If you’re an online business owner, it’s time to start prioritizing your cybersecurity needs. 2020-21 was a fascinating yet terrifying year for cybersecurity software. Many organizations were slow to strengthen their cybersecurity measures, and as a result, all our fears about cybersecurity came true.
Thus, if last year has taught us anything, it is the importance of cybersecurity. Without a robust cybersecurity program, organizations cannot defend themselves against the threats, making the company a potential target for cybercriminals.
A cybersecurity crime in this day and age is massive. The company could be risking its sensitive data, including user information, intellectual property, phishing, ransomware attacks, and so on.
Cyber threats can come from any level in the organization, and companies need to train their employee staff about common cyber threats and what to do in case of such threats. To help you understand more about cybersecurity, we have covered everything you should be aware of. Read on!
What is Cybersecurity?
To understand how to protect a company from cyberattacks, it’s important to start from the basics. Cybersecurity refers to a process whereby computer systems, devices, networks, and programs are protected from different kinds of cybercrimes.
Cyberattacks can be an increasingly complicated and growing danger for companies dealing with sensitive data. Each day, the world becomes increasingly reliant on technology, which is a breeding ground for cyberattacks.
Cybercriminals can use social engineering and artificial intelligence software to circumvent data security controls and steal information. Therefore, to ensure that customer data is safe, companies must invest in Internet security measures like multi-factor authentication, firewalls, etc.
Why is Cybercrimes increasing?
Cyberattacks or cybercrimes are not new spectacles. In fact, they have been on the rise for years. There are several reasons why cybercrimes keep increasing every year. The most common factors are:
- The accessible and distributed nature of the Internet.
- The increasing proliferation of mobile devices being used worldwide and the Internet of Things (IoT).
- The ease of commerce and profitability on the dark web.
- Cybercriminals can operate from anywhere globally; thus, law enforcement has become relaxed.
- Online scams keep evolving, and cybercriminals are always looking for new ways to hack systems.
Reasons Why Companies Should Prioritize Cybersecurity
With an increase in the rate of cybercrimes, online companies must start prioritizing their cybersecurity measures. Here are some reasons why:
Increase in Cybercrimes
As we said, there has been a tremendous increase in the rate of cybercrimes in recent years. The rapid development of technology such as cloud computing, fast broadband, better gadgets, etc., has triggered an increase in the proliferation of devices. There are almost 21.1 billion networked devices in the world. Besides, the growth in dark web activities has proved to be a fertile ground for cyberattacks. Cybersecurity measures can minimize the risk of companies facing a cyber threat.
Users are vulnerable
Nowadays, most companies and online businesses need their customers to register using personal details, which makes users on the Internet vulnerable to having their sensitive information breached and exploited.
Different kinds of cyberattacks
No one on the Internet is safe from cyberattacks. In addition, the various kinds of cyberattacks keep on increasing. These attacks can include ransomware threats, malware, phishing, cyber protests, pirating or leaking content, etc. Cybercriminals can also exploit sensitive information, and use it to steal resources like cryptocurrency and NFTs.
It can cost the corporation millions of dollars
Studies have reported that the average cost of a cyberattack for a company can amount to almost $13 million. There has also been a reported sharp increase in information breaches, personal data, and intellectual property violations. Therefore, if companies start investing in cybersecurity trends, they will save a lot long term.
Cloud storage needs immediate protection
Since a company’s sensitive data can be now stored on the cloud, it needs immediate and robust protection. An online business deals with a lot of private information, including employee records, customer details, transactions, content, etc. This makes it important to secure the cloud and protect it from any foreseeable cybersecurity threats.
Cyberattacks can harm business
If a company faces a cyberattack, many things can happen. The company could lose money, files could be corrupted, content could be leaked, and so on. But, more than that, the company’s business will be harmed. The company will be answerable to stakeholders and customers alike, and this will disparage the company’s reputation.
Cybersecurity improves credibility
As we mentioned, cybersecurity can harm a company’s reputation. On the other hand, when customers and stakeholders know that the company takes its cybersecurity seriously, it improves credibility. The customers will feel secure that their data is in safe hands, and investors will be more likely to invest in its shares.
How To Protect A Company Against Cybercrime
There are several simple ways to prevent cyber attacks. Since human errors from within the company can cause cyber threats, it is important to educate employees on identifying such attacks and responding to cyber threats.
This is especially important for online businesses like e-commerce sites and casinos. These sites have to invest in the most potent cybersecurity software tools to protect user information and earn credibility. Most sites constantly update their apps and website, and some of the security protocols embraced by online casinos are firewalls, RNG (Random Number Generator), SSL, and secure banking protocols.
For instance, online casinos in the US are very secure websites because they have to deal with constant money transactions. They use encrypted 12-bit SSL encryption, which is why customers trust these sites.
After casinos were made legal in the United States, they have become an attractive prospect for cybercriminals. However, if these businesses realize the importance of website security and take damage control measures, cybercriminals can cause no harm.
Other ways to prevent cyber attacks include monitoring third-party risks, hiring cybersecurity engineers, and implementing cyber security risk assessment strategies.
Last but not least, it is essential to acknowledge that irrespective of whether you are an individual, a small business, a large conglomerate, or a government organization, no one is safe from cybercrimes. Thus, every Internet user should consider strengthening their cybersecurity measures.
