Companies of each size are at risk of falling victim to a cyber attack. Although big name businesses are the ones which make the headlines when cyber security issues occur, the truth is that businesses of all sizes aren’t safe when it comes to cyber attacks. Whilst the cost of cyber security is one which may be more of a consideration for smaller businesses than others, in almost every case, the cost of cyber security is worth the investment.
As businesses continue to see more value from their data, this carries more risk of falling victim to cyber attacks. Even though there is an ever-growing need to have cyber security protection, many businesses believe that cyber security solutions are reserved for only the largest companies. With the economy, particularly the digital economy, growing at unprecedented levels, all businesses need to have processes and systems in place which can give them the cyber security they need. In our latest blog, we look at 3 reasons why the cost of cyber security is worth the investment, for businesses of all sizes.
Why You Should Invest In The Cost of Cyber Security
With technology evolving at a rapid rate, this then provides many lucrative opportunities for businesses. But, with these new opportunities comes the risk of not being properly protected against cyber threats. Whilst technology is evolving, so too is the complexity and significance of cyber attacks which is why the cost of cyber security is worth the investment.
Cyber Attacks Are On The Rise
In terms of industries most affected by cyber attacks, this falls on the finance, healthcare and retail sectors. Like any other kind of crime, cyber crime is statistically on the increase as the population increases and more and more businesses adopt a new digital-first landscape. With technology advancing, so too is the sophistication at which cyber attacks can be delivered.
Companies, of all sizes, need to have a cyber security strategy in place which allows for security systems to be implemented which can target both new and emerging threats, as well as known cyber threats, such as ransomware and phishing attacks. The cost of cyber security in this instance is one which is worth the investment, as it can keep your business protected against the unknown.
Avoid Repercussions For Non-Compliance
It is expected that businesses keep sensitive client or customer information protected from unauthorised access. If your business suffers a cyber attack, then you may be subjected to undergoing stringent reviews which can then require additional audits and access limits if it is found that this isn’t the case.
Typically, if your business is non-compliant with cybersecurity regulations, then this can come with large fines and penalties with short deadlines. If you suffer a cyber attack and your business is labelled as non-compliant, then you can quickly and easily lose the reputation and trust of your customers, clients, investors and associates. The cost of loss of reputation can be hugely damaging to your business, which is why the cost of cyber security is worth it in this case.
Avoid Internal Cyber Security Incidents
Human error is still one of, if not the most, leading cause of cyber attacks on a business. On average, human error accounts for 30% of all cyber security incidents, with this number increasing as companies continue to overlook the importance of cyber security. It is vital for your business that you give more attention and considers implementing more resources to lessen internal risks, whilst also still protecting your business from external attacks and threats. The cost of cyber security knowledge and education, typically, pays for itself as you can ensure that your business is protected at the front line with a number of different strategies.
Although the threat is still real and cyber attacks can cause serious damage to your business, you have the capabilities to ensure proper security measures amongst your employees with education and training. Phishing attacks are one of the easiest ways for cyber criminals to gain access to data and information or even your business networks.
Here at CYFOR Secure, we can provide phishing simulation training so that employees know what to look out for and reduce the risk of cyber attacks happening in this way. The cost of cyber security is one which reimburses itself threefold if you are actively able to reduce or lessen the severity of cyber attacks. Cyber criminals are becoming more innovative with their attacks and many know that employees are, typically, the weakest link in the chain which is why they are targeted. With our cyber security training, we can help employees identify any suspicious activity and actively avoid security incidents which may impact your business.
There is no denying that cyber security incidents are increasing and, aside from the financial loss, they can also have other implications such as a diminished business reputation and customer or client loss. In today’s digital age, cyber security is no longer a luxury, but a must which can hugely impact the success of your business. If you’re concerned about the cost of cyber security, please contact our team today as we can discuss the different strategies you can implement to protect your business and your bottom line.