Cyber security is not something new. Businesses have been trying to protect their data from hackers for decades. However, the COVID-19 global pandemic has disrupted operations in various sectors and has influenced how businesses behave in the near future. A recent EY research report reveals that this pandemic has caused serious disruption in cyber security operations. This, in turn, is expected to have a significant impact on investments and future priorities.
As per a report by Canalys which is a research firm, the spending on global cyber security is expected to grow 5.6% by the end of 2020. The need for such an investment in cyber security is due to the increasing security issues following the start of the pandemic.
Due to COVID-19, many organizations adapt to the surge in remote working, and the key technology of such digital transformation activities has been cyber security. With more and more organizations and businesses opting for remote working, conducting online sessions, interactions, and digital exchanges of data and information, incidents of phishing and other cyber security threats are on the rise. The crisis has made businesses realize the importance and value of security leaders and teams.
It is wrong to assume that only huge businesses are prone to such security risks. Not just within organizations, but also among major corporations and government entities, data security continues to be the prime cause of concern. It makes people distrust businesses or governments with their data. To address these concerns cyber security solutions must be constantly evolving to effectively respond to new security risks.
That’s why we felt it is crucial to spread awareness about cyber security and its importance in this October month, which is considered the National Cyber Security Awareness Month (NCSAM).
1. Digital Transformation
Digital transformation has become a top priority for businesses of all sizes. Furthermore, COVID-19 serves as a catalyst for digital transformation. As the drive towards digital transformation continues to gather strength, this is considered the exact time for businesses to contemplate for a moment on their security strategies.
2. Technological Advancements
As technology advances, so is the prevalence and scope of cyber threats. With increased connectivity and greater reliance on technologies like AI, Blockchain, and more comes the potential for greater security risk from cyber attacks. It increases the need for urgent adaptation for cyber security strategy.
3. PUPs are a growing threat
PUP refers to a “potentially unwanted program”. It includes spyware, adware, and other bundled software, which is designed to weaken the system privacy, let hackers into your system, and expose data to the third party. Furthermore, they take up massive amounts of bandwidth and slows down all your systems.
4. Small businesses suffer the most
Though the big companies grab the cyber attack headlines, it is the small businesses that face more losses when it comes to cyber security issues. From the immediate damage to the recovery phase, the cost is higher for small businesses. According to The Manifest Report, 67% of Small Businesses have planned to increase cyber security in 2020.
5. Huge increase in data breaches
In the past, data breaches were minor and, therefore, easy to recover. But, nowadays, data breaches are increasing rapidly and becoming more costly. The average cost of a data breach globally is estimated to be $3.92 million.
6. Undermines the reputation
It takes decades to build a brand reputation in the market and gain the trust of customers. All these can be destroyed instantly after a cyber attack. Businesses that suffered a cyber attack can end up having a negative image, thus losing potential clients, which hinders their growth and success.
7. Force unacceptable expenditures
A data breach can prove the current security strategy of the organization fatal. Furthermore, there can be indirect losses like a damaged reputation, fleeing of customers, the decline in sales, and a drop in investors. Businesses also need to spend on legal actions. Depending on the type of data that has been exposed, organizations may need to pay compensations or fines.
8. Backup Management
No one can accurately predict the possibility of a cyber-attack. The existing software or systems can offer basic security options, but it won’t be enough to provide adequate protection for your data. To be on the safer side it is essential to have robust backup practices that will protect your data and help in quick recovery.
9. Interrupts Productivity
Cyber security attacks can go beyond data breaches. It can sometimes cause service disruption or prevent you from conducting your business operations as normal. Resuming back to a normal pace requires a lot of time and resources. It might also create a negative impact on your business and add up to your worries.
10. No One is Immune
No matter how strong your security system is, there are new forms of cyber threats that are continually being developed with every passing hour. It can anytime penetrate your company’s impenetrable security system. One way to overcome this is to keep updating your security strategy and improve the security system standards with the help of a cyber security solutions provider.
Data is the king in this digital world. Protecting your data against cyber attacks is an abiding challenge. Organizations must implement strong, safe data security protocols and practices before it is too late. Investing in cyber security will protect your business, create business resilience, and secure the future of your business.