How Can Cybersecurity Benefit Businesses?

Cybersecurity is increasingly important for all businesses that have any connection to the cloud, as cyber criminals lurk around trying to find their next victims! This makes cyber security crucial for businesses that need to keep sensitive data safe and out of the hands of those wanting to misuse information.

What Is Cybersecurity?

Cybersecurity is described as the action of protecting your personal information, such as hardware and software or data through a range of different measures. This can be done with the use of multifactor authentication processes, encryptions or firewalls. Some people opt for cybersecurity companies to step in so that their data is under constant monitoring to ensure that any potential attacks are prevented.

Cyber Security Attacks in the UK

According to the official UK National Cyber Security Center Review of 2022, there was a drastic increase in cyber security attacks, often low-sophistication level attacks but in high-volume which caused issues for small businesses. Without the implementation of good cyber security measures, your business could potentially be attacked.

What Is the Most Common Business Cyber Threat?

One of the most common attacks that occur, especially towards businesses and corporations, is ‘ransomware’. This involves the implementation of malicious encryption so that the company can no longer access their data- essentially it is stolen and threatened. The owners of the data will receive a message on their screen stating the ransom and how to make the payment to receive access to the data again.

So… What Are the Benefits of Cyber Security?

As you might have now guessed, there are great benefits to implementing a strong cybersecurity system! If your data, documents and files or images and photos are safely protected, you will not have to have constant doubt that someone could maliciously access them. We have created a list of the top 5 benefits of cybersecurity here:

5 Reasons Why Cybersecurity Benefits Businesses:

1.Strengthened Data Protection

The most important reason why anyone should consider getting cybersecurity is that it will enhance the protection of any data and protect it from unauthorised access, theft or damage. This is especially important for businesses that store sensitive information, such as client details, financial data and confidential information.

2.Better Compliance

With the responsibility of safe data storage on businesses today so heavily regulated, it’s key that there are strong cybersecurity measures in place. In the UK, this is regulated by the UK Guide to Data Protection (UK GDPR) which outlines the data protection principles, rights and obligations, alongside sharing checklists to help you comply.

3.Enhanced Risk Management

Ensuring good cybersecurity measures are taken to protect your data, documents or sensitive information means that you’re also improving risk management, too. This refers to the identification, assessment and then prioritisation of any potential cybersecurity risks and vulnerabilities. This benefits your business as it can help better protect valuable information from potential threats.

4. Increased Competitive Advantage

If your business has cybersecurity and has shown that there have been no or very minimal/small-scale threats over a long period of time, your business’s reputation will increase and in turn, give clients, partners or investors full trust in your operations. By doing this, you will have a more competitive position in the marketplace as your track record will prove that you are prepared to safely store your assets.

5. Prevention of Financial Losses

The prevention of financial losses is a huge benefit to a business opting for a secure cybersecurity system. This is done by preventing unauthorised access to financial accounts, the identification and mitigating fraud with the use of fraud deception systems and lastly, minimising the costs of a data breach. If your company’s sensitive information is accessed or threatened, the repercussions could be detrimental financially. Some of the financial burdens are not just fines or penalties, but the loss of downtime for employees waiting for the system to get back up and running, too.

How Can I Implement A Good Cyber Security System?

There are some great ways that you can implement a good cyber security system yourself, such as by ensuring sensitive data has dual authentication for access, alongside restricting who has access to this information. Ensure your staff is well-trained in detecting online threats, for example through emails and websites. Alternatively, you can choose to use a specialised cybersecurity company to get complete support with the process.