With the number of cyber threats that are looming around the corner in this technologically driven world, cyber security has never been as important as it is today in modern business. Cyber security hacks can cause catastrophic disasters for your company privacy, client privacy and finances, so in this article, we will look at the importance of cyber security in modern business. Interested in safeguarding your business and all that you have worked so hard to achieve? Read on to find out more.

  1. Attacks Are On The Rise

The first and most important reason cyber security is so vital in any modern business is the simple fact that cyber attacks are on the rise, and continue to gain momentum with each and every day that passes. It has grown at such a rapid rate that it is now an issue that all businesses are facing and need to tackle. Studies have found out that at least 1 in 5 businesses in Australia will fall victim to cyber attacks or data breaches. Data breaches can be absolutely catastrophic, and this is why implementing a system of cyber security or cyber insurance is so important.

  1. The Internet Of Things

If you have a smartphone or ipad which you connect to a wireless network, chances are you have the makings of your very own IOT (internet of things). IOT refers to the increasing number of devices and gadgets (everyone has at least one gadget these days) that are all connected to the internet and syncing or connecting with one another. If your staff access emails, projects or any work related information on their gadgets as most do these days, it can make it all too easy for cyber criminals to access this valuable information.

This is why password protected WIFI and firewalls are so vital. However, this is just the start. You will also need a cybersecurity plan in place and implemented to further keep your data secure. The last thing you want is cyber criminals butting their noses into your business!

  1.        Economic Implications

The economic implications of a cyber attack are gargantuan. A good example of this would be when Sony Pictures was attacked, losing them millions and millions of dollars. Intellectual property and employee details were leaked online, causing a catastrophic series of events that followed. Such cyber attacks have put a huge dip in global economy amounting to almost half a billion dollars, and the only way to ensure that your company doesn’t face such a crisis is to implement an ironclad cyber security plan in place.

  1.    The Vulnerability Of Our Systems

Unfortunately, with the increased usage of technology and the advancements made in the technological sector, so follows the increased ease for criminals to exploit it. Most organisations utilise cloud data in this day and age from dedicated servers to third party cloud services, making our data more vulnerable than ever. With ease also comes the potential of opening yourself up to possible cyber attack and data theft. Realistically, most of us are going to continue using third party cloud services, so the best way to protect yourself is to invest in cyber security.

  1. Private Data Is No Longer That Private

Last but not least, in this day and age, people are more comfortable than ever when it comes to giving out their private details online. Think names, date of births, addresses and credit card information. If your company deals with private information of your clientele, then you’ll want to ensure that this information does not get into the hands of criminals. The repercussions of a data breach could very well ruin your business for good.

We hope that this article has given you some insight into why cybersecurity is truly indispensable in modern business.

By Kar

Dr. Kar works in the interface of digital transformation and data science. Professionally a professor in one of the top B-Schools of Asia and an alumni of XLRI, he has extensive experience in teaching, training, consultancy and research in reputed institutes. He is a regular contributor of Business Fundas and a frequent author in research platforms. He is widely cited as a researcher. Note: The articles authored in this blog are his personal views and does not reflect that of his affiliations.