- Have you ever wondered by billion-dollar corporations’ value cyber security at par with other business processes?
- Do you know how cyber security issues can make or break your business resulting in huge profits or unsurmountable losses?
- Are you aware of some best practices, tips and strategies for formulating and executing cyber security policies within your organization?
If there is one area of business operations most businesses are focussing on in 2020 it is cyber security. The threat of cyber-attacks is getting real with the passing of every single day. From companies like Facebook and Twitter to your small start-ups, almost everyone is vulnerable to cyber-attacks.
Many businesses fail to realize that reputation and credibility in the event of a cyber-attack can wipe out billions from the market. Proper implementation of protocols concerning cyber security can ensure growth and revenues.
In this article, we speak to cyber security experts and ask them about the issue. We also look at how this can be a great asset to help your company grow manifold.
Cyber Security: Meaning and Definition
In very simple terms, cyber security means the safety of your databases, servers, financial details, client information and other important data; you would not want to fall into the wrong hands.
Companies who wish to ensure effective cyber security frameworks invest in setting up extensive firewalls, antivirus solutions and secure servers to protect data.
Many companies make the mistake of bundling cyber security with their Information Technology (IT) departments. This is something, which should be avoided and is wrong under all accounts.
It need to be pointed out that it is a separate and distinct field of activity, which requires specialized intervention and expertise.
Experts state that businesses should think of it as an insurance against any untoward incidents. You might be spending a lot of money every month, only to realize that no attack is taking place.
However, it just takes one attack to shut down an organization. This is why experts ask businesses to think of cyber security investments as insurance.
How can Effective Cyber Security can help Businesses Grow?
One important thing to note about cyber security is that it does not only affect companies. It also targets normal individuals. This means that common people are now quite aware of what cyber security, hacking incidents and attacks are all about.
Before customers choose to repose their faith in your business (by handing over their sensitive data), they would want to find out whether your business is capable of maintaining security.
This in turn can boost confidence and improve your lead generation, in terms of both acquisitions and retention. Successful businesses also market the kind of security features they have in place to win over consumers from competitors.
In the start-up world, businesses that are looking to raise investor capital need to highlight their cyber security preparedness. Investors are very critical of companies who do not take security issues seriously. In both circumstances, cyber security can play a major role in promoting growth.
What are some challenges Businesses face when implementing Cyber Security?
Setting up the right security infrastructure is not a cheap investment. Ideally, you would want to set up a team of cyber security professionals who have certification for cyber security.
In addition to the capital requirement, the need to set up an office area for the team, coordinate with your service providers, do security audits can take up a fair bit of time.
All this might seem unnecessary if you have not faced an attack for some time. However, you need to understand that hackers already know the security set up you have and want to target you when you have your guard down.
With the rise of importance being attached to data analysis, governance and execution, cyber security are critical. Together with data analysis, it can help businesses improve their sales and revenue generation efforts.
The Final Word
Cyber security is probably one of the best investments you can make for your organization. Putting in place a comprehensive cyber security suite is essential if you want to take your company to the next level. A top-down approach, driven by the CEO can help show to the entire organization, the importance, of the same.