importance of cybersecurity for business
As October marks particularly for Cybersecurity Month, there’s no perfect time for small companies to take precautionary measures and take a look at their management of organization data. Scott Bordoni, Operations Manager and Data Protection leader at Sync and GBM, explains his point of view on the present cyber threats that small companies face and the significance of making sure company data is protected.

In this article, we discuss the importance of cybersecurity for business in 2019

Familiarize Your business With Modern Cybersecurity Threats

According to the Cyber Security Breaches Survey, nearly half (43 percent) of all UK businesses had reported cybersecurity breaches or attacks in the last 12 months. These data loopholes have caused in lost files, software, system or website exploitation, and even loss of properties or intellectual property.

The most observed cybersecurity threats comprise scammers copying a company, the sending of fake emails, and cyber infections and malware. A study from the Cybersecurity Breaches Examination also discovered that the average financial effect for companies in the last 12 months came at a cost of over £3,000 that can obviously have a considerable effect on a small business’ profits.

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Securing Data

One of the greatest widespread and individual level threats to cybersecurity is data leaks that can be tremendously harmful to both a personal and business. All companies hold a wide range of data, from consumer insight to employee data which often covers sensitive information that can easily be put at risk if companies don’t take precautionary measures to protect.

The number one way that companies can confirm their data is secured from any harm or leak is by defensive the amount of isolated information available in the public domain.

Ransomware Security

There is another cybersecurity threat for companies is Ransomware that is a kind of malware that encrypts a business’ data and is only unlockable in exchange for a great fee. Whereas data saved on PCs can be at risk from Ransomware, such kinds of cyber-attacks have also increased in standing with the frequency of cloud services for storing data.

More and more companies are choosing to use the cloud for their data storage but, there seems to be a misunderstanding that storing data in the cloud is much secure and more secure than your computer’s hard drive. To secure against cybercriminals from Ransomware, companies should make sure that valuable data is backed up in numerous places. This shouldn’t be limited to cloud services, but also locally and on a movable hard drive.

Advanced Social Engineering Tactics

The crime of phishing has been around as early as the 1970s when John Draper made the infamous Blue Box used to hack telephone systems, known as phone freaking. As time has passed, equipment has advanced but so too have the approaches that phishing is directed.

Phishing is the procedure of unfairly attempting to gain an individual's information to exploit the account that data is associated with, ranging from accessing emails through to banking accounts.

The Impact Of Cybercrime On Your Business

The insufficient emphasis on cybersecurity can be extremely damaging to a company. There is the straight economic cost of such attempts to the company, such as theft of corporate sensitive information, a distraction to trading or even having to restoration affected systems all resulting in great financial damage. As well as the physical influence, cybersecurity loopholes can also be the reason for reputational damage.

With a lack of confidence in the safety of the affected companies, customers will be more persuaded to venture elsewhere, resulting in a loss of sales, profits and losing brand identity.