The High Cost of Doing Nothing
5 Reasons why business should invest in cyber security
Security breaches and cyber-attacks are on the rise now. Protecting your business has never been more important.
It is a common misconception that only IT companies, financial institutions and huge corporations need cyber security. The truth is that everyone does.
Why do people think they don’t need cyber security?
This is because people do not know enough about cyber security. Many of them foolishly believe that only millionaires and bigger companies get attacked. It is widely believed that if you do not hold any personal data, then you don’t need cyber security.
What is cyber security for?
Cyber security is the practice of defending your personal data, business information and all kind of digital assets you might have.
Why is cyber security important for businesses?
- Information security
Businesses process huge amounts of data - both personal and corporate. Keeping information confidential is of utmost importance for any organization. Compromised data can cause serious trouble for business owners including heavy fines, loss of customers and therefore loss of profits, bad reputation, etc.
- Costly security breaches
Data protection laws such as the GDPR can mean significant fines for loss of personal information of clients. Ransomware attacks are another example that a security breach can be rather expensive for a business. Loss of trust amongst customers is one of the outcomes of a cyber-attack which again comes with a high price.
- Impact on productivity
Compromised systems/devices will require a certain time to be restored and back in operation. This will impact productivity as you will not be able to work on a full capacity and will be forced to get by with the resources available.
- Trust and reputation
This is probably the most difficult outcome to restore. Once lost, trust and reputation are certainly hard to get back. No one wants to work with a company that has poor security and cannot protect their data.
- Loss of business
Bad reputation always means one thing - leaving of existing customers and no new customers to work with. Loss of business combined with extra expenses on recovery and a potential fine does not look sound good, does it?
If you are here and have read the above, then you should already know that no matter the industry or size of the business, every organization MUST invest in cyber security. It is not all about money – you should also invest your time and efforts to keep yourself and your staff well-educated on the subject and know how to prevent and protect from cyber-attacks.
Otherwise, the cost of doing nothing can turn out be rather high…