If you’ve buried your head in the sand when it comes to cybersecurity, we’ve got news for you. It’s not going away. Over 60% of Irish organisations reported instances of cyber crime in the last 2 years. That’s up from 44% in 2016. The trend is clear: online threats are rising.
Cybersecurity is an issue that must be faced by business leaders, whether they’re in IT or not. It’s important for business owners to accept the market pressures they are under and adopt security measures, quickly. Because these days, the risk of becoming the target of a hacker is too great to ignore.
3 Issues Driving the Need for Increased Data Security
There are three factors that convince us cybersecurity issues will only become more important in the future:
- An increase in remote workers and the mobility of employees
- The need for online and cloud-based data protection and access management
- Data protection regulations put in place by the European Union
Employees are more mobile than ever. Many work remotely, and just about everyone owns a smartphone which they use for business alongside personal use. If you haven’t reviewed your data use, storage, and transmission policies with employees, you may be opening yourself up to unnecessary risk.
Legislators in many countries are putting consumer data protections into place. This is good news for customers, but bad news for businesses, who may face liability if their systems are compromised.
In response to these pressures, business owners have some tough choices to make. They can either spend money on additional IT staff, infrastructure, and maintenance or they can invest in an outside cybersecurity expert.
Understandably, many business leaders are concerned about the enormous sums of money they could lose due to an overlooked security flaw. Research shows that their fear is well-founded.
The True Cost of Cybersecurity Threats is in Lost Productivity
Even if a company doesn’t experience actual data theft or a ransom demand, there’s an insidious cost that comes along with ransomware and other cybersecurity threats: the interruption to business that can occur when a dysfunctional network brings all work to a halt.
Consider this alarming statistic: If the average cost of a single cyberattack is 5 million US dollars, a quarter of that total can be attributed to system downtime. Another 30% can be attributed to IT and end user productivity loss.
Online Security is Not Just an IT Problem Anymore
Have we convinced you yet? The thing to keep in mind is that data security isn’t just an IT problem; it’s a business management problem. Cyber hackers are becoming more sophisticated, and the impact they can have on a business is growing. Not satisfied with mere theft, cyber hackers now enter the realms of disinformation, infrastructure disruption, and market manipulation. It’s a precarious world indeed.
Leaders who want to ward off problems before they start need to invest in some kind of wide-ranging security solution. At Newtec, we consult companies on the threats facing them, and we offer a line of comprehensive security services.
We’d like to help you keep your company’s data safe. Let us know how. Contact a Newtec representative today.