The menace of cybercrime has long been bothering businesses around the world since quite a few years and the bad news is that it doesn’t seem to cease either. Come to 2019 and you will witness a spike in the incidents of cyberattacks and cybercrimes. Yes, cybersecurity would continue to be a ceaseless war for businesses in 2019 and beyond. Simply put, you just can’t give a blind eye to the blunt fact that there are more wicked brains and hackers toiling to hack IT infrastructure and networks compared to the brains to prevent them.
In fact, McAfee Global Threat Intelligence received a whopping 49 billion queries pertaining to cyberattacks and cybercrimes per day in Q2 2018. This is a clear indication that the cybercrime epidemic has been rising and spreading at lightning speed. The damages incurred due to cyberattacks now stands at a staggering $400 billion, which was somewhere around $250 billion a couple of years ago. (McAfee Labs Threats Report)
In an attempt to thwart wicked hackers and breaches, businesses are increasingly footing in money to spruce up their security protocols and digital frontiers. Here are few reasons to why investing in cybersecurity would continue to be a top-priority in 2019 and beyond:
1. Rising overhaul cost
Simply put, cybercrimes can be extremely costly for a business to endure. Yes, it can put a dent in a business in no time. It is not just the financial damages incurred by a company because of the attack, but also it can take a company’s brand repute on a lethal ride, beyond repair.
Worst part: cyberattacks can force your customers to lose their trust on your business. Further, a repute for inferior security would make it impossible to win new business/customers.
Take for instance the e-commerce sector, which has thousands of websites. All these websites can greatly benefit by investing in cybersecurity. This is because transactions happening on an e-commerce website requires exchange of a customer’s confidential/sensitive data which if compromised can land the website in troubled waters followed by incurring a bad reputation in the market. This can cause the customers to bar your website resulting in revenue loss and new sales.
It is not just e-commerce industry that needs to be cautious of cybercrimes, since sensitive and confidential data such as SSN (Social Security Number), passwords, routine numbers and other similar data are prone to cyberattacks for identity theft.
2. Easy access to hacking information and tools
Whilst skilled hackers do pose a great threat to businesses, easy and wide availability of various hacking tools on the World Wide Web means that there would be a spike in threats from less-skilled hackers as well. Further, it is quite easy to get the resources required to launch a cyber-attack in today’s times such as ransomware.
3. Fast growing breed of sophisticated hackers
Yes, there is a sophisticated breed of hackers on the loose, which is growing at a rapid pace than ever. Since every business has a site along with externally stored data on cloud CRM software that could offer hackers with the entry points to get into core business data. Hackers tend to gain a lot from such breaches and there are good number of cyber incidences against some of the industry giants in the recent past.
With sophisticated and advanced attacks becoming a norm these days, businesses ought to brace themselves for a breach at some or the other point of time. This makes it necessary to focus on cybersecurity measures and tools to deal with any malicious cyberattack that can throw a business off the track in on time.
4. Rapid growth and penetration of IoT
More smart tools and devices are connected to Internet than ever. Famously referred to as the Internet of Things (IoT). On one hand, these connected devices greatly help in speeding up and simplifying several tasks both at home and office, on the other hand, they offer greater levels of accessibility and control, which when abused can lead to lethal cybercrime incidences.
If failed to manage properly, every IoT and connected device could offer hackers and cyber criminals a gateway into sensitive business/user data. With the number of connected devices estimated to reach a staggering 27 billion by 2021, it is time businesses put their heads into IoT and cybersecurity. It is advisable to conduct vulnerability checks on a regular basis to determine underlying or potential cyber risks.
5. Widespread threat
A company doesn’t necessarily have to be handling financial data to wake up to the idea of cyberattacks seriously, since businesses with complex processes too can’t afford a security breach into their IT infrastructure.
Long story short, cybersecurity is a must for every business irrespective of the industry it operates. Be it corporations, e-commerce, or any other sector, cybersecurity is something that cannot be given a blind eye.
Some of the most common cyberattacks include identity theft, identity fraud, spam and virus. Even if a business is fortunate enough to never have witnessed a security or data breach until now or in the past, it doesn’t mean that it will never witness one in future. This is because even the robust and powerful cybersecurity technology or approach is never 100% foolproof, since cyber criminals and hackers are always on lookout for new ways and tricks to breach security and network systems.
Cybersecurity is all about arming a business with the right set of tools, resources and technology to keep away from cyber criminals. It is about investing in the essential training and tools to educate employees on ways to protect company’s data, customers’ sensitive/confidential data and other relevant information. Scheduled security checks focusing on evolving cybersecurity measures is something that businesses would have to emphasize on in the year 2019 and beyond.
Last but not the least, it is always a smart thing to encourage your employees to keep abreast with news and stuff pertaining to cybersecurity. Long story short, making cybersecurity a top-priority would be the key to retaining as well as gaining new customers whilst enforcing brand loyalty in the year 2019 and beyond.
Anwar Shaikh writes about AI, cybersecurity, business intelligence, cloud technology, chatbots, analytics and enterprise technology solutions like ERP and CRM software. A self-made writer and Digital Marketing Manager, Anwar writes for Sage Software Solutions (P) Ltd., a leading provider of cost-effective and user-friendly ERP and CRM software solutions.