These days, high-quality security should guard business data to prevent exposure to leaks, threats, and breaches. But, the rise of cloud solutions has made this protection requirement harder to achieve and more challenging to keep track of.
Organization leaders who want to protect the privacy of their firms and customers might be wondering if they have sufficient cybersecurity resources. Cyber attacks commonly target small businesses because of the lack of resources to set up protective barriers. Cybercriminals want information such as credit card credentials, intellectual property, and social security numbers. Read on to know why business leaders must take cybersecurity seriously:
Increasing Costs of Cybercrime
Every business leader must educate themselves about cybersecurity to save their companies millions of dollars. On average, American companies lost $15.4 million on cybercrime every year. Businesses experience breaches from malicious insiders and stolen devices.
Cybercriminals can Steal Trade Secrets
A lot of business leaders concentrate on the financial losses that cybercrime creates. But, businesses might also lose trade secrets during data breaches. Breaches span a lot of industries, from finance to retail to manufacturing and health care.
Data Breaches can Tarnish Company Reputations
Whatever cybercriminals steal from a company, they can temporarily or permanently harm the reputation of their targets. Victims will lose customer trust and even industry credibility. Cybercriminals can steal private information from thousands of consumers and use it for personal gain.
Below are the most common weaknesses that make organizations vulnerable to cyber attacks:
- Cloud-based applications and data storage. The use of cloud solutions is increasing, creating more opportunities for cybercriminals. Businesses adopting the technology should limit access to their cloud-based –applications only to those who need them. They must use laptops that have built-in encryption of storage drives for more protection.
- Mobile device. Mobile devices used for accessing business-related applications and networks create opportunities for cybercriminals. Also, a lot of companies let their employees use their personal mobile devices for work. To prevent cybercrime, business leaders must eliminate this practice. They need to set up device management solutions and require their people to use a password or biometric authentication to secure mobile devices used for work.
- Phishing and social engineering. Phishing and social engineering are famous approaches for cybercriminals who recognize humans as a weak link in cybersecurity. The best solution business leaders can employ is to develop and enforce a cybersecurity policy that includes regular training and password change.