Businesses are increasingly getting vulnerable to cyber attacks. The massive ransomware attacks that hit companies necessitate the need for you to step up your cyber-security stance. Even as businesses throughout the world come to terms with the threat posed by hackers, data breaches continue dominating headlines.
The threat landscape is highly dynamic. Hackers always invent new ways of perpetrating their attacks. In recent times, hackers have been targeting startups and third-party vendors due to their low cyber-security maturity. Often, these attacks are then used as stepping stones to hack larger enterprises. Regardless of the size of your company, you must improve your cybersecurity. Here are some key reasons why a business should step up its cyber-security game.
Minimizes The Possibility Of Getting Breached
While looking to improve your cyber-security, data security should be your ultimate goal. Your company collects a lot of data during its day-to-day operations, ranging from customers’ credit card information to social security numbers. You cannot afford to allow anyone to gain access to such sensitive information.
Furthermore, your business may also need customer or vendor data for operational purposes. Leaving it exposed to malicious individuals will undoubtedly cause the company to grind to a halt. The simplest way to avoid such circumstances is by safeguarding your systems and networks from hackers.
Helps You Avoid Reputational Losses
A company’s long-term existence can only be guaranteed if it has a good reputation. Whenever a risk becomes a real data breach, your reputation takes a hit. Every business that collects data should not only be concerned about how the data is collected and stored, but also how it’s safeguarded. By sealing off potential loopholes that hackers can use intrude your systems, you will be protecting your reputation.
Building end-user trust takes lots of time and effort. Nonetheless, a single data breach can cause you to lose it all in a matter of seconds. The cost of repairing your reputation following a data breach is inhibitive for most businesses. Rather than wait to see whether your company can weather the aftermath of a data breach, enhance your data security to avoid such incidents in the first place.
Similarly, stepping up your data security assures your clients and investors. The latter always wants to know that their investment is safe. No one can invest their money in a business that has a weak cyber-security stance. Besides, clients can only trust you with their data if they are assured that it won’t end up in the wrong hands.
Data Security Helps You Scale Easily
The goal of every entrepreneur is to scale his/her business. You do not set up a business for it to be a startup forever. As your business grows, so does the amount of data in its possession. As a result, the threat environment gets more complicated. Cyber attacks will automatically increase with the growth of your business.
Rather than wait for your business to get bigger so that you scale up your data security strategy, you should make it a continuing process. Small tweaks to your data security go a long way in enhancing your overall cyber-security stance. It also enables you to scale the business without worrying about threats that you face since you will have already taken mitigation measures.
Helps in Assessing and Managing Risk
Information security risk assessment and management should be part of your cyber-security strategy. Bearing in mind that no company is immune to threats, it makes sense to step up your security. While at it, you will be able to identify and manage IT risks that your company faces. Similarly, it will be easy to undertake penetration testing and identify potential weak areas that hackers can use to access your system.
Data Security is a Corporate Governance and Risk Management Requirement
Incidents related to cybersecurity lapses have been growing alarmingly in recent years. As a result, businesses are mandated by regulatory agencies such as PCI-DSS to safeguard data in their possession. By stepping your cybersecurity, you protect yourself besides complying with federal, state and local laws, and industry regulations.
Cyber-security is directly linked to corporate governance. Data information risk management is an indicator of good corporate governance. A simple breach can easily escalate into a costly legal liability for your company. Owners, managers, and directors have a fiduciary duty of abiding by laws and regulations that govern data security. Therefore, companies should utilize the best technologies for cyber-protection.
One of the significant drawbacks of technological advancements is that it has stimulated the threat environment. Be it DoS SQL injection, cross-site scripting, or spear-phishing attacks. Hackers have perfected their art. The secret to staying safe is stepping up your data security game as well. Likewise, you should stay abreast of trends in the threat environment. In doing so, you’ll be able to seal security loopholes as they emerge.