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Why It’s Important For Businesses To Upgrade Their Cybersecurity

Hackers are impressively getting more and more sophisticated in their attacks, that’s why the rest of the world should try to keep up, and fast. A hacker attacks every 39 seconds, or about 2, 244 times daily, which is extremely alarming.

The most common cyber attacks include sending malware, ransomware, and initiating anomalous financial transactions such as phishing and crypto-jacking. Individuals are not the only ones vulnerable to these cybercrimes. Large-scale cyber attacks are often reported, although small businesses fall prey to cyber attackers as well.

As threats against cybersecurity hover around businesses, the need to strengthen the first line of defense—a robust cybersecurity infrastructure, is critical.

Here are the main reasons why businesses should upgrade their cybersecurity on a regular basis:

Cyber Attacks Continue to Rise

A 2020 survey released by the UK Department for Digital, Culture, Media, and Sport, revealed that 46% of businesses and 26% of big-income charities reported having cybersecurity problems for the last 12 months covering the survey period (2019-2020).

To strengthen cybersecurity structure, businesses and charities rely on two major modes of action: up-to-date malware protection and software updates, where available. Hiring third-party cybersecurity experts like Nettitude is a proven viable option in addressing various cybersecurity issues.

Firewall Protection Is Not Enough

On paper, a firewall looks like it can offer complete protection by building an imaginary security fence. Originally designed to prevent unauthorized access to a private network, it can either be in the form of software or hardware. Aside from blocking unauthorized networks, a firewall also helps prevent vital information from being leaked and modified.

However, hackers are becoming more sophisticated and advanced in finding ways to penetrate into your system, even with the presence of a firewall. Hence, a firewall is no longer enough to keep cyber-attacks at bay.  

Cyberattacks Have Serious Implications

According to a survey, up to 60% of small companies close down within six months following a cyber-attack. Additionally, almost half of the small businesses surveyed from May 2015 to 2016 reported falling victim to cyber attacks within the period, resulting in companies spending an average of USD$879,582 in damages. These cyber attacks also resulted in losses amounting to USD$955,429 due to disruptions to normal business operations.

Thus, it’s safe to say that a single cyber attack can ruin everything you’ve worked hard for.

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Upgrades Are Necessary

When your device prompts you to update your software or virus protection, take heed and do it. Updates generally reinforce your protection against cyber attacks. They’re programmed by developers who, like hackers, are also constantly monitoring flaws in the codes and programming sequences of an application. The only thing that separates them is that while developers are there to fix them, hackers mainly look into loopholes as an opportunity to introduce cybersecurity threats such as malware, ransomware, and viruses, and use these to get vital information.

Viruses Can Infect the Whole System

Similar to viruses in a real-life setting, a computer virus can start infecting one device and spread to all the hardware essential to your business. A virus can be passed on unknowingly. Once your device gets infected, it can corrupt your files and cause serious hardware and software damages to your business assets like computers and servers. If this happens, you’re in for bigger losses (and headaches).

Robust Cybersecurity Provides Customer Assurance

Online transactions can be vulnerable to cyber attacks, especially when paying online and keying-in credit card details. This fear stops many customers from buying from your website or e-commerce store.

On the other hand, when buyers know that they’re dealing with a reputable organization with robust cybersecurity protocols, they won’t hesitate to make online purchases, knowing they’re protected. Proving that your business is highly immune to cyber breaches helps you earn customers’ trust.

A Secure Website Boosts Your Reputation

Breaks in cybersecurity can lead to business disruptions and temporary problems with your website. Attacks to your site can cripple your online (and possibly offline) operations, making online purchases, queries, and other transactions that bring in revenue, impossible.  Problems in website accessibility and constant freezing result in high bounce rates, or instances when users open the website but leave almost immediately due to browsing problems.

Meanwhile, upgrading your cybersecurity helps increase your search engine ranking. Aside from high visibility, your site will also augment its reputation by providing valuable content that users love to consume and share, leading to an overall favorable experience for users.

The Bottom Line

Data breaches not only cause lost files, damaged software, corrupted system, and website glitches. Perhaps the most damaging impact of cyber attacks is the loss of business assets and properties, which may lead to business closure. These serious implications can be minimized by establishing unparalleled protection and upgrading cybersecurity.