The importance of cyber security in business

Cybercrime has emerged as the dark underbelly of the digital era, and it’s growing at an alarming rate. It’s now the third-largest economy in the world behind the US and China, and by 2028 the global cost of cybercrime is set to reach $13.8 trillion.  

Cybercrime poses a major threat to all businesses, and the consequences of these attacks can be catastrophic. In this article, we highlight the importance of cyber security in business and explain how you can protect your company against malicious attacks. 

What is cyber security?

Cyber security (also known as Information Technology security or IT security) is how you protect your networks, systems, devices and data from malicious and accidental threats. A robust cyber security strategy uses a combination of the best technologies, processes and measures to prevent these attacks or mitigate their impact. 

Different types of cyber security

There are different types of cyber security that can minimise the risk and protect a business against cyber threats. At ITVET, we take the time to understand the relevant threats and vulnerabilities your business may encounter. This critical part of our process helps us to find the right mix of cyber security solutions to protect your business. 

Here are examples of the different types of cyber security: 

• Network security 
  Network security provides multiple layers of defence to prevent unauthorised access to your network and data. It includes firewalls, network segmentation, access control and proactive monitoring. 
   
• Endpoint security 
  Endpoint security protects your devices (such as laptops, desktops and servers) as well as your network from cyber threats. It includes multiple layers of security to remove vulnerabilities that can compromise your network. 
   
• Email security  
  According to reports, 91% of successful cyberattacks begin with a malicious email. This is why email security is important. It provides you with powerful defences against spam, ransomware, phishing and advanced cyber threats. 
   
• Internet security 
  Internet security allows you to manage internet usage across your network, and protect your business against internet threats. 

Why is cyber security important for businesses?

Cyber security is important for businesses because it protects your company from evolving cyber threats and vulnerabilities. This includes: 

• Unauthorised information disclosure (also known as information leakage) 
• Theft or loss of  hardware, software or data 
• Disruption or misdirection of your services 

Six key reasons why cyber security is important for businesses

1. Greater risk of being attacked

With the increasing reliance on technology and the internet, cyber threats are becoming more sophisticated and frequent. According to reports, the number of data breaches has more than tripled between 2013 and 2022. 

This is why cyber security is crucial for protecting your business in the digital age. Cyber security is no longer just a buzzword to give clients and stakeholders peace of mind – it’s the bedrock of modern businesses and paves the way for future successes. 

2. More people now work from home

The COVID-19 pandemic has brought a significant shift in the way we work with the widespread adoption of the remote work model. This new work model offers greater flexibility and business continuity, but companies have become more vulnerable to cybercrime. According to Zipdo, 91% of cyber security professionals reported an increase in cyberattacks due to remote working. 

For instance, employees accessing your company network from various locations and using personal devices increase potential entry points for cybercriminals. With the increased risk, businesses must strengthen their defences and incorporate remote working practices into their cyber security strategy.

3. Enhances productivity

A cyberattack can disrupt your business operations, causing downtime and loss of productivity. Your company might even come to a complete standstill. Cyber security helps maintain the continuity of your business operations and minimises the risk of costly interruptions. With cyber security measures such as automated backups and improved firewalls, businesses can minimise downtime and enhance productivity.  

4. Preserves trust and reputation

Entrepreneur Dhar Mann once said, “Trust takes years to build, seconds to break and forever to repair.” In the digital age, this couldn’t be truer.  

Data breaches can cause severe reputational damage and impact your bottom line. Even accidental data breaches can put your company’s reputation at stake. Some companies might even go out of business. Thales reported that 21% of consumers stopped using companies that suffered a data breach, and 42% of those requested their information to be deleted. 

Cyber security lays the foundation for customer trust and brand loyalty. As well as protecting existing customers, your customer base can increase when your business has a history of safeguarding customer data.  

5. Compliance

As previously mentioned, cyber security protects your data from internal and external threats. This can help you comply with data protection laws and avoid significant fines. For example, the UK GDPR requires businesses to implement appropriate security measures to protect personal data. In 2020, British Airways was fined £20 million after hackers directed website users to a fraudulent site and harvested the personal data of around 400,000 people.

6. Cyberattacks are costly

Cyberattacks can result in severe financial losses from disruption to business, and you may also face significant fines if you suffer a data breach. There are also non-financial costs to consider such as reputational damage and loss of customer trust.  

Companies cannot afford to be complacent. You must implement a robust cyber security strategy to maintain the continuity of your business operations and avoid costly interruptions. 

Who does cybercrime affect?

Cybercrime poses a significant risk to all businesses – no matter the size, industry or location. This is why every business should prioritise and invest in cyber security. Not only does it give you peace of mind, but it lays the foundation for building success in the future. 

At ITVET, we can help businesses like yours implement a proactive cyber security strategy to strengthen defences and drive success in the digital age. 

How to protect your business against cyberattacks

To keep your business operations smooth and secure you need a robust cyber security strategy in place. Cyber security solutions are evolving just as quickly as cyber threats. Understandably, it may be difficult for companies to keep up. If that’s the case, it’s best to work with a cyber security specialist like ITVET. With our expertise and proactive approach, we can help minimise the risk and protect your business against cyber threats.   

Here are common cyber security measures we can implement as part of your cyber security strategy: 

• Improving firewalls 
• Installing anti-virus software 
• Backing up data 
• Enabling data encryption  
• Enabling two-factor authentication 
• Regular penetration testing 
• Around-the-clock monitoring of networks and systems 
• Training employees on cyber security best practices 

Final thoughts

The importance of cyber security in business is clear. Cyber threats lurk around every corner and can cause significant damage to your company’s reputation and bottom line. While 2024 may be a tough year ahead from a financial perspective, it’s not the time to take your foot off the pedal. Let us help you future-proof your business against evolving cyber threats. Get in touch for more information about the cyber security services we offer.