Cybercriminals are always on the prowl to compromise critical IT infrastructures and steal sensitive customer and business data. As the cybercrime landscape is becoming significantly sophisticated, designing and enforcing cybersecurity must be one of the top priorities for all businesses, regardless of their type, size, or industry.
Despite the growing importance of cybersecurity, not all businesses consider it a top priority or understand its role in business success.
A recent report published by Delinea that surveyed over 2,000 IT Security Decision Makers (ITSDMs) highlights that only 39% of business leaders understand cybersecurity’s role in business success. The report also suggests that almost 36% of the respondents only consider cybersecurity important because of compliance and regulatory needs.
Such an attitude towards cybersecurity can cripple essential business operations and disrupt cash flow. Moreover, businesses might even have to pay huge fines, have legal litigations, and create a negative brand image in the marketplace. Hence, cybersecurity should be one of the top priorities of all business leaders to ensure smooth operations. However, the report also highlights that almost a third of respondents, nearly 31%, believe that making the business case to their Board and C-Suite was a gap in their skill set.
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In this article, let’s look at cybersecurity’s role in business success.
More Sophisticated Cybercrimes
A full-blown cyberattack can cripple business operations for small and big enterprises. All businesses have key critical assets that malicious actors can benefit from based on their intent. Some cybercriminals are behind organizations’ sensitive business information, while others want to steal sensitive customer data. The report published by Delinea also highlights that nearly 89% of the respondents witnessed at least one negative cybersecurity consequence because of a disconnect between business and security goals.
Nearly 26% of the surveyed respondents witnessed a surge in successful cyber-attacks at their organization. One of the significant reasons for the surge in the number of sophisticated full-blown cyberattacks is the easy availability of cybercrime-as-a-service. There is a tremendous surge in sophisticated cyberattacks, and strong defensive cybersecurity is the only solution for businesses to stay secure.
Increase in the Adoption of IoT Devices
Businesses embrace Internet of Things (IoT) technology in their IT infrastructure to streamline operations, but it has also exposed the business network to various threats. All IoT devices have multiple types of sensors integrated and leverage robust technologies to ensure real-time connectivity and data sharing. As a result, IoT devices have more attack surface area and have more chances of successful data breaches.
Regardless of the robust security posture implemented, these internet-connected devices will offer an opening to cybercriminals if SecOps teams don’t manage them properly. Hence, organizations with the Internet of Things integrated into their tech stack must ensure a robust cybersecurity posture to stay secure from various data breaches.
Sophisticated Ransomware Threats
Cybercriminals leverage ransomware as a vector to accomplish a successful cyberattack because it is more lucrative. Ransomware is one of the biggest profitable cyberattack types in today’s age. Regulatory bodies worldwide are evolving compliance policies to strengthen the customer’s right to privacy, making ransomware a lucrative cyberattack form. Ransomware impacts all critical business environments like virtual systems, cloud, and OT/IoT.
All the IT environments connected to a reachable network can be a potential target of cybercriminals. These malicious actors infiltrate the network to steal sensitive data or restrict access to the enterprises to extort ransom. Hence, security business leaders must prioritize cybersecurity to save their IT infrastructure from viruses to ensure business success.
Protects Businesses from Hefty Fines and Huge Losses
Modern businesses must be aware of the potential cyberattacks and cybercrime they might be exposed to. The best cybersecurity posture will help organizations to stay secure against severe cybercrimes such as hacking, phishing, and fraud. A full-blown cyber-attack on the business network will result in huge operational expenditure, time, and effort to recover data.
It could lead to huge deficits and losses to organizations, resulting in bankruptcy due to crippled business operations.
Such significant financial losses might take forever for businesses to recover from. One of the most efficient ways companies can avoid hefty fines and huge losses is by implementing an effective cybersecurity strategy. Moreover, the stocks of organizations will also go down if the news of full-blown cybersecurity goes out in the public domain.
Why Cybersecurity is Essential for the Business Success
Cyberthreat is a significant concern that impacts all businesses and all the other users accessing the internet. It has become essential for all business security leaders to embrace a stringent cybersecurity posture to scale their organizations without compromising on security.
Organizations must have effective Anti-malware and antivirus protection tools to protect malicious actors from exploiting their systems. Various robust cyber protection solutions in the market have inbuilt Artificial Intelligence (AI) and Machine Learning (ML) to offer real-time anti-malware, antivirus, and anti-ransomware protection. These cybersecurity solutions are needed for modern enterprises to avoid damage to their operations.
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Despite the best tools and strategies implemented to protect the organization from various cybersecurity threats and risks, there will be potential gaps in the security posture that cybercriminals can benefit from. Hence, enterprises also need a backup and disaster recovery strategy to protect the business network from unexpected cybersecurity incidents. Organizations even need a backup of their sensitive data on a different server to avoid data loss in case of a successful data breach. Effective tools and cybersecurity posture are essential for organizations to stay secure from sophisticated threats and risks without compromising business growth.
With the growing cybercrime landscape, businesses need to consider cybersecurity as their top priority to ensure their organization scales without being a victim of a successful cyberattack.
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