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Importance of Cybersecurity in Business Growth

Importance of Cybersecurity in Business Growth

Generally, we do think that large-sized businesses are the most affected due to cyber-attacks, but on the contrary small businesses are the ones who are affected. As smaller companies generally have less dedicated IT means, they are unprepared for any kind of cyber-attacks without any protection program, hence more vulnerable. For most of the companies irrespective of their size, cybersecurity adoption is the slowest compared to other digital transformations. So, cyber-attacks will have a devastating impact on all businesses irrespective of their size. Currently, with the pandemic everything became virtual and remote; hence the risks faced by these attacks will be intensified.

As we see in the future, there will be a significant change in how we interact with digital spaces both at work and at home. The increased use of technologies at every place will lead to increased threats of security risks. Cybersecurity should be the core technology for businesses and institutes to protect themselves from malware and malicious cyber-attacks while millions of resources are working remotely.

Best practices to overcome cyber threats:

  • Awareness:
  • Employees themselves can position risks. On the very first note, one should be clear about organizational tolerances. Cybersecurity is everyone's responsibility; with strong leadership, one can create a culture of strong enhanced awareness. Almost 1/3rd of the data breaches are caused by human errors; so employees should be educated and be updated on different types of risks. Risk tolerances need to be listed and cybersecurity awareness programs are to be automated.

  • Implement remote surveillance and competences to detect cyber threats:
  • A Zero-trust cybersecurity model should be implemented which is flexible to emerging threats and changing access needs. This model can detect threats in real-time and take swift action on the spot to protect the company’s data, devices, and keys.

  • Have an effective Business Continuity and Disaster Recovery plan:
  • Data is vital for any business; it can be lost in any way either by cyber-attack, human error, or machine failure. One should be one step ahead to protect the data and should have a backup plan to recover the data.

  • Avoid public Wi-Fi spots:
  • Remote working is adopted everywhere, which results in the usage of public hotspots by the users to access company information. Without a private connection, it will be easy for hackers to breach the data and exploit the weaknesses of the security wall. With the usage of public Wi-Fi, one will face man-in-the-middle attacks, malware distribution, unencrypted networks, etc. Hence it is advisable not to use public hotspots.

    Companies must design and implement continuity, backup, and recovery plans without any time lag. They should consider positioning security analytics to enhance their threat management capabilities. It is no use, if a company has an outdated security model; the risk of getting attacked is almost 100%. Hence, cybersecurity should leverage technologies like cloud, AI, analytics to defend the worst cyber threats and grown in business, and security solutions should concentrate more on risks rather on compliance. Companies should be on mode of “always verify- never rely”, with implementation of all these steps organizations can be more resilient positioning themselves to face any kind of threats.

Author: Tejaswini Kolli || Senior Analyst and Marketing Data Associate