Role of Cybersecurity in an Organization and Its Importance
It’s no secret that cybercrime is constantly on the rise, and cybersecurity is no longer a concern exclusive for bigger companies and enterprises, but many cybercriminals have now shifted their targets to smaller businesses, that are often more vulnerable than more established organizations.
So, implementing cybersecurity best practices is now essential for all kinds of businesses that have an online presence: a website, social media profiles, and other online assets.
Cybersecurity is obviously important in protecting your business and your valuable/sensitive data from the hands of hackers and cybercriminials. However, what is the actual role of cybersecurity in an organization? Here we will discuss the importance of cybersecurity and how it will impact your business.
1. Enables Your Business To Achieve Its Objectives
When your business’s valuable data, system, network, and other elements are not secure, your business won’t be able to work effectively in achieving the business’s objective.
This can be as simple as when one of your employees’ devices is infected by malware, slowing down its performance to a crawl and thus this employee can’t reach optimal productivity. However, more severe cases like data breaches and DDoS attacks can also slow down your organization as a whole.
In short, when cybersecurity is not implemented properly, this can cause a lot of wasted time for your employees and even departments, leading to missed deadlines and projects not staying on-budget.
2. Protecting Your Business’s Assets
It’s no secret that today, data is our most valuable asset. Your business’s data can be crucial for your daily operations, and your business might also hold customer’s personally identifiable information (PII) and other sensitive data.
When hackers or cybercriminals gain access to this sensitive data due to a lack of cybersecurity, it can lead to various negative impacts from the slowdown of business operations to serious legal repercussions to long-term and even permanent damage to your information.
Only by implementing proper cybersecurity and data integrity best practices as well as by stopping bot attacks we can protect our most valuable assets from cybercriminals.
3. Allowing Employees To Work Safely
By implementing cybersecurity, we can properly secure our employees’ privacy and devices, allowing them to work safely.
By providing our employees with peace of mind, we can allow them to be more productive by focusing on the tasks at hand rather than worrying about data breaches, identity thefts, and other cybersecurity threats.
If, for example, we neglect to protect an employee’s device and so it is infected by malware, it can really hamper their productivity and even might cost you or the employee additional costs to replace these devices.
4. Ensuring Reliability of Service
Cybersecurity threats like DDoS (Distributed Denial of Service) attacks are aimed to hamper your website or app from providing service to your customers. When you can’t provide service, especially if your website or app is offering transactions, this will translate into a loss of revenue.
However, the damage can actually go much deeper than that: when you fail to provide service to your customers, then they’ll simply move to your competitors. In fact, 88% of online consumers are less likely to return to a website or service after a bad experience.
Thus, not properly implementing cybersecurity can result in long-term damage or even permanent damage to your reputation, which can be extremely expensive for your business.
5. Establish Confidence and Trust
On the other hand, if you can prove that your website and service are secure and well-protected against all kinds of cyber-attacks and digital threats, people are more likely to trust you.
Online consumers simply won’t purchase things from companies they can’t trust, and by establishing confidence that you are a secure business, they will feel more confident when making a purchase.
They can also tell others about their good experience in using your service by providing online reviews, which can also help you in attracting more consumers.
In short, cybersecurity can be an important branding tool for your business.
6. Protecting Your Business from Legal Damages
British Airways was recently fined more than £20 million due to their failure in protecting consumer’s data when BA was subject to a cyber-attack in 2018. This is just one example from so many cases where businesses must face legal damages on top of the ongoing financial and reputational damages in the event of a successful data breach or other types of cybersecurity attacks.
Thus, implementing cybersecurity best practices is an extremely important protection for your business as a whole. You wouldn’t want to pay millions in fines just because you’ve neglected to update your OS with the latest security patches and exploited by hackers as a result.