Cyber security takes on even greater significance these days as we become more reliant on technology. Money invested in preventative measures is less expensive than repairing any damage caused after an attack.
The importance of cyber security cannot be underestimated and is essential for all businesses, regardless of size or sector. In a world where businesses are more dependent on technology than ever before, cyberattacks are increasing in frequency and sophistication. With a rise in cloud services, staff accessing work documents on their personal smart phones and the Internet of Things (IoT), there is a much wider scope for cyber security threats than there was just a few years ago.
Failure to invest in cyber security can have a devastating effect on a business. The most obvious are the economic costs; you could lose valuable intellectual property, damaged systems will need repairing and there will be a loss in trading due to the disruption caused.
The second type of damage will be to the reputation of a business; poor publicity and a loss of trust can result in existing customers going elsewhere while deterring prospects from using your business. The financial cost of this type of damage can be difficult to put a figure on but its effect can be long lasting.
The third major type are regulatory costs; GDPR and data breach laws may mean sanctions or even fines for businesses that are victims of cyber crimes.
It is important to remember that all staff understand the risks that cyber security threats pose and how to reduce the risk of data breaches or data leaks occurring, training can help with this.
Remember that taking a proactive approach by investing money on preventative measures to minimise any risks will be a lot less expensive than trying to repair the damage to a business after a crime has taken place.
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