Why does cyber security matter for your business?

There is a saying that goes: “No business is too small to be hacked”.

Every day, businesses of all shapes and sizes around the globe are exposed to a wide range of cybersecurity risks. Unfortunately, for many companies, the need for robust cyber security practices isn’t always seen as a priority. That’s mainly because the consequences of leaving systems vulnerable are not properly explained to business owners, who are ultimately in control of the monetary resources needed to close the security holes. 

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In my opinion, it is the cyber security team’s responsibility to convince the business to allocate the necessary budget to address security problems. When businesses understand the damage resulting from a breach or other form of attack, they often become more willing to invest in cybersecurity solutions. In this article, I wi describe potential losses caused by security incidents from a business perspective and highlight the reasons why companies should invest more to strengthen their cyber security posture.

How you might suffer

The business will always ask this question before allocating money to a solution: “how can I suffer from not solving this problem?”. Let’s take a look.

Money Theft

Although all other scenarios can eventually be translated into money, this one is about unauthorized people stealing money due to a vulnerability in company systems or an insider threat.

Loss of availability

As a result of a cyber attack, systems can go down and stop functioning. A common example of such an attack is Denial of Service (DoS), where a target system is bombarded with too many requests it can’t handle at the same time and eventually stops working. Another form of DoS would be exploiting a vulnerability in an application to block all user's accounts and prevent them from using the app. Hackers can also gain code execution in your system and shut it down. All these eventually mean that customers will not be able to use your services and bring revenue into your pockets.

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Data leak

Data is the most valuable asset for any business, and a data leak can have disastrous effects on an organization. Hackers know this and attempt to exfiltrate companies’ data with the intent to disrupt operations, steal confidential information, or even blackmail organizations. Examples of sensitive data include but are not limited to:

  • Customer data
  • Employee records
  • Product designs
  • Source codes
  • Vulnerability reports
  • Sales and records and customer lists
  • Marketing plans
  • Business partner information

Disclosure of any of these can violate business objectives and result in the loss of considerable value.

Loss of reputation

Trust is probably the most critical factor for a company’s success in the competitive market. Both customers and business partners need to know that their data and services are in safe hands. Having weak cyber security defenses adversely affects the decision of potential shareholders and stakeholders to work with a company, thereby causing it to fall behind competitors.

Regulatory fines

If a company’s systems fail to meet security standards imposed by the government or other regulatory bodies, they may have to pay fines of hundreds or thousands of dollars which could be prevented by purchasing a much cheaper security solution.

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By now it should be clear that cyber security affects businesses’ bottom line in direct or indirect ways. It can have severe financial, legal, reputational, and operational consequences in the short and long term. Industry statistics indicate that the cost of damage caused by cyber attacks is on the rise and there are still too many vulnerable organizations with inadequate security systems or procedures. That’s why businesses should take cyber security more seriously today and start thinking about it as not just an investment, but rather a precursor for growth.

I hope this information is helpful for you and if you are passionate about learning hacking but don’t know where to start, read our eBook guide for hacking and start your journey of hacking.