regulatory Compliance

Organizations related to Healthcare and Finance are liable to protect customer information. A cyber attack in these sectors can make them non-compliant. The Data losses constitute numerous lawsuits and end up being very expensive to settle.

#4 Email servers are targeted

Cybercriminals attack the critical systems of companies via the Email server and majorly 31% of the attacks are customized to hit the Enterprise Resource Planning system. According to research, about 65% of cyber crimes happen on email servers, especially in Indian companies.

#5 Cloud-based technology

With the evolving technology changes, cloud-based organizations are more vulnerable. According to Gartner, cloud technology is prone to cyber threats and vulnerabilities. Therefore, any organization adopting cloud storage must put cyber security measures in high severity.

#6 Insider accomplice

In most of the cyber incident cases throughout initiates within the organization. Research says, almost 60% of cyber incidents occur due to the employees of both current and past. However, these incidents are mostly accidental each organization must ensure itself with proper security systems within its infrastructure.

#7 Trust bridge for clients and users

Any organization hit with a cybercrime-related incident then their reputation becomes questionable. The domino starts falling apart. The organization loses its clients and customers in a jiff in such scenarios. Whereas, installing essential cyber Security measures and tools shall make any organization appear to be trustworthy involving data privacy.

#8 Improves SEO

Digital marketing goes hand-in-hand with the growth of any company in this digital world. In such cases, the traffic to the online shopping websites or any other websites should be managed and should be free to increase the revenue of any organization for that matter. When a data breach or an attack occurs, the website ends up inaccessible to customers and search engine crawlers. Initiating the right IT and data security programs boosts online business operations.

#9 Reduced exposure to threats

Smaller organizations exclude themselves from being attacked by hackers. But that isn’t the case. Every organization of any size that involves servers or multiple servers located in-house or outside their premises is vulnerable to data breaches at some point. Phishing is one of the hacking methodologies used to gather personal or sensitive information stored in one information system. Appropriate cyber security training for every level of employee should be in place as users granting access to hidden malicious codes or links accidentally could lead to data breaches or cyber incidents. Cyber security tools and measures are required for every enterprise – big or small.

#10 Internet of Things (IoT)

IoT is the new tradition as various appliances, security systems, and data systems are automated. Smartphones, laptops, desktops, and biometrics are all automated which makes us exposed to cyber-attacks. The Internet of Things (IoT) has made business very convenient and also allowed hackers to create loopholes.

#11 Secure online banking

The banking systems and applications could be hacked leading to online fraud or theft. Cybersecurity tools and financial security tools shall prevent sensitive banking data from being fetched and manipulated by hackers. Device access is to be minimized by only authorized users to maintain secure online transactions.

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Here are a few reasons as to why every company should be investing in Cyber Security.