Every business owner must be concerned about cyberattacks today. No company is immune to an attack, and these threats have grown significantly in the past decade. As more devices come online, the problem will only expand.
The effects of a single attack can be far-reaching, which is why cybersecurity in business is critical. No company can afford the disruption to business operations and the loss of consumer trust. Robust policies and procedures help prevent these attacks, and companies must invest in the latest technologies to safeguard sensitive data.
Cybersecurity and Business Success
Most businesses rely on IT systems to some degree. With each new system brought online, the company’s exposure to an attack increase. The data collected by these systems is valuable to cybercriminals. As the use of AI and machine learning increases, cybercriminals have a new avenue of attack to exploit.
Government authorities recognize the importance of cybersecurity and require businesses to safeguard sensitive data. Many industries, such as healthcare and financial institutions, must comply with specific cybersecurity practices. Companies must make cybersecurity investments to attract investors and partner with other organizations. It seems no area remains untouched when it comes to cybersecurity concerns.
The Cost of Cybercrime
Organizations pay an average of $4.45 million to recover from a data breach. Ransomware attacks can cost a business $1.54 million, and these figures are increasing. Experts predict it will cost business owners $13.82 trillion in 2028 to recover from cyberattacks. MGM spent $100 million in September 2023 to recover from an attack, while Caesars Entertainment paid $15 million to recover from a ransomware attack. Numbers vary greatly, so every company must be concerned about protecting itself against an attack before it receives a hefty bill for recovery.
Recovering From an Attack
Many steps must be taken following a cyberattack. The business must halt the attack and restore impacted systems. Outside help may be necessary to recover, and the company must collaborate with attorneys to manage the matter. It will be required to contact customers, and government authorities may penalize or fine the company for the breach. Lost sales and business opportunities can also result in financial losses for the company, and damage to the brand’s reputation may occur.
Developing a Cybersecurity Strategy
Every company needs a cybersecurity strategy. This strategy must meet the company’s unique needs. Critical systems and assets must be identified to manage associated risks effectively. If a company is unaware of the cyber threats it faces, it cannot effectively mitigate the risks. Additionally, the cybersecurity strategy should be regularly reviewed and updated to address emerging threats.
This strategy should align with the business goals and remain aware of where data is stored. It must comply with security and data privacy laws, and the company needs metrics to determine the effectiveness of the strategy. Furthermore, the strategy must account for employees and their role in cybersecurity at every level of the organization.
A security-minded culture is essential today. Every business needs a robust cybersecurity awareness and training program. It must also implement cybersecurity champions who will oversee the policies and procedures to ensure they are implemented effectively. Every organization must make cybersecurity a priority today, and this strategy will ensure it does.