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6 Solid Reasons For Organizations To Invest In Cybersecurity

By Joey Ricard - May 5, 2022

6 Solid Reasons For Organizations To Invest In Cybersecurity 1

From the SolarWinds hack to the debilitating Colonial Pipeline ransomware attack or the Log4j vulnerability- a new cybersecurity threat makes it to the headline almost every week!

Cyberattacks have even become a part of modern warfare! During the recent Russia-Ukraine conflict, Russia had unleashed many subtle and short cyberattacks, leaving above 70 Ukrainian websites defaced. But thanks to the robust cyber defense system of Ukraine, the cyberwar did not take a catastrophic turn, as Microsoft recently reported!

And what does this tell us? It clearly tells us how important it is to ensure cybersecurity and data protection!

Every organization must take the necessary steps to protect its valuable assets and resources within its information system. Cybersecurity is important in every organization, irrespective of the industry. While many organizational leaders consider this a priority, others often fail to understand the need to protect their systems from intruders!

So in this article today, we will talk about why every organization must consider cybersecurity as their ultimate priority, especially in 2022!

 

The Need for Protecting data

From sensitive information of an organization to the private information of customers, such as bank details, credit card information, social security numbers, and more, all these are stored on the cloud using cloud storage services such as Dropbox or Google Drive. 

Plus, all your organizational activities depend and rely on computer systems. Now, combine this with poor cloud security service, the rapid rise of cloud dependence, uncontrolled use of smartphones, and you will see that a myriad of cyber threats are lurking out there that people could not even think of a few decades ago!

No doubt why taking proper cyber security protection measures to address these security threats and leaks makes so much sense at a time like this!

 

Cybersecurity

 

The Cybersecurity Threat Is Real

Do you think you don’t need to worry about cyber attacks because you are a small organization? Think no cyber attack will be directed at you because you are a startup and not a business giant!!

Then think again! Because cyberattacks do not discriminate when it comes to attacking organizations. Irrespective of an organization’s size, type, or age, cybercrimes are a serious threat to every business, making cybersecurity awareness necessary for everyone!

Often when social media platforms get flooded with the news of a data breach, business owners find solace in thinking that they are too small or insignificant to be at such a risk. But guess what, this is nothing but comforting yourself with a false sense of security. As per reports, 43% of cyber attacks target small businesses. But sadly, only 14% of small businesses take the initiative to build a solid defense system against such cyber attacks.

So you see, as long as your business or organization has an online connection, you are at risk! You never know when cyberattacks might prey upon your website’s vulnerabilities and access sensitive information to manipulate, interrupt and destroy your business processes and even extort huge amounts of money from you.

 

The Increasing Attacks

The cyber-attacks have increased a lot, in terms of both complexity and volume, in the digital and fast-paced world. And this is one major reason why leveraging cybersecurity measures should be critical for organizations these days!

According to Cybersecurity Ventures, by 2025, global cybercrime costs are expected to reach $10.5 trillion (annually). So you see, cybersecurity is a growing concern for organizations of every size as the sophisticated tactics of cybercriminals continue to disrupt businesses.

Plus, cyberattacks are not going anywhere! As new advancements in technology are paving their way into our lives, cyber-attacks and hacking methods are also evolving and advancing. With cybercriminals becoming savvier and savvier at attacking vectors to trick the victims and developing new scams, there is no way to put an end to cyberattacks and threats. Take ransomware, for example, as it is believed to continue to pay off. In 2020 alone, businesses, universities, and cities had spent $144 million because of the eleven biggest ransomware attacks!

 

Also Read: Guide 101: Website Security Tips to Protect it from Hackers

 

The Depressing Damages

Are you still wondering why cybersecurity is important for business? Then you need to hear the damages it can do to your organization! And trust me, you can’t even imagine the losses an organization has to bear when it becomes a victim of a cyber attack.

The damages an organization has to incur post a cyberattack can be detrimental for a business and expensive. Some of the potential repercussions of not investing in firewall cybersecurity and the resulting online security breach are:

 

  • Damage to the reputation
  • Loss of revenue
  • Operational disruption
  • Loss of clients
  • Disputed or destroyed sensitive business info, client data, and equipment
  • Crippled computer system
  • Inaccessible business site
  • Sudden abruption of providing services
  • Lawsuits
  • Theft of PII or personally identifiable data
  • Theft of IP or intellectual property

 

Are not these terrible consequences enough to invest in cybersecurity to ensure a safer future for your organization!!

 

Cybersecurity

 

Related Read: Blockchain in Cybersecurity: The Choice You Should Make Today

 

The Stress On The Employees

A survey report released by Kaspersky Lab, one of the renowned cybersecurity companies, revealed that about 69% of people have admitted feeling stressed on hearing the news of a data breach. 

Employees believe their employers will do the needful to prevent cyber threats at their workplace. But despite their trust and faith in their employers, when a cyber-attack takes place in an organization, the employees become tremendously stressed.

And suffering from cyber-stress and anxiety eventually leads to reduced self-confidence, absenteeism, and even leaving the organization as competence and commitment lose the battle against growing stress at work. It is just another way of how the lack of cybersecurity awareness affects a business!

Another Kaspersky Lab survey has found that 36% of people working in offices across Europe feel more anxious and stressed over hacking or cyber-attack than their manager seeing their private emails or admitting to a mistake they have committed.

 

The Loss Of Trust

Do you know that 65% of consumers lose their trust in a business if a data breach happens? And 85% of consumers prefer not to deal with such a business that has experienced a data breach? 

Yes, ignoring cybersecurity network security can make your organization lose the trust of your customers and stakeholders. And this is probably one of the most harmful impacts of cyberattacks. One single data breach and everything can be over for your business!

Trust is extremely fragile, especially when it comes to winning and retaining the trust of the customers and stakeholders in such a competitive market. If you lose it, rebuilding it can take years. Not paying attention to cyber defense leaves your organization open to cyber threats and vulnerabilities that can lead to serious trust issues among your customers. And not to mention the damage a data breach can cause to your organization’s reputation and goodwill!

 

EndNote

Need applications and websites that meet all the necessary cyber security measures? Then do contact us, Klizo Solutions, today! 

We provide advanced tech-based solutions that stand out in the crowd and come with a shield against potential cyber threats. So, instead of feeling stressed and scared of the constantly growing cybersecurity threats and attacks, let us develop solutions for you so solid that even Daenerys Targaryen’s ice dragon struggles to breach!

Remember, no cyber security measures for businesses give a one hundred percent guarantee from cyber intrusion! But it does not mean you can not do anything about it! You can certainly mitigate and minimize the chances of a security breach by strengthening your organization’s cyber defense and choosing us to build the website/application for your business!

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Joey Ricard

Klizo Solutions was founded by Joseph Ricard, an American who has spent the past 10 years working in India, developing good teams and good processes. We have a team of over 40 people, and we develop high level technology in multiple frameworks.