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The aim of cyber security is to protect the devices we use to access the internet, and to prevent unauthorised access to the personal and business data that’s stored on them. Why cyber security is important, and how to recognise and prevent devastating cyber-attacks, are precisely what we’re looking at in this article.
Why is cyber security so important in today’s society? Because cyber-attacks are a very real threat, and have the potential to wreak havoc within an organisation, costing significant amounts of money, and often ruining reputations.
Whilst it only tends to be the larger organisations that make the news following a cyber-attack or data breach, the fact is that up to 88 per cent of UK companies have suffered cyber breaches over the past year, according to Carbon Black. Worryingly, every day, in the region of 65,000 attempts are made to hack small to medium sized businesses, around 4,500 of which are successful.
Cisco also estimates that 53 per cent of small businesses worldwide suffered a security breach in 2018. Over 2019 to 2020, over a third of UK companies reported a data breach incident to the Information Commissioner’s Office (ICO).
Technology is the main driving force behind the majority of business processes these days. It is therefore unlikely that any organisation would be able to avoid the devastation associated with a cyber-attack.
The problem is that cyber security breaches tend to have a considerable knock-on effect. Viruses, malware or hacking can bring business systems to a standstill. Vital data can be held to ransom, lost, corrupted or damaged, and intellectual property can be compromised. Income and profits can take a massive hit as a result, and ongoing liabilities such as notification costs, fines for data loss, legal expenses, awards and damages could really start to clock up.
Reputation damage is another damaging effect of cyber breaches. Around a third of companies have said they have lost customers following a breach, according to Cisco, and 44 per cent of UK consumers claim they will stop spending with a business temporarily following a security breach. 41 per cent say they will never return at all. There is also the risk that shareholders may also lose confidence and sell shares, in doing so devaluing the company.
In November 2020, it was reported that Ticketmaster UK was fined £1.25 million by the ICO for failing to keep its customers’ personal data secure. The ICO discovered that the company had failed to put adequate security measures in place to avoid a cyber-attack on a chat-bot installed on its online payment page, and also failed to identify the source of the fraudulent activity in a timely manner. The failure constituted a breach of the GDPR.
The effects of cyber breaches are clearly devastating, demonstrating just why cyber security is important.
The problem of cyber-crime and data breaches has worsened since the pandemic hit. Criminals are increasingly finding cunning ways of breaching systems, from highly sophisticated phishing attacks to malware and ransomware.
With so many staff now working from home making it more challenging to keep a close check on security, and with risks considerably augmented, it has become even more vital to have robust cyber security systems in place.
At PC Docs, we offer a fully comprehensive package of cyber security solutions which we can tailor to suit your individual business. From firewall and antivirus installation, to internet and spam filters, anti-malware and adware and access control, we have the technology and expertise to keep your organisation as safe as possible online, so that you do not have to face the costly and devastating consequences of a cyber-breach.
Cyber security. Why is it important? Because it could be the very thing that keeps your business afloat and competitive. To learn more about how we can help with cyber security solutions for your business, please get in touch.