Cybercrime has risen by 600% during the COVID-19 pandemic. The outbreak is seen as an opportunity by cybercriminals to send sophisticated phishing email schemes by posing as the Center for Disease Control and Prevention (CDC) or World Health Organisation (WHO) representatives. They intend to dupe recipients into clicking a malicious link attached in the mails with a virus and harm their data, device, and application.
In the ever-changing technology landscape, 2020 introduced us to several unpredicted changes. Due to uncertainties around remote working, the pandemic has magnified by several times and affected all types of businesses.
What is the Situation in UAE Cyberspace?
Mohamed al-Kuwaiti, the cyber chief of UAE Government Cyber Security, has warned, "The Middle East is facing a "cyber pandemic" as hackers are taking advantage of Covid-related digital adoption."
As per several studies, the UAE has seen a 250% increase in cyberattacks in 2020, following remote working rules imposed after the pandemic. As a result, phishing and ransomware threats increased in frequency.
According to Kaspersky reports, "Attacks against remote access protocols in the UAE reached 15.8 million in 2020". Emad Haffar, head of technical experts at Kaspersky, said, "2020 made it clear that organizations need to enhance their security measures, and a good place to start is providing stronger protection."
Cyber Threats are Universal
Cybercrime is the most dreaded menace in the world today. Businesses are not shielded from its harmful effects. In the last couple of years, cyberattacks have increased in all sizes of companies. However, companies tend to overlook the cybersecurity factor of their operations. Digital assets of any company are constantly under threat from cyber attackers. Therefore, protecting them from such threats must always be on the top of their minds.
Here are the top 5 reasons why IT security is vital to your business.
1. Cyber Attacks are Going to Increase
As the world is becoming increasingly interconnected due to digitalization, cybercrime is expected to increase. Even cybercriminals are finding new and more advanced ways to attack systems and applications. Every time we find a solution for attacks, people with malicious intents find more advanced attacking methods. Therefore, it would be not very smart to think that cybercrime is under control. And it can be easily controlled as technology is getting better and safer every day.
To safeguard your data, systems, applications, and devices, it is essential to stay updated about the incidences happening in the cyber world. As businesses these days are either fully or partially dependent on technology, there is an immediate need to implement cybersecurity solutions into their system. It will make it easier for you to safeguard your systems from threats to a large extent, if not entirely.
2. Long-Term Cost Benefits
There is no doubt that cybersecurity solutions are expensive, but it provides long-term cost benefits. However, the cost of cybersecurity implementation is far less than the cost incurred to recover from cybersecurity breaches. Therefore, your investment in cybersecurity can help you reduce the costs associated with cyberattacks. In addition, while it is not easy to guarantee complete protection from cyber threats, cybersecurity can successfully make it difficult for cybercriminals and hackers to attempt attacks.
Possible result of cyber attack:
- Operational disruptions
- Intellectual property theft
- Damage to reputation in the market
- Loss of business and revenue
- Complete collapse of the business
Cybersecurity is essential because you may recover from financial loss (which is again not so easy for small budget companies), but if your reputation in the market and industry is lost, it will be complex for even big companies to recover and regain their previous position.
3. Cybersecurity Supports, Protects, and Guides Your Growth
It is quite natural for a business to grow with time. However, if you fall prey to cyber threats, then your growth might stop, or your business may collapse completely. To remain in the competition and grow in your business, you will need to keep note of cybersecurity solutions and rules. As you grow, you will collect, process, and hold larger volumes of data you receive from your customers, vendors, and partners. Investing in robust cybersecurity solutions will support, protect and guide your company in its growth path.
4. Builds Trust in Investors and Clients
You will attract investors and customers only when they are sure they are dealing with a protected company. Investors will invest only when they can be assured that their money will be safe with you. Nobody wants to engage with a company vulnerable to cyber threats and tend to do business with digitally secure companies. Similarly, even consumers or end-users will consider your products and services only if they get an assurance from you that the data they share with you is safe.
Therefore, you need to assure data integrity, availability, and confidentiality to your investors and customers to build a relationship of trust with them. In addition, investing in cybersecurity is the most reliable way to prove that your company remains updated in this ever-changing technology landscape and constantly adapts to the evolving technology trends.
5. Cybersecurity Regulations and Compliances
This is another significant reason for businesses to adapt to cybersecurity to evolving cybersecurity and IT infrastructure needs. Companies today need to adhere to several regulatory standards laid by the concerned authorities and government in UAE concerning information security. Whatever digital assets a company has in possession should be protected against theft, losses, and misuse, and failure to act following the regulations can lead to hefty penalties and punishments.
It is irresponsible to think that cybercriminals and hackers will never target a small business's systems, applications, devices, and data. Investing in cybersecurity is no less important than other important decisions you take for your growth and success. It is high time now to get ready on your cybersecurity journey for all necessary cybersecurity solutions.