Why does every business need a cyber security solution?

Every year cyberattacks become more sophisticated, and businesses become more vulnerable to IT security threats. The cybercrime losses are expected to top 5 trillion dollars by 2024. Unless you stay vigilant and informed, it's only a matter of time before your organisation falls victim.

Cybersecurity poses a risk to many essential functions of a business. These could affect the regular functioning of the business or lead to irreversible damage. Here are some of the most important digital assets that businesses must prioritise when it comes to IT security.

1. Financial Information

Protecting the Financial information of a business is crucial because just one single fraud transaction due to leaked information can lead to very large financial losses. Usually, funds are transferred under the name of a fake business; then the money is taken from the account and the culprit is never to be found again; and under such circumstances, the banks are also helpless.

2. Trade Secrets

In the information age, secrets are everything to a business. Just like Coca-Cola keeps its secret ingredient a secret, so should your business be able to keep its strengths and tactics out from the competitors' radar.

3. Personnel and Customer or Client Records

Your employees put in the hard work that makes it possible for the business to achieve success, and sometimes competitors are waiting for the right opportunity to snatch away the right talent. Similarly, customer/ client records are sacred to your business; unless these details are protected, competitors within the market are going to lure your customers with an unfair advantage.

4. Sabotage and Illegal Takeovers

Social accounts, company systems and intangible/ digital assets are a part of the company's soul. Hackers could potentially harm the business or demand extortion in return for control over digital assets.

These are just a few examples of what might happen when a business is not backed up by a cyber security solution. 

There are a lot of different channels or methods through which such crimes are committed. Let us learn about them:

1. Weak Passwords

Passwords are the most common and easiest ways for a hacker to get into your system. Cyber security solutions keep your passwords protected and difficult to crack. 

2. Phishing Attacks

Phishing attacks usually lure the victim into sharing sensitive information from the website without them noticing. However, these can be avoided with a cyber security plan that protects the information being sent between your web server and your customers' browser from eavesdropping.

3. Malware Attacks

Malware attacks are unauthorised actions on the victim's system. These can be in various forms such as viruses, worms, trojans, ransomware, bots or botnets, adware, spyware, rootkits, file-less malware, and malvertising.

4. Ransomware

Ransomware is designed to block access to a computer system until a sum of money is paid. A cyber security plan ensures that spam emails with malicious attachments or infected links do not reach your mailbox.

There are many ways through which such cyber security risks can be avoided. The method and solution may vary based on the requirement of the industry under which the business functions and the organisation's size. 

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Takeaway : 

All in all, it is necessary for every small to large business to be protected from hackers who can easily take advantage of any unsecured system. Let Cybersecurity Experts hold the chain of the threats while you focus on growing your business.

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