Why You Need Cybersecurity

Netmatters Ltd
Posted by Netmatters Ltd
15th March 2019

Netmatters blog image for cybersecurity

It is fundamental that businesses are prepared for a cyberattack. Otherwise they run the risk of losing not only resources or information, but also their reputation in the public eye. If you are concerned that your business is not focused on cybersecurity, this article provides 5 critical reasons why cybersecurity should be your top priority in 2019.

Businesses can be destroyed by the costs of a cyberattack

By 2021 the cost of cybercrime will have doubled to $6 trillion from 2015.

Source: cybersecurityventures.com “2019 Official Annual Cybercrime Report”

All cyberattacks will have an immediate financial impact. For example, cybercriminals will usually hold critical information at ransom. The National Cyber Security Centres report on ‘The Cyber Threat to UK Business’ details how Uber covered up a data breach in 2016. They paid hackers $100,000 to destroy the information of 57 million accounts, 2.1 million of these belonging to British customers.

Financial losses through a cyberattack go far beyond paying a ransom to hackers. More often than not a data breach can bring businesses to a standstill. Businesses who are ‘reactive’ rather than proactive in the event of a cyberattack can lose large amounts of money in both business downtime and lost customers.  

A cyberattack can have dire ramifications of a business’s reputation

75 percent of consumers stated they were likely to stop purchasing from a company if a data breach was found to be linked to the board failing to prioritise cybersecurity.

Source: securitymagazine.com “Report Reveals How Cyberattacks Affect Consumer Brand Trust”

It is not just businesses who are worried about hackers. Data protection and cybersecurity has grown in the public consciousness over the last few years, due to a series of high-profile cyberattacks including Verizon, Yahoo and the NHS.

Brand loyalty relies on the trust customers have in businesses to protect their personal data. They expect to be notified as quickly as possible if personal information has been compromised. Therefore a cyberattack is more than a public relations disaster, it can lead to the loss of current and future customers.

Cybersecurity is a critical part of GDPR compliance

With this climate of fear surrounding cybersecurity a concrete data protection policy has become a competitive advantage, particularly following the arrival of General Data Protection Regulation (GDPR) in May 2018.

GDPR stipulates that companies should only collect and retain data that is absolutely necessary. This has opened up discussions about how much non-critical data is being held by companies, and whether it is vulnerable to hackers.

As part of GDPR, companies must employ a Data Protection officer who enforces cybersecurity procedures, and acts as a point of contact for staff to report suspicious activity. Companies who are not in compliance with GDPR run the risk of incurring large fines.

Cybersecurity measures help businesses account for human error

76% of organisations reported being a victim of a phishing attack in 2017

Source: tripwire.com “Three-Quarters of Organizations Experienced Phishing Attacks in 2017 Report Uncovers”

This is why hackers will often rely on human error to obtain the information they are looking for. ‘Phishing’ remains a common staple of hackers, casting the net wide across a company’s network with the hope that one person will not recognise a malicious email.

Creators of scam emails exercise fastidious attention to detail to make them appear perfectly legitimate. Even if there is a flaw in their design, their success rests on someone not being vigilant enough to recognise it. This is why over the last few years companies have stepped up their efforts to ensure their staff can spot a fraudulent email.

The problem is whether companies can keep pace with the speed at which hackers hone their techniques. Cybersecurity providers such as Netmatters remain at the forefront of industry development. Their job is to be aware of new and popular hacking techniques, and to advise what companies should look out for. 

Businesses must remain vigilant and proactive instead of ‘firefighting’

A lot of the fall-out and resulting damage comes from how companies immediately deal with a cyberattack. A lack of a cohesive strategy could be fatal in a business’ efforts to recover critical data and resources.

Companies need to be proactive in minimising the risk of a cyberattack, implementing measures such as password policies. They also need a clear plan of action in the event of a cyberattack, so any losses are recouped as swiftly as possible. Without a concrete plan of how to handle a cyberattack, companies will descend into a blind panic and more often than not lose vital time and money whilst ‘firefighting’.

Enlisting a cybersecurity provider such as Netmatters means companies will always be informed about what threats could be on the horizon, and how to act in the event of a cyberattack.

At Netmatters, our team can conduct a thorough cybersecurity audit so you can find out just how prepared you are in the event of a scam or cyber-attack. They will also remain as up to date as possible about current and potential cybersecurity threats. If you are interested in having a cutting-edge cybersecurity strategy tailored for your business, contact Netmatters today.

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