Why is cybersecurity important for your business?

Why is cybersecurity important for your business?

Sebin Roy

Technical Specialist, Harvey Norman Technology for Business

A decade ago, cybersecurity was viewed as a job for IT professionals alone. Now, it has changed and is considered every employee’s responsibility. Cybersecurity is now becoming one of the top priorities for businesses and organisations.

Where does the necessity to adopt robust security measures arise? The magnitude of cybercrimes has increased significantly in recent years. Based on an article by ABC news, it is estimated that an average of 164 cybercrimes is reported in Australia every day. Global statistics predict that ransomware attacks will increase by 57 times in 2021 when compared to 2015. Regulators in Australia have warned that the increasing rate of targeted ransomware attacks could cripple both small and large businesses. A couple of known incidents in 2020 were the cyberattacks on organisations such as the Toll Group, BlueScope and MyBudget. Besides, COVID-19 has forced more Australians to embrace the digital future, intensifying cyber-attacks.

A cyber-attack can have ramifications on a business apart from the conventional effects; Some of them are

  • Ruin customer relationships, lose customers
  • Damage reputation of the organisation
  • Legal jeopardies and costs involved
  • Business falling apart, liquidation

The most significant is the economic impact that cyberattacks can have on businesses. Theft of confidential information, intellectual property, recovery, and replacement of systems incur a significant cost. Besides, failure to follow security standards and compliances, negligence toward cybersecurity can translate into millions of dollars when it comes to regulatory sanctions.

The rise in such crimes can be linked to the changing technological landscape. The emergence of the internet of things (IoT), extensive use of digital devices, and the distributed nature of the internet has driven the growth of cybercrimes. Small and medium businesses have been easy targets for cybercriminals. The use of unsecured devices, storing valuable personal information about customers, inadequate staff training, unawareness and denial of vulnerability, lack of security, limited IT resources and use of legacy software are some of the main factors.

Small and medium businesses have a greater chance of success. But what most SMB’s do face is the lack of resources to invest in IT security and training of employees. This is no excuse for not being a target. The most viable solution is to have a Managed IT service provider that can assist you to secure your network, systems, and data, provide training and implement a business continuity strategy while keeping you within budget. Do not put your reputation at stake! Secure your business by taking the next steps.

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