Nearly every company has heard the term “cybersecurity” but not all of them fully understand what it means or why it’s important. Let’s take a brief look at what cybersecurity is and entails, then we’ll explore some of the reasons why it is vitally important for modern corporations.
What is Cybersecurity?
Cybersecurity is the science of protecting computer systems, servers, websites, and anything else computer-related from attacks by bad actors, usually referred to as “intruders” or “hackers”. These people seek to disrupt these systems, generally for their own financial gain, although there are many other reasons they might do it. Some of them have no real motivation outside of causing chaos.
Cybersecurity aims to prevent these attacks from taking place or, failing that, make sure that hackers who do gain access to the system are unable to retrieve anything useful, like user data, financial information, or trade secrets.
Cybersecurity Dangers to Know About
One of the most common cybersecurity threats that businesses face is known as “ransomware”. With one of these attacks, a hacker will illegally enter a company’s computer network, change the passwords or access codes to prevent that company from accessing its own files, and demand that the company pay them a large sum of money to regain control of the system.
In 2021, as a result of ransomware attacks, companies lost $1.3 billion in payouts to hackers and $159.4 billion in downtime after the attacks had taken place.
Some hackers might want to gain control of the system to access credit card numbers, bank account information, or other financial data that they can either use themselves or sell to users on the dark web. Usually, when these hacks occur, the victims’ identities are stolen and sold.
The Importance of Cybersecurity
Cybersecurity is an essential aspect for all corporations to consider and one that cannot be taken lightly. If proper measures are not taken, hackers can access not only proprietary company data but customer’s personal information as well. Research has shown that even a medium-sized business experiencing a data breach can expect to lose between eight and ten million dollars.
Even worse than the financial loss from such an attack is the hit to the company’s reputation. Customers whose data is stolen will be less likely to continue using the corporation’s goods or services, which can lead to the company being forced to close down due to the decrease in revenue. Publicly traded companies can also take massive hits to their stock price.
Cybersecurity, the protection and defense of a company’s computer networks and data, is one of the most important aspects that any corporation must consider. A single attack can be devastating to a company’s bottom line and, if the right information is stolen and leaked out, could cause them to go out of business.
However, by maintaining data backups, protecting customer data, using secure passwords, having a strong firewall, and other vital cybersecurity measures, corporations can continue to grow and profit while protecting their servers, systems, and customers.