Businesses are under an increasing number of threats in terms of the protection of their data and critical information and this is why they need to invest in a proper cybersecurity program. Let us check out a few reasons due to which such investments are deemed absolutely imperative for the safety and security of the company.
o The rise of ‘ransomware’
A few years ago, the world woke up to a terrible threat as it was assailed by a hitherto unknown concept.
This was the appropriately named ‘WannaCryRansomware” virus. And as far as malware goes, this was one of the most harmful programs ever invented due to the fact that once a system became infected, the virus proceeded to “lock” all the files with the legend “Oops your files are encrypted and cannot be opened without the right code.” The criminals then boasted that even if the virus was to be successfully removed (an arduous task in itself) the victim’s organization could not possibly hope to recover its crucial system files, emails, data, software, documents photos etc., until and unless a hefty payment was made in digital currency, to the hackers.
Indeed, so sophisticated was the whole operation that once the files had been appropriated and subsequently corrupted, the hackers even offered to go ahead and decrypt a few of the files for free, to show the helpless victims how “foolproof” their hold was on their infected systems. Just like any real-would kidnappers who would release a few of the hostages to show their ‘‘sincerity’.
Moreover, the unfortunate organizations were ordered to pay up, within only a few days at most, otherwise, the ‘ransom’(for lack of any other term) would be doubled. And if this selfsame doubled payment was not received within the frame of time – that’s it! All the files, documents, movies and all the other data on that PC, or laptop or even a whole network of servers were gone… for good. And simply could never be recovered irrespective of the fact that the actual virus may have been removed with the help of the right tool.
o It’s not just you, but your customers and staff members who are under threat
Cybersecurity attacks are absolutely relentless when it comes to targeting a business. This is why you can rest assured that in case your business has been targeted, the odds are that your customers and employees would also have been similarly attacked as well. Here it is pertinent to understand that even really sensitive personal information such as home addresses, phone numbers can be misappropriated, easily enough, if the system is vulnerable to such attacks in the first place.
- The operational costs of being unprotected
If a cybersecurity-related incident is sufficiently harmful enough, it can effectively knock the whole company off its kilter. In other words, such a security incident can easily disrupt delay, or for that matter, even outrightly shut down your business operations, once and for all. From the retail point of view, it will mean that valuable shelf space will be lost to the competition and from the service perspective, customers will not be able to access the company’s support system. This means that in the long run, they will suffer from a steady erosion of public trust and confidence in their brand. This can be the death knell for many small organizations.
o Affordability vs. the consequences
Cybersecurity is considerably more affordable when you compare it the near total loss of your business. There is no exaggeration here, especially in light of the fact that once highly classified and sensitive data has been irretrievably compromised, then the businesses owners must pay various compliance fines as well as court fees too. Add to that the fact that there might be a criminal investigation, while the organization would be losing its credibility and goodwill, all the way. It is difficult for organizations to be able to survive such body blows and eventually come out on top.
o No, they do not happen to ‘other people’ only
There is a fairly common perception that cyber-attacks are basically conducted against large organizations only. However, nothing can be further from the truth, and small entities are now on the radar of cybercriminals, more than ever before. It makes sound tactical sense to target them because they do not have the kind of anti-hacking resources and the plethora of software and professionals who can handle these threats before they get a chance to inflict some real harm. Since small organizations traditionally eschew hefty investments in rock-solid cybersecurity programs, they are easy targets for many, if not must such unscrupulous elements.
In the light of the above, we can easily see just how terrible such software may be for various business organizations who may end up paying huge ransom amounts to unblock their highly confidential and critically important information, from their own system. This is why it is always better to be well prepared for such an eventuality, to ensure that there is no need to take post attack countermeasures. Always remember the age-old adage “forewarned is forearmed” is as true today as it was when it was first coined.