The rise of internet technologies has completely transformed business and opened up companies of all sizes to a global marketplace full of opportunities. Indeed, in today’s digital world, it’s almost impossible to think of a company that doesn’t rely on the web (or web technologies) to at least some degree in its day-to-day operations.
However, while the internet provides massive opportunities, operating online also comes hand in hand with inherent risks, and today cybercrime is cited as the greatest danger faced by businesses around the world.
In 2015, the cost of cybercrime globally was estimated to be $3 trillion. In 2021, this figure is expected to be closer to $6 trillion with a business ransomware attack predicted to occur every 40 seconds. Cybercrime is a real and present danger – and is only getting worse.
The importance of the right hardware, software and expertise
Before outlining the reasons why no company can afford to neglect network security, it’s perhaps worth considering how the majority of data breaches occur. In most cases, network compromises are caused by failing or outdated tech, human error or improper network security design.
When looking to set up (or update) your company’s network, it’s essential you employ the services of an IT professional who will plan your resources around your particular needs. Specialist providers will also purchase the best equipment from IT security companies like checkpointdirect.co.uk.
Bottom line – unless you have specific experience in IT, setting up your company’s network is not the type of work you can take on yourself – so always work with a professional. Here are just three reasons why all companies need to protect and monitor their network security.
Loss of data and potential regulatory fines
Your company’s data is valuable – in some cases, more valuable than the company itself. Also, the information you hold about your clients has an intrinsic value and, should your network become compromised, you run the risk of sharing client information with the world.
No matter the size of your business, if you expose your client’s valuable data, you will likely face tough non-compliance fines and, potentially, legal action. It’s simply not worth taking the risk.
Like most businesses, you will have spent years building your reputation and the goodwill of your company is a commodity in itself. As renowned global investor, Warren Buffet, once said, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
Buffet was correct in every sense and compromising your company’s data (and that of your clients), will undoubtedly have serious implications for your reputation.
When a customer trades with your firm, they enter into a relationship with you where trust is implicit. If you then share their private details with the world (whether inadvertently or otherwise), you will destroy the faith they’ve placed in you. Worse yet, the loss of your clients’ sensitive data can also potentially leave them wide open to subsequent attacks. It is important that you and your employees are aware what is account takeover fraud and thus can begin to take steps to avoid it happening to you, this way this scenario can hopefully be prevented from happening.
Downtime, disruption and loss of business
Very often, Small to Medium-sized Enterprises (SMEs) take a blasé view of internet security thinking their particular sector or size of business would be of no interest to a cybercriminal. In fact, the total opposite is true and any company operating online is at equal risk.
However, unlike the majority of bigger organizations, SMEs are frequently in a far worse financial position to be able to weather the downtime or loss of business caused by an attack, leaving them at far greater risk from the damaging effects of cybercrime.