Why Cyber Security is Important for Business in 2023?

Why Cyber Security is Important for Business in 2023?

Remember the high-profile breaches happened to companies such as eBay (2013), Yahoo (2013), Equifax (2017), Marriott (2018).

We learnt to stay more vigilant and practiced many information security practices to keep the data safe.

Technologies advanced and cloud solutions took over.

BUT! The cyber criminals got advanced too and poor security lead to another major breaches in 2022 (Source: https://www.itgovernance.co.uk/ ) such as:

  • Neopets (69 M)
  • Pegasus Airlines (23 M)
  • Shanghai COVID app (48 M)

List is endless… These breaches have not only resulted in significant financial losses for the affected businesses but also resulted in damage to their reputation and loss of customer trust.

So, what cyber security essentials are we missing? If left ignored, it could lead to a cyber war!

This blog addresses your concerns to cyber security, its importance in 2023 and best practices businesses that are must to safeguard data and systems.

What is Cyber Security? In simple words

Cyber security refers to set of methodologies, practices or processes implemented to protect digital assets such as  network, electronic devices, software/ hardware, information etc from unauthorized access, theft, damage and cyber attacks

It’s critical for businesses as cyber security ensures integrity, confidentiality, and availability of systems and data 24/7.

Cyber security is a subset of information security that deals specifically with digital assets.

Don’t Take the Risk: Cyber Security Is Essential for Your Business’s Survival

In this fast-paced digital age, it’s crucial for businesses to prioritize cybersecurity measures to protect their assets and maintain their credibility in the eyes of their customers.

Businesses are growing more and more compliant on cyber world for to sustain and thrive. In such a scenario, no wonder many new technologies are leaping such as AI, ML ad IOT, but the need for a strong cyber security continues to prevail.

Let’s have a look at why is cyber security important in 2023?

Increasing Cybercrime Rate Pushes for Harder Cyber Security Measures

In today’s interconnected world, businesses rely heavily on technology to conduct their operations, manage their data, and serve their customers.

However, with this ongoing reliance on technology, comes the risk of cyber attacks, data breaches, and other security threats.

Impact of Cyber Crime on Businesses: Why Cyber Security Is Non-Negotiable?

The impact of cybercrime can be severe and far-reaching, affecting individuals, businesses, and even economies. Here are some reasons to understand how much catastrophic is cyber crime.

  • Financial Loss for both individuals and businesses

Hackers can steal money through online banking fraud, credit card fraud, and ransomware attacks, among others.

  • Damage to Reputation

This can result in decreased sales, loss of business partnerships, and difficulty in attracting and retaining top talent.

  • Legal Consequences for non-compliance to regulations

Companies that fail to adequately protect customer data may face legal consequences, including fines, legal fees, and lawsuits. Regulatory bodies can also impose penalties for non-compliance with data protection regulations.

  • Disruption to Operations and company’s bottom Line

A cyber attack can disrupt a company’s operations, resulting in downtime, loss of productivity, and additional expenses to recover from the attack.

Protect Your Business: Why Cyber Security Is More Important Than Ever in 2023

Protect your business and stay ahead of potential threats by prioritizing cyber security in 2023. Check why cyber security is critical, the factors and how your business can deal with it.

Increased Reliance on Technology

In the digital age, technology has become an integral part and businesses rely on it for everything from communication, stock creation and entertainment to shopping, ecommerce and banking.

This increased dependence on technology has made them more vulnerable to cyber threats, as hackers can exploit vulnerabilities in the devices and networks to gain access to sensitive information.

👉🏼 How to deal?

Cybersecurity is crucial in ensuring that our digital lives remain secure and protected.

It involves the implementation of measures such as firewalls, antivirus software, and high-level encryption to prevent unauthorized access and keep our personal and financial data safe from cybercriminals.

Proliferation of IoT Devices

While IoT devices offer many benefits, such as increased efficiency and convenience, they also pose significant security risks.

Many IoT devices are vulnerable to cyber attacks, as they often lack the security features of traditional computing devices.

👉🏼 How to deal?

🎯 Change the default login credentials

Always change the default username and password of your IoT devices to strong and unique ones.

🎯 Keep software up-to-date

Regularly update the firmware and software of your IoT devices to the latest version, as they often include security patches.

🎯 Disable unnecessary features

Turn off any features that are not needed, such as remote access or unnecessary ports, as they can be exploited by cybercriminals.

🎯 Implement network segmentation

Isolate your IoT devices into a separate network or VLAN to prevent unauthorized access and limit the spread of potential attacks.

🎯 Use strong encryption

Enable encryption protocols such as SSL/TLS, WPA2 or VPN to secure the data that your IoT devices transmit.

