Cybersecurity is the practice of protecting your devices, networks, data and other elements of your IT environment from malicious attacks.
Your data is one of your organization’s most valuable assets. Today, companies rely on their data to inform decisions across every level and department – from marketing campaigns to investments, product development to customer support. Collecting, storing, analyzing and applying this data is essential to operations.
But, because much of the data businesses collect is highly sensitive, it’s also valuable to cybercriminals – which puts your organization at risk.
Hackers exploit vulnerabilities in organizations’ IT environments to steal, alter or destroy their data for financial gain – and they’re becoming more sophisticated. In an era where everything relies on technology, organizations can no longer afford to let cybersecurity fall to chance.
Furthermore, when a company becomes a victim of a cyberattack, they’re not only at risk of losing their precious data – they could also lose customers and revenue to downtime. And if they’re not following data protection rules and regulations, like the General Data Protection Regulation (GDPR), they could risk paying hefty fines. Depending on the extent of damages, a single breach could destroy your company’s finances.
By staying up-to-date on cybersecurity trends and committing to cybersecurity compliance, it's less likely that you'll become a victim.
There are several different types of cybersecurity incidents you should take into account when developing your cybersecurity strategy.
Here are a few of the top cybersecurity threats you need to know about:
Many of these attacks can be prevented through educating your team on data protection best practices, implementing common sense IT solutions and enforcing password security guidelines. However, as cybersecurity threats grow more complex, businesses will need to take more powerful proactive measures.
So how can you begin successfully protecting your data from data breaches?
Here are four steps you should begin taking immediately:
A strong cybersecurity protection strategy requires a significant investment of time, energy and technical know-how that businesses frequently feel they don’t have. Often, the costs associated with these efforts prevent organizations from prioritizing security. But the potential loss far outweighs any investment in protection.
For example, the global average cost of a single data breach is $3.92 million, according to data from IBM. And small- to medium-sized businesses spend an average of $1.43 million on damaged or stolen IT assets following an incident, according to data from the Ponemon Institute, the pre-eminent research center dedicated to privacy, data protection and information security policy. For many companies, this level of financial loss could be ruinous.
By taking preventive measures, you can bolster information system security and help your company avoid a catastrophic disaster.
