Why Cybersecurity Matters: The Importance of Cybersecurity in Business

Each year, cyber threats become more sophisticated and complex, and they target individuals and businesses of all kinds. Some of the most common challenges we will continue to face in 2021 include: phishing attacks, remote workers’ endpoint security, cloud jacking, ransomware attacks,IoT devices, deep fakes, and 5G-to-WiFi security vulnerabilities.

As the COVID-19 pandemic pushed most companies into untested waters, the world was hit by a flood of cyber-attacks, and the threat to data privacy and security has increased. And unfortunately, there are no signs that this trend will slow down anytime soon. According to Cybercrime Magazine, specialists expect costs caused by cybercrime to reach about $10.5 trillion per year by 2025.

That is why it’s essential for companies and organizations everywhere to take cybersecurity and all the elements it implies more seriously.

Why should organizations care more about the Importance of Cybersecurity?

Whether we like it or not, our personal and professional lives are intertwined with the technologies we use.

Businesses everywhere use communication technologies such as email, video conferencing, or VoIP calls to communicate with partners and customers. With more people working from home, the need for secure channels and mobile devices have increased. Cloud services have also been in high demand because they provide easy access to data regardless of location and available devices.

Without having the proper cybersecurity policies and methods in place, the increased use of modern technology leaves many organizations open to attacks like the ones we mentioned earlier.

As a result, businesses risk losing a lot more than just money.

Studies show that organizations suffer a loss in reputation after a successful attack and this can lead to loss of customers, collaborators, and even bankruptcy.

Importance of Cybersecurity as a Process

Besides poor security measures and implementation, the other major problem organizations face is the incapacity to see cybersecurity as an ongoing process that involves the entire company.

Most organizations that understand the need for efficient cybersecurity measures manage to create and define enterprise-level policies and systems. However, there is a misalignment between Cybersecurity Management and Cybersecurity Governance.

Cybersecurity management is about implementing measures and making decisions to mitigate risks. Through management, the department or people in charge of cybersecurity recommend strategies for a wide range of situations. This step is important in the race for better cybersecurity but it lacks an important factor: governance.

Cybersecurity governance is about who makes what decisions and in what situation. Governance places responsibility on specific people involved in the process of keeping the company safe and secure. By doing so, we create an accountability framework that keeps people accountable and ready for action whenever there is a security risk.

Both cybersecurity management and cybersecurity governance play a crucial role in what a successful cybersecurity program encompasses.

2021 comes with a wide range of cybersecurity risks and threats, but the situation is not hopeless. Organizations that understand cybersecurity is a process that requires strategy and consistency, can lower their risk exposure and keep any damage at a minimum.

If your organization is struggling with implementing proper Importance of Cybersecurity management and governance, our specialists have the necessary knowledge and experience to provide you with guidance and resources. We can run a deep analysis of your business risk and a vulnerability assessment to create a roadmap that can serve as the foundation of your cybersecurity strategy. If you require outside help in implementing a mature Cybersecurity program, we have the people, tools, and processes to supplement your program as well.