Cybersecurity Will Define Business Goals In 2022
In recent years, cybersecurity has become a major concern for every business, whether you are running a local company or a multinational organization. The business world has become more interconnected, and there are new cyber threats every day from cybercriminals and the numerous vulnerabilities created by enhanced communications and widened attack surfaces. Notably, data breach costs increased to $4 million in 2021, which is the highest record in the last 17 years.
However, as you figure out the best way to implement a cybersecurity strategy, you still need to stay focused on the big picture. Cybersecurity measures protect your business and its assets, which helps you concentrate on achieving your business goals. For instance, if you are an insurance firm, implementing cybersecurity will give you peace of mind that your customers’ data is secure, you are compliant with industry policies, and clients will feel confident using your services. Importantly, business executives and security professionals should work together to align cybersecurity and business goals.
Read on as we share more insights into defining your business’s cybersecurity and business goals.
Cybersecurity Is Now a Top Boardroom Concern
When making plans for your business, cybersecurity should also be part of the discussion. Executives in any organization are aware of the rising cyber threats that affect small and large companies. Every 14 seconds, an organization falls victim to the bad actors, leading to a ransomware attack that could lead to huge losses, standstill for weeks or even months, or even shutter a business altogether. Some of the most notable high profile ransomware attacks that hit the headlines in 2021 include colonial Pipeline, Quanta, Kaseya, Acer, Brenntag, and more. This shows the dire need for companies to take cybersecurity seriously.
But if your enterprise sees cybersecurity as an additional IT expense that is merely useful for protecting against possible internal and external cyber threats, you are missing out. This is because a robust cybersecurity strategy plays a crucial part in propelling your business growth, thereby giving you a competitive edge.
Here are some key reasons why cybersecurity should be a priority in your organization.
Customers Are Savvier About Security
Today, customers are wary of digital products and services due to the increased number of cyberattacks that constantly hit the headlines. Therefore, customers will always want to know the level of security in your organization so that they can see if you can keep their sensitive details secure. In fact, a survey on Vodafone executives revealed that 89% of them viewed improving cybersecurity as a way of enhancing trust and loyalty.
Partners Demand for Cybersecurity Measures
Investors and potential business partners want to work with a company that has invested in proper security measures. If you have cybersecurity measures in place, investors will expand their relationship with you.
Cybersecurity Is a Key Part in Other Initiatives
With a reliable cybersecurity strategy in place, you will have a foundation to seize opportunities such as application to the cloud and migrating data. This way, you can expand your digital services and get to the global markets.
Defining an Effective Business Strategy
If you created your business strategy some years ago, it’s highly likely you don’t have cybersecurity as part of your initiatives. Note that the role of cybersecurity has changed in recent years, so you need to review its impact while developing an effective business strategy.
Besides, to have a successful business, you must have a solid definition of your values, mission, and goals. And one critical aspect that every organization in the current landscape is to have reliable cybersecurity measures since this aspect seems to play a significant part in the overall success of any business. An effective strategy should contain company-wide procedures and the best course of action in case of a cyber threat.
You can also involve IT experts such as MainStreet IT Solutions to ensure that you cover all possible threats and come up with the most effective strategies against each threat. Also, make sure you have a comprehensive approach that touches on all critical areas of your company, including:
- Client safety
- Business systems
- Outside influences
- Employee actions
What Are the Impacts of Cyberattacks?
Failure to focus on cybersecurity solutions leads to damages to your business in the following ways:
- Reputational Costs: Data breach cases lead to loss of customer trust in your business. Even worse, you’ll find it challenging to attract current and future clients to your company again as they will opt for competitors. This means you will struggle to attain your set profit margins, among other critical business goals.
- Economic Costs: A ransomware attack or data breach incident leads to a disruption in business operations due to theft or destruction of sensitive data. You’ll also have to bear the costs resulting from the theft of corporate information and intellectual property.
- Regulatory Costs: Legal actions coupled with the cost of regulatory fines or sanctions due to the set data breach laws lead to significant losses due to cybercrime.
Prioritize Cybersecurity By Partnering with MainStreet IT Solutions
If your organization lacks a proper cybersecurity strategy, you don’t have a complete business continuity plan. The high number of cyber threats proves that every company must have the right measure to keep the bad actors at bay. Besides, no business wants to risk getting sued for a data breach that leads to huge financial losses and reputation. Therefore, to achieve your desired business goals, cybersecurity must be part of the discussion.
Luckily, the IT professionals at MainStreet IT Solutions can help you develop proper procedures and policies to curb any vulnerabilities that can lead to a cyberattack. We have a team of highly experienced and skilled IT professionals who can perform cybersecurity evaluations in your organization, such as penetration testing and vulnerability scanning, to identify possible weak points and develop solutions to strengthen your security. We also provide security awareness training sessions so that employees can know how to respond to cyber threats. Go ahead and contact us to discuss your cybersecurity requirements and business goals.
Thanks to Kelly and Sean at Orbis Solutions In Las Vegas for their continued help with our articles.