The threat of cyberattacks is real and continuously expanding. Especially now that many companies have adopted a remote work setup and shifted to digital platforms when it comes to their day-to-day operations, businesses are at significant risk of falling victim to cybercrime. For this reason, companies are advised to invest more in cybersecurity to enhance their cyber defense posture.
As cyberattacks become more complex and wide-ranging, IT experts are also looking for ways to improve cybersecurity for individuals and businesses. This includes developing newer, stronger tools to combat cyberattacks, such as behavioral analytics and automated phishing.
Here are some main reasons behind the importance of cybersecurity in business to understand why investing in these cybersecurity tools and measures is a must.
1. Cybercrime has become increasingly common
As the world becomes increasingly digitalized, cybercrime has become more commonplace, and anyone is susceptible to it. Indeed, cyberattacks occur more often than most people are aware of. Thousands of cyberattacks and cybercrime attempts take place every day around the world.
In fact, according to statistics, one attempted brute-force cyberattack occurs every 39 seconds. Businesses are particularly at risk, as about 87% of enterprises worldwide have already faced some form of cyberattack.
Billions of malicious scans are conducted daily to find ways into databases and infrastructures. With such statistics, it is easy to understand why cybercrime poses a significant threat to businesses.
2. Cybersecurity protects your company’s intellectual property
As the cyber domain becomes more prevalent, the risk of losing intellectual property (IP) to cyberattacks is growing and will continue to grow in the coming months or years.
Intellectual property is an umbrella term that refers to a series of intangible assets that are not physical. It usually includes patents, trademarks, and copyrights.
IP is one of the most valuable assets in business, as it helps companies protect their core business and ensure overall long-term viability. This is why hackers are also increasingly targeting intellectual assets nowadays. IP threats usually start with the so-called “phishing email” attacks that deceive workers into giving confidential network login credentials.
However, it is common for business leaders to be unaware of the risks and opportunities associated with their company's intellectual property. The importance of preparing for and responding to these threats cannot be overstated. By failing to act, cybercriminals will continue to commit crimes, as there is no deterrence or obstacles in their way. Maintain control and mitigate risk, while creating and protecting value and enhancing performance.
3. Cybersecurity threatens personal privacy
Cyberattacks affect businesses and individuals on a personal level. Aside from stealing your company’s IP assets, cybercriminals can also take advantage of you or your employees’ personal data to extract a ransom.
Hackers are usually experts at obtaining private and sensitive information, and anyone can fall victim to their tactics. They will use viruses, spyware, worms, malware, and phishing to get their hands on your confidential data.
The reputation of your business and the operations of your company will undoubtedly suffer if you or any of your employees are a victim of a data breach. It is important for your company to encourage the use of stronger passwords, detect phishing scams, and acquire appropriate protective software such as an AI email security tool. One of the most important security tools you can implement is the education of your employees. Users need to know how to protect both business data and personal information, as well as how the company is achieving this goal through AI security awareness training.
4. Cyberattacks can be expensive
Cyberattacks are costly. According to statistics, cyberattacks usually cost companies at least $23,000 in downtime and $5,000 in lost business opportunities. Many hidden costs are associated with cyberattacks, such as reputational damage, internal upheavals or loss of talents, declining stock prices, customer losses, and more.
Among the most prevalent methods hackers use to make money is sending spam. Although more and more people are now becoming cyber-aware, spam campaigns continue to make millions of dollars in revenue for cybercriminals.
To avoid tainting your company’s reputation and prevent significant money loss, putting strong cybersecurity measures in place is a very worthy investment.
There is no question that cyberattacks have become more complex and far-reaching today when almost everything is already done digitally. As more and more companies continue to adopt remote work setups and embrace the cyber domain, cybercriminals are known to continue to threaten individuals and businesses with theft and damage.
To make sure your company is protected from these threats or prepared to face unforeseen cyberattacks, investing in cybersecurity is a must!
Count on SEMNet for effective and reliable cybersecurity solutions for your business! Providing a comprehensive range of cybersecurity services, from AI email security to SOAR security automation in Singapore, we are a reputable and reliable IT infrastructure and cybersecurity consulting firm. Get in touch with us today to learn more about how we can assist your company in protecting itself against cybercrime.