The importance of cyber security for businesses (and small businesses especially) is more relevant today than it has ever been before.
Of all the successful cyber attacks perpetrated in the world last year, 42% of them were against small businesses.
And if you own or operate a business, this is a statistic that should especially concern you because many small businesses that are hit by a cyber attack never fully recover, and many are even forced to close up shop permanently.
Now, we all know generally what cyber security is, but as for the specific importance of cyber security in business, there are usually several facts that many business owners remain unaware of, even to this day.
To help you fully grasp the severity of why cyber security is important for businesses today, this blog is going to cover the top 6 reasons why cyber security is important (and deserves immediate consideration if you don’t have robust security solutions in place).
The Importance of Cyber security: What Even is it?
When discussing the importance of cyber security, it is important to understand what it actually is.
Cyber security encompasses a broad range of strategies and measures which can be used to protect systems, networks, databases, and other digital assets from malicious actors or hackers.
This includes measures such as:
- Antivirus Software
- Network Security
- Secure Cloud-Based Storage Solutions
- Two-Factor Authentication
- Password Protection
- Encryption Protocols
- And More
For best results, many businesses rely on IT industry experts like managed IT service providers to handle their cyber security needs.
What Types of Information do Cyber Criminals Most Often Target?
Another aspect of the importance of cyber security that is often overlooked is the type of data and sensitive information cyber criminals most commonly target.
In general, there are two main categories that this data falls into:
Personally Identifiable Information (PII) such as an individual’s social security number or financial account numbers.
And Business-Related Data such as corporate records, intellectual property, and trade secrets.
Given the growing prevalence of cyber attacks and security breaches against small businesses, it is essential that you have rigorous cyber security measures in place to protect your company from these types of threats.
The Top 7 Reasons Why Cyber Security is Important (and How MSPs Do it Better than Anyone)
In order to combat the threat posed by cybercriminals, small business owners must ensure their company has effective cyber security measures in place that can protect them from threats like malware, ransomware, phishing scams, data breaches and more.
There are several key reasons why this type of protection is paramount for businesses today:
1) Data Loss Prevention
Cyber security solutions enable organizations to prevent data and financial loss due to malicious activity or mistakes by employees or third parties. It also provides the ability to detect any unusual activity or unauthorized access related to your system’s sensitive data and personal information which can quickly alert you of any potential issues.
With the comprehensive cyber protections in place via a qualified MSP, you can rest assured knowing that your company’s data will remain secure at all times.
Managed service providers are experts in data security, cloud security and security systems of all kinds. They’re trained industry professionals who are better equipped to protect your data than the vast majority of individuals.
2) Regulatory Compliance
Regulatory compliance plays an important role when it comes to maintaining high levels of cyber security within your organization.
Compliance with regulations such as GDPR, HIPAA, and PIPEDA helps ensure that organizations have adequate procedures in place for protecting sensitive customer information from theft or misuse. These regulations also set out certain requirements for how customer data must be handled and stored securely in order for organizations to remain compliant with applicable laws.
3) Improved Brand Image
Information security solutions help improve the reputation and trustworthiness of a business by making sure customers feel safe when transacting with a particular organization online or through mobile applications etc.
When customers know that their private information will remain secure (and they won’t become victims of identity theft) while doing business with you then they are likely going to become repeat customers which will result in increased revenue over time due to positive word-of-mouth marketing about your brand.
4) Increased Efficiency & Productivity
By having effective security solutions in place within a company’s IT infrastructure, its staff can work efficiently without worrying about potential threats which could slow down their productivity significantly if left unchecked.
Additionally, strong security measures also help reduce downtime caused by malicious attacks, which could cost an organization thousands of dollars per hour due to the ensuing downtime. Having robust security solutions in place drastically reduces the chances of this happening in the first place.
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5) Cost Savings
Implementing advanced cyber security protections helps companies save money overall due primarily to reduced costs associated with recovering from a breach along with avoiding hefty fines due to regulatory non-compliance issues.
Additionally, investing in safeguarding technologies such as intrusion detection systems (IDS) and endpoint protection suites can often prove far more cost effective than trying to fix system vulnerabilities after the fact since many breaches usually start off relatively small but quickly escalate into complex network-wide problems if not dealt with in a timely manner.
6) Enhanced Employee Awareness & Training
Cyber security awareness training educates staff on how best to handle confidential information shared within an organization as well as understanding common threats faced across different industries today.
It also familiarizes employees with basic safety practices needed when communicating via email, accessing websites, downloading files, etc. This ensures everyone within your company has the knowledge and knw-how on identifying potential security threats.
Choosing Fusion Computing to Help You Capitalize on the Importance of Cyber Security in Business
At Fusion Computing, we are committed to providing our clients with the most advanced and reliable cyber security solutions available today. Through our team of expert IT professionals, we help businesses of all sizes to protect their data and financial assets from theft, misuse, and other malicious threats that could compromise the security of their online operations.
Whether you need assistance developing robust network defenses against sophisticated cyber-attacks or simply want to improve your overall brand image by ensuring customers can trust doing business with you online, Fusion Computing is here to help.