Why is Cybersecurity important in business? You may think your business is something no attacker would target. You’re wrong. Every business is equally at risk of Cyberattacks, this article will explain how that’s possible.
The “Internet Crime Report” 2023 by the FBI saw an increase of 22% in Cybercrime which further establishes my point.
We will also discuss what exactly are the benefits of Cybersecurity, which attacks you may be a victim of, and how to protect your business from Cyberattacks.
Let’s get started.
Table of Contents
What is Cybersecurity?
Protecting any system from digital attack is Cyber security. It’s a vast branch but the end-goal is prevention, protection, identification and resolving digital threats.
The protection can be for anything, including (but not limited to):
- Your identity
- Account and financial information.
- Communications
- Network
- Or anything else that can be attacked or misused digitally.
Which businesses need cybersecurity?
All businesses need Cybersecurity if any of your data is stored digitally. You may be a baker, school, or a spy agency, Cybersecurity is something that encompasses a diverse range of industries equally.
If your business even uses a mobile phone, your business needs Cybersecurity to protect the data on your device(s).
Why is Cybersecurity important in business?
A business has multiple “points of weaknesses”. This is because it generally involves more than one person and devices with access to sensitive information.
These different people and devices will have their own weaknesses a cyberattacker can attack.
Moreover, with the rise in computers, remote work and our dependance on tech, it’s almost impossible for businesses to function without a digital footprint. This also means more attack vectors for attackers as compared to a decade back.
Why does your business need Cybersecurity:
Data Protection
Even for the most mediocre, loss-making, and probably bland businesses, data protection is of utmost importance.
Even if you do not have any “confidential” data or information that requires special protection, privacy is your right.
No business would like their data landing in unauthorized hands, regardless of the sensitivity of the data.
Cybersecurity ensures your data stays safe and private. It guarantees access only to authorized parties.
This means your data is protected from hackers, scammers, and even law enforcement agencies in some cases.
Attack prevention
“Access” isn’t the only thing Cybersecurity ensures. It also actively prevents possible attacks by deploying countermeasures. These countermeasures can either be active 24X7 or are triggered automatically when required.
In other words, not all Cyberattacks are meant to access data. Some attacks are meant purely to destabilize your business or create chaos, resulting in losses for you.
Examples of such attacks include:
- DDoS attacks: If your business has a website, a DDoS attack can render it useless. It’s also extremely simple to orchestrate one such attack against an unprotected website.
- Website Defacement: The contents of your website are changed to align with the attacker’s goals.
- Ransomware: Some attacks simply hold your data/information/system hostage. You can’t access said data unless you pay the ransom. The average payout for a ransomware attack as of the 3rd 2024 quarter is nearly $500,000! If $500K matters to you, your business needs CyberSecurity.
Cybersecurity can also help you “identify” threats before they manifest themselves. You may have trust issues or have suspicions of untrustworthy leaks. The right cybersec steps can help you either confirm or reject these suspicions.
Reputation
A Cyberattack is just like any other attack. Even a partially successful attack on your business would tarnish your reputation almost beyond repair.
Consumers avoid sharing their name, contact info, or associating with any other brand which can be compromised by third-parties.
No one would prefer their personal or financial details, that they’ve shared with a company, being accessed by unauthorized parties.
Hence, Cybersecurity also protects your reputation which ultimately decides your overall sales, clients, recommendations, and everything else.
Legal liabilities
A number of Federal and State laws require companies to store user information and data in a very specific environment and for specific durations.
Meaning, that a hack may lead you to all kinds of lawsuits. Companies aren’t directly liable for being hacked. But a lawsuit may argue you didn’t do enough to protect the data. You may also be required to “prove” the hack and the fact that this wasn’t an inside job, or a conscious decision.
While you may be able to prove your innocence, it still may be a very lengthy, expensive and probably company-killing ordeal.
You may even have to employ some of the best data removal services to get any personal or sensitive data removed from unwanted third parties (including Google).
Post-attack recovery
CyberSecurity isn’t just a preventive measure. The right tools and teams help you get back your data and access if you’ve already been subject to an attack.
You may use Cybersecurity experts to nullify a ransomware attack and get out without having to pay. Cybersecurity also helps you fix whatever issues may have led to your previous attack.
How is your business susceptible to Cyberattacks?
The exact possible attack vectors for your business differ for each business and its vulnerabilities. However, the most common ways your business can be attacked include:
- Devise-based attacks: If the device of any of your employees or teammates gets hacked, any business data stored on the device may be at risk. Direct attacks may also be carried out specifically for your network, employees, company, website, or anything else.
- Manual errors: Employees may not be strict-enough with passwords or login credentials. At times, they may simply lose sensitive data (e.g. passwords, account numbers) leading to major losses.
