When you are busy running your business and maintaining your workforce, you will likely not spend too much time thinking about what a successful cyber-attack might do to your business. While this mindset is completely understandable, it can be devastating. Understanding more about what cyber security is and why it is so critical can be essential when it comes to establishing effective cyber security protocol for your business.
What is Cyber Security?
Before outlining the importance of cyber security for your business, it is first useful to explain what exactly meant by the term cyber security. At its most basic level, cyber security is a set of processes and stratagems that are designed to protect a business’s systems and sensitive information against the threats of a successful cyber-attack. Cyber-attacks have become increasingly sophisticated in recent years, which means that cyber security for businesses usually consists of a range of processes and layers of protection.
What is a Cyber Security Attack?
The aim of a cyber-attack can differ depending upon the perpetrator and which form of cyber-attack they are using. Some of the most common types of cyber security attacks are listed below.
- Malware
The term malware can be used to describe many different types of attacks, including viruses, worms, and spyware. A malware attack involves exploiting a vulnerability to breach a network and plant a dangerous link that will then install malicious software on a system.
- Phishing
Phishing attacks are, unfortunately, very common and involve sending fraudulent emails that appear to be legitimate and encourage the recipient to click on a malicious link or file that will then compromise their device.
- Denial-of-Service (DOS)
A DOS attack floods systems or services to overload the resources until a system is no longer able to cope with the request. Once the system is down, the cyber-attacker will then exploit the vulnerabilities for their own gain.
- Man-in-the-Middle (MitM)
A MitM attack happens in which a cyber-attack intercepts a two-party transaction by inserting themselves in the middle. The cyber-attacker is then perfectly placed to steal and manipulate data.
- SQL Injection
An SQL Injection occurs when an attacker inserts malicious code into a server to exploit vulnerabilities.
- Zero-Day Exploit
This type of attack targets new networks to exploit their vulnerabilities.
- Password Attack
The most common form of cyber-attack, this attack involves a cyber-criminal accessing a person’s password to gain entry to confidential data and private systems.
Now that you understand a little bit more about what a cyber-attack is and what different forms an attack can come in, it is useful to spend some time outlining the importance of cyber security for businesses.
Why is Cyber-Security So Important?
The list below outlines just a few of the reasons why cyber-security is so important for businesses today.
- Cyber-Crimes Are On The Rise
It is an unfortunate reality that cyber-crimes are on the rise. Not only are cyber-crimes becoming more prolific, but they are also becoming increasingly complex and sophisticated. No matter how small your business might be, you have assets that are valuable to a cyber-attack. The assets that a cyber-attack might be trying to gain could be password information, sensitive customer data, or business data. As the number of successful cyber-attacks is only set to increase in the coming years, having an effective cyber security system in place is imperative.
- Safe Guard Your Reputation
Not everything that you lose to a successful cyber security attack can be quickly or easily quantified. One of the more serious and long-lasting effects of a successful cybersecurity attack can be the reputational damage that you suffer. In fact, studies have found that consumers report actively avoiding businesses for years after a successful cyber security attack. Being the victim of a cyber security attack can damage your business’ credibility and cause you to lose customer trust for years after a successful attack has been implemented.
- Legal Repercussions
Depending upon the country your business is operating in, the type of attack that you have faced, and that data or assets were taken by the cyber-attacker, you might be facing legal actions as a result of a successful cyber-attack. Legal action after a successful cyber-attack is common when the attack results in a loss of customer information. If your business is judged to have not done enough to protect your customer’s data, then this might leave you liable for the repercussions of a successful cyber-attack.
- Loss Of Revenue
It is very likely that a successful cyber-attack will lead to a loss of revenue. This could be because a cyber-attack directly impacts your company’s assessment, or it influences your ability to be protective as it takes you time to respond to the attack and get your company running as normal.
- Long-Term Growth
As you can see from the points outlined above, a successful cyber-attack can have a range of different consequences, all of which impact your long-term growth potential. Safeguarding your business against a successful cyber-attack is essential for the future growth of your business.
How To Protect Yourself?
Luckily, there are many ways that you can protect yourself against a successful cyber-attack. These include:
- An Effective Cyber Security System
Using a system like AWS vulnerability management will enable you to protect yourself against a range of different cyber security threats.
- Staff Education
Studies have found that 90% of data breaches result from human error, which means that staff training and education can be an essential cyber security measures.
- System Updates
Updating your systems regularly will help you to ensure you have the most effective tools to protect your businesses against a successful cyber-attack.
- Password Protocol
Having a detailed password protocol will help you to tackle the threat of a password hack.
While the threats of a successful cyber-attack are serious, there are many measures that you can put in place to protect your business, your staff, and your customers from the consequences. Being forward-thinking and contentious will help you to ensure you do not suffer from a successful cyber security attack.
