For businesses utilizing the internet to run their daily activities, cyber risk is always a threat. Too often, both small and big organizations fall into the trap of thinking that there is no need for cybersecurity in their businesses, maybe due to a small database, or their lack of knowledge about the number of hackers hunting data. However, it is the responsibility of all organizations to ensure the safety and privacy of both customer and employee data. According to a current study by security experts, theft of digital information (cyber theft) has surpassed physical theft as the most commonly reported case of fraud, and cyber threat cost companies over $600 billion in 2017.

In this guide, we will introduce different forms of cybersecurity and why it is vital for businesses to consider and take necessary actions for.

What is Cyber Security?

Cybersecurity refers to the set of processes, techniques, and policies that work together to secure an organization against digital attacks. It is the practice of defending computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks. It's also known as information technology security. Cybersecurity is a broad term that not only includes organizations, but their employees as well. Employees are a significant part of an organization, and they can be made to contribute in making sure your company is protected. The proper training and awareness of best security practices employees get can help prevent many major security breaches.

Cyber attackers attempt to identify vulnerabilities within an organization's network or systems and to exploit these vulnerabilities as attack vectors for accessing or attacking a target within the network. It can be motivated by a desire to damage a business through service disruption or to steal valuable data assets that a company possesses. There isn't a single cybersecurity tool that can repel all forms of cyberattacks. For that reason, IT professionals and security analyst deploy a range of versatile security tools to help safeguard a firm against cyber attacks at various points of vulnerability.

Types of cybersecurity

  • Information security

Information security protects information from unauthorized access to avoid identity theft and to protect privacy. Primary techniques used to cover this are *Identification, authentication & authorization of the user. *Cryptography.

  • Network security

Network security includes activities to protect the usability, reliability, integrity, and safety of the network. Adequate network security targets a variety of threats and stops them from spreading in a network. Network security components include a) Anti-virus and anti-spyware, b) Firewall, to block unauthorized access to your network, c) Intrusion prevention systems (IPS), to identify fast-spreading threats, such as zero-day or zero-hour attacks, and d) Virtual Private Networks (VPNs), to provide secure remote access.

  • Application security

Application security encompasses measures or countermeasures that are taken during the development life-cycle to protect applications from threats that can come through flaws in the application design, development, deployment, upgrade, or maintenance. Some basic techniques used for application security are a) Input parameter validation, b) User/Role Authentication & Authorization, c) Session management, parameter manipulation & exception management, and d) Auditing and logging.

  • Operational security

Operational security Classifies information assets and determines the controls required to protect these assets.

  • Disaster recovery and business continuity

Disaster recovery planning is a process that includes performing risk assessment, establishing priorities and developing recovery strategies in case of a disaster. It is highly critical for businesses to have a concrete plan for disaster recovery to resume normal business operations as quickly as possible after an accident.

  • End-user education

End-user education provides directives that describe what actions employees must take or avoid to protect corporate assets.

Why you need Cyber Security for your Business

In today's technological environment, organizations of all sizes are capturing, creating, and storing massive amounts of data. While this data can be used to inform decision-making and drive value creation, it can also be stolen by cyber attackers with dramatic consequences for the Business. That is why, now more than ever, cybersecurity is extremely critical for businesses.

As technology is ever shifting, every passing day there are increased number of cyber threats popping up everywhere. Hackers and data thieves have become savvier as more companies are conducting their businesses online. As a result of the higher risk of threats out there, you should invest in advanced security measures for your Business to keep it safe. There are many reasons why Cyber Security is essential for businesses, and we are about to know the most important ones.

Benefits of cyber Security to your Business

  • It improves customer trust.

If you can prove that your business is adequately protected against all kinds of cyber breaches, you can inspire trust in your customers that their data will not be compromised.

  • To serve as Protection for your Business.

Cyber security solutions provide digital protection to your business that will ensure your employees and customer data aren't at risk from potential threats such as Adware and Ransomware.

  • Protection for your customers

Ensuring that your business is secure from cyber threats will also help to protect your customers, who could be susceptible to a cyber breach by proxy.

  • Increased productivity

Viruses can slow down computers to a crawl, and making work practically impossible. Adequate cybersecurity eliminates this possibility, maximizing your business' potential output.

  • Prevents shutting down of your website

If you have a website that hosts your own business, a potential cyber breach could be disastrous. If your system becomes infected, your site could be forced to close down. Which means you lose money as a result of failed transactions.

Bottom Line

You cannot overemphasize the importance of cyber security in this age of technological advancement. According to a 2017 UK government survey, 46% of UK businesses have suffered one form of cyber attack or the other. Small businesses have experienced more cyber attacks than large organizations in recent times because, although larger organizations typically have more data to steal, small businesses have less secure networks, making it easier for hackers to breach.

Cybersecurity is important because when an organization has a strong sense of network security and an effective incident response plan, it is better able to prevent and mitigate cyber attacks.