These days, cybersecurity is a topic that every business has to address. More and more businesses get hacked every year as hackers get more sophisticated, sometimes even having the resources of an entire nation behind them. Private companies must take steps to ensure that they are protected against hacking and cyberattacks.
But why is cybersecurity so crucial? In order to understand this, you have to understand more about how cybersecurity and cyberattacks actually work. Let’s take a close look at cybersecurity for business, including the potential for disaster that can happen if you are not protected, so that you can see just how important cybersecurity actually is.
Understanding what cybersecurity means is the first step in protecting your business. Any business that has their computer network connected to the web is at risk for cyberattack. Cybersecurity is the implementation of software, training, strategies and other tools to prevent anyone from the outside from accessing your system, records or databases and possibly downloading customer data, disrupting business operations or even searching for sensitive company information for corporate espionage. Whether you are talking about bank records, credit card numbers or other sensitive financial information or a simple customer database with nothing more than names and phone numbers, you still don’t want it in the hands of hackers. Cybersecurity works to prevent this.
What is Under Attack?
So, what aspects of your business are actually at risk? The better question might be what aspects of your business are not at risk. Anything that you do on your local network or over the web is open to attack. Your financial information is at risk, your IT information and equipment could be targeted and customer data is always a top priority of hackers. A cyberattack could take so many different forms that it would be impossible to list them all here. Some of the most common include customer databases, business finances, customer finances, designs, pricing information, company policies, security and much more.
How do Cyberattacks Happen?
Cyberattacks happen in a variety of ways. Hacking into your servers from somewhere else in the world is the most common type of cyberattack that people think of when they think about cybersecurity. However, there are lots of other ways that a cyberattack could happen. For example, company computers, laptops or devices could be stolen, you could be the target of a denial-of-service attack which prevents your network or website from functioning properly, the installation of software that tracks or monitors password activity or the redirection of normal Internet traffic to malicious websites. Hackers will take pretty much anything that they can get that will allow them to turn a profit.
Cryptocurrencies and Cybercrime
It is important to note that with the popularity of cryptocurrencies new types of criminal activities appeared, like cryptojacking, exchange hacks, ransomware, twitter impersonations and others. Cryptojacking is the way of cryptocurrency mining by running hidden cryptocurrency mining scripts in the victim’s browser. Ransomware is the attack when the criminal encrypts all your files and demands a payment for the key to decrypt back your files. Twitter impersonations means using fake Twitter accounts with the names of famous crypto-stars to request followers to make small payments to get much larger paybacks.
Potential Damages from a Cyberattack
There are many potential damages that can come from a cyberattack. Getting hacked could result in major financial losses directly, or you could simply have to spend a lot of money to recover from a cyberattack and replace any equipment, software or data that was damaged in the attack. Plus, if you lose customer data, you are going to suffer a big blow to your company’s reputation and your relationship with other companies is going to suffer as well. The potential damages from a cyberattack can be disastrous, so it makes sense to take whatever steps are necessary to prevent it from ever happening in the first place.
The Importance of Cybersecurity
The bottom line is that cybersecurity is absolutely vital to businesses today. There are literally thousands of threats out there, from email scams to direct hacks, and making sure that you have the right strategies in place and that you know how to protect your company against attacks is the most important thing that you can do. Even companies that do not think that they are at risk for a cyberattack usually are, and taking steps to prevent an attack might seem like a major investment and one currently unnecessary, but the truth is, protecting yourself is worth every penny. For more information, check out the infographic below entitled ‘Why Cyber Security Training Is Crucial For Your Business’.
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