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What is cybersecurity and why is it so important to your business?

Cybersecurity means ways for an organization to reduce the risk of cyberattacks, their potential impact on operations, and the protection of the devices and services they use. The average cost of a cyberattack can be about $200,000, regardless of the size of the company. This causes about 60% of victims to close down within half a year after such an attack due to financial difficulties. Knowledge of cybersecurity is extremely important in protecting a new or longer-running company from the risk of hacking.

What is cybersecurity?

Cybersecurity is simply a strategy used by a company to protect digital assets from hacking. Strategies may include technology, procedures and other security measures for systems, devices and data. They are designed to prevent unauthorized access to data stored on physical or online media.
Cybersecurity is not the same as information security, which covers a wider range of areas, including all data assets such as paper copies of documents.

The increasing digitization of our world creates new opportunities for companies in all industries. However, with them, there are also threats to network security. A greater focus on online sales of many traditional businesses, as well as their transfer of documentation and data to the cloud, means that digital security is as important as ever.

Why is cybersecurity important?

Cybersecurity is becoming increasingly important as smartphones, computers and tablets are an integral part of our daily work and personal lives. This degree of reliance on online tools in various aspects of doing business – from social media and email marketing to storing employee and customer data in the cloud – imposes an additional obligation on us to protect this information.

Dependence on digital tools puts many companies at risk from cyber attacks. Solid knowledge of cybersecurity is key here, as such attacks are constantly evolving and becoming more sophisticated. Victims of cyber attacks may be at risk of: 

  • Loss of sensitive data
  • Financial losses as a result of theft
  • High costs for recovering stolen data
  • Loss of good reputation
  • Closure (in serious cases)

Knowing how to minimize the risk of cyberattacks is essential for any company to be able to provide:

 

  • Online shopping security. It is especially important that e-commerce platforms have good systems in place to secure customer financial data.
  • A sense of customer security. Knowledge of cybersecurity is important not only for businesses. Most customers are aware of how their data is being used by organizations. Knowing that your business has a strong digital security system will build trust and make them come back to you more often.
  • Compliance. Companies operating in the European Union must comply with the GDPR guidelines and secure personal data, also in Thainland with PDPA.

Cybersecurity Statistics

Here are a handful of cybersecurity statistics illustrating the importance of having a strong line of defense:

 

  • Phishing attacks (often emails designed to steal personal information) account for more than 80% of cyber attacks
  • Companies lose about $8,500 an hour due to downtime caused by ransomware
  • Malware attacks on mobile devices increased by 54% in 2018
  • 43% of small and medium-sized enterprises (SMEs) in the UK and the US do not have any digital protection system.
  • However, in 2019, as many as 63% of SMEs in the UK and US reported data breaches in the previous 12 months

Types of cybersecurity

With the development of our use of the internet, online tools and related devices, cybercrime has spread in business. Because cybersecurity doesn’t have a one-size-fits-all solution, you need to look at the different areas that are relevant to your business, your data, and where it’s stored online.

The most important types of cybersecurity that companies building a strong line of defense should focus on are:

 

  • Network security – Protects against unauthorized access to internal infrastructure, often provided by network administrators who implement policies on strong passwords and logins, firewalls, encryption, and antivirus software.
  • App security – Regular updates and testing can protect your apps from threats.
  • Information and data security – Networks and applications store data that requires additional protection.
  • Endpoint protection – reduces the risk of remote access.
  • Cloud security – software that monitors and protects data stored in the cloud.
  • Mobile security and IoT – smartphones, tablets and other devices connected to the Internet of Things (Internet of Things; ioT) have specific safety needs.
  • Business continuity planning and emergency recovery – Every business needs a contingency plan in the event of a hacking attack, natural disaster, or other event that threatens its cybersecurity.

Types of hacking attacks

There are overt and covert types of cyber attacks – both of which are designed to disrupt the company’s business in other ways. As more and more companies become aware of the importance of protecting their resources and implementing cybersecurity training, hackers and cyber criminals are developing increasingly sophisticated forms of attacks.

 

By updating your knowledge, you can better protect your business from them. There are five most common types of cyberattacks:

 

  • Malware is a vulnerability that could protect your network, such as spyware, ransomware, and viruses.
  • Phishing – these are malicious messages (usually emails) containing malicious links that, when clicked, send access to sensitive information.
  • Denial of Service (DoS) – Hackers flood your network or system with excess information to overload it and force it to stop.
  • Man in the middle (MitM) – cyber criminals interrupt the connection, often over an unsecured public wi-fi network, and steal sensitive data.
  • Zero-day attack – a less common but increasingly common attack occurring between the announcement of a security update or patch and its installation.

These types of cyber-attacks can affect many businesses, such as a café with an unsecured wi-fi network or an online store at risk of a zero-day attack.

Cybersecurity tips

Prepare your business to face attacks with these cybersecurity tips: 

  • Determine the scale of cybersecurity – identify vulnerable areas in your business and plan your response to an attack attempt.
  • Provide cybersecurity training – provide employees with best practices for processing customer data, using the internet, networks and applications.
  • Back up to the cloud – Securing backups of files in the cloud as part of business continuity planning protects you in the event of information theft.
  • Keep all passwords protected – Make sure all employees have strong, unique passwords across accounts. They should be amended at least once every three months.
  • Be wary of devices – install monitoring programs and security apps with automatic updates. Create a virtual private network (VPN) for remote workers.

Implementing an effective cybersecurity policy will help protect your company’s assets, finances and reputation.

Summary

Watch out! Be vigilant! Be suspicious! Follow at least generally accepted network security rules. Remember, however, that cybercriminals come up with more and more ways to break you and extract information from you that will allow them to attack your data, savings, identity, and in the near future also health or life.