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Cybersecurity is one of the biggest challenges facing businesses today. As technology advances and connectivity increases, the threat of cyberattacks is more prevalent than ever. In fact, 2,220 cyberattacks occur every day, which adds up to more than 800,000 attacks per year.
This works as a cyber attack every 39 seconds.
The World Economic Forum also highlighted growing concerns about cybersecurity, stating that cyberattacks will be one of the biggest risks facing businesses in 2024. This was further emphasized at the recent Davos conference, where experts discussed the need for stronger cybersecurity protocols to protect businesses and businesses. economy.
As the CEO of an eight-figure sales subsidiary of publicly traded company tec5USA, I understand the importance of prioritizing cybersecurity measures to protect proprietary materials while growing the business. Cybersecurity is no longer just a concern for large corporations. Small businesses are also at risk. Therefore, it is important for every company to develop an effective cybersecurity strategy.
This article discusses three key reasons why businesses should prioritize strengthening their cybersecurity protocols in 2024.
Related: Why is cybersecurity important for your business? Ignoring it could be your downfall.
1. Protect your business from costly data breaches
According to Accenture, the average cost of a cyberattack to a business is $13 million. This includes not only financial losses due to theft or damage to assets, but also the cost of downtime, lost productivity, and recovery efforts. These costs can be detrimental to business, especially for small and medium-sized businesses that don’t have the resources to quickly recover from a cyberattack.
According to Google Bard, an AI-generated tool, cyber threats are growing at an alarming rate. The global cost of cybercrime is expected to reach $10.5 trillion annually by 2025, a significant increase from $3 trillion in 2015.
Additionally, not protecting sensitive customer data can result in legal repercussions and damage to your business’s reputation. In today’s digital age, customers are more aware of their privacy rights and expect companies to handle their data securely. One data breach can lead to a loss of customer trust and ultimately impact your bottom line. For Silicon Valley clients dealing with semiconductor manufacturing, this is a must.
You may also incur legal costs if your business is found to be failing to meet cybersecurity protocols set out by regulations such as GDPR (General Data Protection Regulation) and CCPA (California Consumer Privacy Act). . These regulations set out a number of potential penalties for companies that fail to protect personal data, including fines of up to 4% of annual global turnover or €20 million, whichever is higher. It is being
Implementing ISO 27001, the internationally recognized standard for information security management systems (ISMS), plays a vital role in strengthening cybersecurity within your company. ISO 27001 helps organizations protect sensitive data and mitigate potential cyber threats by providing a systematic framework for managing information security risks. At the heart of ISO 27001 is the implementation of a set of controls tailored to address the specific security risks facing an organization. These controls include various aspects of information security, such as access control, encryption, incident management, and business continuity planning.
By implementing ISO 27001 controls, companies establish robust mechanisms to protect their information assets and ensure confidentiality, integrity, and availability. By conducting a comprehensive risk assessment and putting the right controls in place, organizations can identify vulnerabilities, proactively address security gaps, and strengthen their cybersecurity posture. ISO 27001 promotes a culture of continuous improvement, encouraging organizations to regularly review and update their security measures in response to new threats and evolving business needs.
Gain a competitive advantage by differentiating your organization as a trusted custodian of sensitive information. Additionally, ISO 27001 facilitates compliance with regulatory requirements and legal obligations, reducing the risk of penalties and reputational damage from non-compliance.
2. Protect your intellectual property
In today’s competitive marketplace, intellectual property is one of the most valuable assets a company can possess. Without proper cybersecurity protocols in place, a company’s sensitive data and trade secrets are at risk of being stolen or compromised by cybercriminals. This not only erodes your competitive advantage, but also puts your business’ future success and growth at risk.
Effective cybersecurity protocols are a prerequisite for high-tech customers to protect data integrity and for data protection in general. In our case, we work with law enforcement clients and when we work with sensitive data, whether it’s related to construction or high-tech equipment, we want to ensure that the data is not leaked not only to our competitors but also to other sectors. You need to make sure that. People around the world may be interested in the technology and want to copy it.
Implementing strong cybersecurity measures such as firewalls, encryption, and regular data backups can help protect your intellectual property from cyberattacks. You can also gain a competitive advantage by assuring your customers and partners that sensitive information is safe.
Related: Cyberattacks are on the rise — how businesses can stay prepared for threats
3. Ensuring business continuity during geopolitical instability
Cyberattacks can halt business operations and cause significant financial and reputational damage. In some cases, the severity of a cyberattack can even force a business to shut down permanently. Therefore, implementing effective cybersecurity protocols is critical to ensuring business continuity.
The proliferation of ransomware attacks, where cybercriminals hold companies’ data hostage until a ransom is paid, highlights the importance of being prepared for potential cybersecurity threats.
Looking at the global or geopolitical situation, tensions between the United States and China are rising, and there are two wars going on in Ukraine and the Middle East. Every time there is a war, cyber warfare also intensifies. As a result, the amount of hacking attacks, denial of service attacks, viruses, and ransomware is increasing.
In that environment, any type of quality assurance framework, including a cybersecurity framework, is almost mandatory to protect users from these threats. Its importance is increasing due to the changing business environment and the increasing number of global threats we must deal with.
Regularly updating and maintaining your cybersecurity measures can minimize the risk of a successful cyber attack and prevent disruption to your business operations. This not only prevents potential financial losses, but also protects your reputation and maintains customer trust.
Related: 4 Major Cyber Threats Entrepreneurs Should Know in 2024
Cyberattacks are becoming increasingly sophisticated, and hackers are constantly finding new ways to exploit vulnerabilities in systems. That’s why it’s important to continually update and improve your cybersecurity protocols to stay ahead of new threats.
It is predicted that there will be more than 3.5 million unfilled cybersecurity jobs worldwide in 2024. This means companies need to invest in training and hiring cybersecurity professionals to stay ahead of potential threats.
As CEO of tec5USA, I understand first-hand the importance of prioritizing cybersecurity protocols. By taking proactive steps to protect your business, you can continue to grow and expand without fear of falling victim to a cyberattack. As the threat landscape continues to evolve, it’s important for businesses of all sizes to remain vigilant and prioritize cybersecurity in 2024 and beyond.
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