- Public attacks: At times, you or your business isn’t directly targeted. Some attacks are carried out globally or locally, without a specific target in mind. Anyone with weak enough security is then a victim of the attack. E.g. if you or your employees access free public WiFi at cafes and restaurants, you’re at high risk. These WiFi networks can be hacked within seconds. In another case, imagine there’s a global vulnerability on a browser or a specific software. You get hacked simply for using the wrong tool.
- Insider attacks: A corrupt employee or someone you fire may go rogue and either attack you directly, or help a third-party do so.
Which Cyberattacks are you most at risk from?
The methods listed above are simply processes. The exact attacks you need to protect your business from include:
- Social Engineering attacks: The simplest form of Cyberattacks is social engineering attacks. These do not require high-tech gadgets or even “hacking skills”. In this case, devices and networks aren’t targeted, but “humans” with access to said devices are the target. It’s the ability to convince a person to make deliberate mistakes, and leak information. Clicking on a fake e-mail, filling out the wrong form, or even divulging confidential data over a cup of coffee is what social engineering is. The attacker often convinces the victim, either digitally or physically, that it’s safe to share confidential information on the page/with the person. \
- Phishing attacks: Attackers create fake websites resembling original and authentic pages that they wish to hack. E.g. your company website. Your employees then visit these websites, fill in their login credentials normally, and this gets sent to the attacker.
- Malware/Viruses: You or your employees may visit websites or download software that’s malware. Depending on the type of malware (Trojan/Keylogger/Virus) your system and business will then be compromised. A trojan will grant your attacker access to your system. A keylogger will log your keys and send to the attacker. A virus may cause system crashes and delete data.
- SQL injection/XSS/ Man-in-the-Middle attacks: These attacks target your website to extract information, change content or cause other damage.
- Existing vulnerabilities: At times, your operating system or a specific software you’re using may be vulnerable from its end. At no fault of your own, you may be hacked if the vulnerability is exploited.
These are just a few examples. The actual number and type of attacks is too long to be listed on any article. It however is clear why your business needs Cybersecurity, isn’t it?
How to protect your business from Cyberattacks?
These tips should help you strengthen your company’s digital security and prevent Cyberattacks.
Using business password managers
The simplest form of security for any business is its passwords. Using a trustworthy and secure password manager for IT teams is the first step to ensuring password security.
These password managers are specifically built for businesses. Meaning, they allow your employees to access, store and manage passwords on the cloud, across multiple devices. This almost eliminates the risk of losing passwords, or sharing passwords with one another via unsecure means.
However, more importantly, they automatically remove employee access and implement necessary security measures to prevent misuse of the laid off employees.
You can also add/remove people to specific groups, monitor activity, set password rules, and more.
Some password managers for business you can use:
- NordPass IT password manager (the one I use).
- Zoho Corporate Password Manager
- 1Password Business
Proper training and threat recognition
We discussed the ultra simple and deceptive attack earlier called “social engineering”. The best protection against that is proper training of your employees.
They need to be trained to spot fake emails/communications, not click on unverified links, verify content authenticity, etc.
Encourage them to not use free Public Wifi (using company devices), not access sensitive data on public devices and so on.
You may conduct mock exercises and tests to see which employees are ready to be trusted with sensitive information.
Tools you can use (NOT SPONSORED or Affiliated with us in any way):
- Knowbe4: for training and simulated attacks.
- HoxHunt: AI-based personalized security training
Employ the right tools and plugins
Depending on what you wish to secure, you should employ the proper tools to enhance security.
- For password security, you can use a password manager as discussed earlier.
- For websites, use something like CloudFlare to prevent DDoS attacks.
- Employ anti-virus solutions and VPN on all systems to protect against malware and suspicious websites.
- Use a good VPN or VPN router for business to encrypt access to your company networks. This is important if your employees remotely access confidential information or work from home. The VPN also protects your IP addresses which eliminates direct attacks and hides your locations from attackers.
- Have clear and strict policies for when a mistake is committed or an attack is suspected. E.g. an employee must immediately report if they clicked on a suspicious link, or used free WiFi from the cafe so countermeasures could be deployed.
Constant updates and security checks
Your business should be running constant checks on access, use of information, activity logs, and everything else. You should constantly verify that only authorized IP addresses and locations have accessed whatever data you have. Most software you use will probably have an activity and IP log.
You may also change passwords/login creds regularly. Either on specific dates or at random intervals.
Sharing of all sensitive information should be done only via encrypted channels. In other words,
Do note that Cybersecurity is ever-expanding. This means, what’s valid and tamper-proof today may not be tomorrow. Hence, all your systems should be updated as soon as an update is released. This minimizes your chances of being hacked via existing vulnerabilities.
Conclusion
I hope you now know why your business needs Cybersecurity. In a nutshell, without Cybersecurity, you may be attacked either directly or indirectly. The repercussions of one such attack may be massive and even irrecoverable losses.
These can be minimized simply by employing the right Cybersecurity measures and tools.
You may either do it all on your own (using tools and plugins) or hire a Cybersecurity company. The latter is more expensive but also is generally more secure.