🎯 Monitor device activity

Use network monitoring tools to keep an eye on the traffic generated by your IoT devices and detect any suspicious activity.

Expanding Networks due to Hybrid Work Culture

One small mistake and the entire network gets compromised!

Most of the businesses these days offer hybrid work culture i.e. work from home and work from office.

In such a scenario cyber security must be extremely strong as the data may need to travel through insecure networks. There is a multi-fold chance of data breach and information leak.

👉🏼 How to deal?

🎯 Go for Mobile Device Management Services that will take care of all your mobile devices and make them assessed and controlled from a single interface.

🎯 You can approach a good network design company and share them your challenges. It’s up to them how efficiently they resolve your issues and help design a best and secure network.

🎯 Cisco Meraki is a cloud-based network solution that offers advanced security features. Businesses can use it to securely manage their network infrastructure and minimize the risk of cyberattacks.

🎯 By implementing GDPR compliance, companies can better protect their customers’ data and reduce the risk of data breaches.

Increased Untrusted Cloud Networks

One of the primary threats to cloud services is data breaches.

Hackers can gain unauthorized access to cloud servers and steal sensitive information such as customer data, financial records, and intellectual property.

Another threat is a distributed denial-of-service (DDoS) attack, where the attacker overwhelms the cloud server with traffic, rendering it unusable.

👉🏼 How to deal?

🎯 To protect against data breaches, businesses should implement strong access controls and encryption mechanisms to secure their data.

🎯 It is also essential to regularly update software and patch vulnerabilities in the cloud infrastructure.

🎯 Businesses should have a disaster recovery plan in place to ensure that data stays protected and can be recovered in the case of a breach or outage.

🎯 Stay connected with a cloud network provider that’ll help you deal the crisis. In fact, a managed service provider would not let this situation occur.

Advancement of AI and Machine Learning

The advancement of AI and machine learning has led to the development of sophisticated cyber-attacks.

Hackers can use AI algorithms to analyse large datasets to identify vulnerabilities and launch targeted attacks. In fact, AI can also be used to automate cyber attacks and turning them more efficient and effective.

Websites such as chatGPT, Google Bard and other similar activities have made coding approachable to a normal coder itself which can be misused, and consequences can be catastrophic.

👉🏼 How to deal?

🎯 AI-based security solutions to detect and respond to threats in real-time

These solutions can use machine learning algorithms to analyse network traffic and detect anomalies that may indicate an attack.

🎯 Need Human intervention as AI security solutions are not fool proof

It’s essential to have human intervention to monitor and verify the alerts generated by these solutions.

Playing your Part in Cyber Security

When it comes to availing cybersecurity, people often miss out on some essential things that are critical for protecting their systems and data.

Have a look at some of the essential things that people tend to overlook:

🔑 Regular Software Updates

People often ignore the importance of regularly updating their software, which can leave their systems vulnerable to cyber attacks that exploit known vulnerabilities.

🔑 Strong Passwords are the key to unbreachable security

Hackers find weak passwords vulnerable to crack, and since people often reuse passwords across multiple accounts, cybercriminals can easily gain access to several accounts.

🔑 Multi-Factor Authentication (MFA)

MFA adds an additional protective layer to login credentials, requiring users to provide more than one method of authentication to gain access such as One time password on mobile phone or a captcha.

🔑 Regular Backups

People may overlook the importance of backing up their data, which can help protect against data loss in the case of a cyber attack or system failure.

🔑 Cybersecurity Training

Train your employees for cybersecurity best practices so that they are able to deal with cyber crimes such as ransomware attack, DDOS, phishing scams or other social engineering tactics.

🔑 Availing Best Cyber security services for zero breaches

Take services from cyber security companies UK for a secure and most authentic network. This not only builds your customer’s trust in you and make you stand unsurpassable in the industry.

How can Pollysys help you?

Pollysys is the most reputed and trusted cybersecurity company, providing a range of cybersecurity services to businesses across the UK.

With their focus on network design, cloud solutions, data backup and recovery, mobile device management, GDPR and compliance services and much more, they ensure comprehensive protection against cyber threats.

Cyber security engineers and IT professionals at Pollysys help businesses design and implement secure network infrastructure that meets their unique needs and requirements.

By understanding the latest threats and vulnerabilities, they can create a robust security plan to protect sensitive data and prevent cyberattacks.

Don’t wait until it’s too late. Partner with Pollysys for custom tailored cybersecurity solution that keep your business safe and secure.

Read More :- on Difference Between Cyber Security and Network Security

Bottom Line

As technology advances, cybersecurity becomes an essential component of business operations. Don’t let cyber threats compromise your sensitive data. Act Today!!

Contact Pollysys, the leading cybersecurity expert in the UK, to secure your business today.

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