One might think that Cybersecurity is just a concern of IT industries. The truth is, Cybersecurity is crucial to all types of businesses. In today’s era wherein technology and the internet are powerful tools, keeping your company’s information safe from cyber-attacks is essential. The importance of Cybersecurity in businesses should never be overlooked, especially since cyber-attack incidents increase year after year. In fact, it is estimated that 2,244 attacks happen on the internet daily!
All businesses are at risk of Cybersecurity attacks- whether small, medium, or large companies. Any business with an online presence can experience cyber-attacks, and the consequences can be devastating.
What is Cybersecurity?
Cybersecurity is the application of technologies and practices designed to protect systems, networks, programs, devices, and data from damages, attacks, and unauthorized access.
What are the Common Cyberattacks?
Here are some common cyberattacks that can be prevented with good cybersecurity practices.
- Denial-of-Service (DoS) and Distributed Denial-of-Service (DDoS) attack- this overwhelms a system so that it cannot respond to service requests. It can be a way to cripple a business competitor, or it can be used as a distraction for another attack to be launched.
- Man-in-the-Middle (MitM) attack- occurs when a cybercriminal goes in between the communication of a client and a server. Examples of this are session hijacking, IP spoofing, and the infamous phishing.
- Drive-by attack- this is a common way of spreading malware. In this attack, the user is not required to do anything. Instead, cybercriminals look for a weak site and take advantage of an app, operating system, or web browser with security flaws due to lack or unsuccessful updates.
- Password attack-obtaining passwords are common and effective attacks as passwords are needed to authenticate users to an information system.
- SQL Injection attack- this attack is a common issue with database-driven websites. It can exploit the database by reading and modifying sensitive data or having complete admin operations on the database.
- Eavesdropping attack- Cybercriminals tap the network traffic to obtain passwords, credit card details, and other sensitive information that users might be sending over the network.
- Malware attack- this can be described as installing unwanted software in your system without consent.
So what are the benefits of having strong Cybersecurity measures?
It keeps data secured.
Customers would be anxious if they knew that their private information had been compromised. Their personal data may be used for cybercrimes and other attacks. That is why it will be an advantage to have strong Cybersecurity to ensure data security.
It helps prevent loss of revenue
A lot of laws and regulations are in place all over the world on Cybersecurity. Organizations that practice strong Cybersecurity measures can avoid facing huge fines and penalties. Because of the losses caused by the pandemic, companies would like to avoid significant spending. Business revenues can be allotted to things that matter rather than paying for a penalty for non-compliance.
It helps reduce the number of data breaches that your organization can suffer
Organizations that implement policies and controls reduce the chances of a cybersecurity incident that may result in data breaches. An unintentional leak of data can hurt not just an individual customer but also the whole business, resulting in complaints, civil suits, and loss of trust from partners and customers.
It safeguards the company’s reputation.
Any incident which shows a company’s weak Cybersecurity practices can cause significant damages to the organization’s reputation. Data breaches are a critical problem for organizations because they can lose public trust and customer security. Cybersecurity ensures a competitive advantage since customers’ sensitive data is secured, making your customers trust you more.
It prevents loss of customers’ money and your time.
When an organization faces a data breach, it may cause as far as financial losses to its customers. Losing hard-earned money can be very stressful to customers. While there may be ways to recover the funds, it will not be easy. The organization loses precious time and productivity in tracing information and recovering customers’ lost funds from the organization’s end. Both these complicated situations can be prevented with good cybersecurity practices.
Further support for Cybersecurity
It is not just the IT department’s responsibility to enforce Cybersecurity. To further support the company’s efforts, all employees must be a part of this movement. It is beneficial to get everyone onboard on Cybersecurity best practices and how to stay vigilant against attacks.
Also, organizations should educate their customers as well on how to protect themselves from cyberattacks. Companies may send customers helpful tips such as downloading their mobile application using trusted sources, changing passwords regularly, and updating the application as needed. In addition, remind customers not to open suspicious emails and connect to public Wi-Fi to use in your transactions.
Cybersecurity is crucial for organizations to ensure their business and their customers are kept safe from hackers. To avoid cyber threats which could lead to significant losses, companies must firmly implement solid cybersecurity practices.