Cybersecurity; you’ve probably heard this word more times just this year than in the past 5 years. So why all of the buzz around it now? With the increase of people using smartphones and IoT devices came an alarming increase in the number of cyberattacks. Hackers are having a field day knowing most companies don’t even detect a breach until 6 months after it happens, and by then those companies typically go out of business anyways.

If you still aren’t convinced about the importance of cybersecurity, then below are 4 more reasons you shouldn’t take this topic lightly.

1. Increased Exposure to Attacks

As mentioned above, with the increase in mobile usage and IoT devices came more exposure to cyberattacks. Hackers now have more ways to find vulnerabilities and gain access to more information than ever. Especially for companies that implement a BYOD (bring your own device) policy. These companies need to take extra measures to ensure the safety of information being shared on multiple systems and mobile devices. Employees have to take caution when working remote by not using public Wi-Fi and using a VPN, otherwise information can be easily intercepted.

A lot of SMBs and even individuals think they are not a target to hackers, but this couldn’t be more wrong. Small to medium sized businesses typically have less security than large enterprises making it easier for hackers to enter their systems. So, why wouldn’t a hacker choose an easier target? Along with having less protection to begin with, SMBs don’t have the talent or resources to deal with the aftermath of a cyberattack.

Human error plays a huge factor in the increase of attacks as well. From ZDNet, “91% of attacks launch with a phishing email”, so the importance of having employees trained to mitigate attacks is huge, as employees are your last line of defense when it comes to cyber protection. Sure, you have firewall and anti-virus programs in place, but all it takes is one employee to click a malicious link in an email for your systems to be compromised. In addition to cyber security awareness training, you can’t forget to maintain good cyber hygiene. Meaning, security policies must be maintained and enforced, ensure passwords are changed at least quarterly, and backups and updates are being done.

Prevent phishing attacks: Read Blog

2. Higher Costs in the Long Run

If you think you are saving money by not investing the right amount or anything for that matter in cybersecurity, then think again. Here are some costs associated with hacks, attacks, and breaches:

· Malware - $2.4 million per attack

· Phishing - $225 per record, with the average number of records that are compromised around 1,000

· Human Error - $148 per compromised record

(Source)

Under-spending in cybersecurity would be extremely risky and costly. In 2018, cybersecurity only accounted for 1-2% of IT budgets. An extremely low number for the costs incurred from an attack. There is no magic number to what you should be spending on cybersecurity, if your company is larger with more people and systems, you’re going to spend more than a small business with fewer employees and less to protect. A good measure to go by is allocating enough resources to be able to mitigate attacks and be able to recover as quickly as possible with the least amount of damage being done.

3. More Compliance and Regulatory Requirements

As more websites ask for and require personal identifying information (PII), the amount of data collected online will keep rising. With that, more access and exposure of information. Businesses will have to beef up their security and protection measures when it comes to protecting all that information in order to be compliant with regulations.

How an MSP can help with compliance: Read Blog

4. Consumer Perception

When a company undergoes a breach, it can be very hard for that company to regain consumer trust. Would you trust a company after yours or others personal information was exposed? In fact, 60% of small businesses go out of business 6 months after a cyber-

attack. This has consumers on edge with all the news of business after business getting hacked and has them wary about handing over their information to just anyone, even if it is just an email address. Aside from losing consumer trust, your reputation suffers as well. Companies that once held reputable positions have lost that ranking and not just from a consumer side, but lost reputation is damaging to attracting top talent, investors, and suppliers.

Cyberattacks and Reputation Risks: Read Blog

Hopefully by now you can understand why cybersecurity is a top concern in 2019 and the years to come. Not only will mobile device and IoT usage keep rising, but so will the amount and severity of cyberattacks. Hackers will continue to find new and improved ways to penetrate systems, leaving it to our security systems from software to employees to be able to find new and improved ways to defend against attacks as well.

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