If you’re doing anything online—It is important to ensure that you are protected and secure. With nearly 98% of all businesses now operating online, internet security has become one of the most critical areas of investment for any business. It’s one of the areas where many business owners and executives are lacking in terms of knowledge and understanding. To help counter that, Xibis have detailed the importance of internet security in this article.
A Costly Business
As we all know — protecting you margin matters, not only to ensure operational performance but more importantly to protect staff from the worst possible outcome. A lack of Internet security knowledge will have a profound impact on both the short and long term business efforts, mainly due to the increasing cost associated with cyberattacks and security breaches. Studies have shown for larger businesses a data breach will cost on average £20,000 to remedy.
This is in addition to any potential fines the Information Commissioner’s Office (ICO) may impose due to a data breach of personal information. If you do not conform with the General Data Protection Regulation (GDPR), fines can be up to €20 million or 4% of global turnover, whichever is higher.
It’s not just the financial impact that matters, a breach might have such a significant impact on your company’s reputation and customer trust, you may never recover.
One of the biggest problems when it comes to internet security is the constantly evolving nature of the threats posed by hackers. Cybercriminals are operating with increasing sophistication, developing new techniques and tactics. This means businesses need to explore up to date security methods, primed to thwart the latest attacks.
Spread Of Hacking Tools
Alongside the evolution in techniques and tactics, technological developments have made the threat of hacking more widespread. This means cybersecurity threats can develop from people without hacking experience or skills, particularly when it comes to ransomware and crypto-mining attacks. These are threats that extend to businesses of all sizes and require effective capabilities to combat.
IoT—or the ‘internet of things’—is a term used to refer to smart devices that can connect to the internet and potentially integrate with a web-based solution. These devices are now commonplace in homes and offices, helping to speed up regular tasks, connect you with family or friends and improve both efficiency and accessibility. The spread of these devices creates potential risks (or access points) when it comes to internet security. If these risks are not managed and monitored correctly, they offer easy entry points for potential hackers, exposing your network and business security. This would extend to the web/cloud solution such devices would integrate with. To combat this, you need a strong foundation of protection, and regular threat assessments to help identify potential weaknesses and risk areas.
Internet Security Is Important
Internet security is vital when it comes to preventing attacks and combating hacking threats and is increasingly important in light of the recently introduced GDPR regulations. These regulations are structured in order to ensure that organisations are properly using, monitoring and securely storing the personal data they collect. This includes a wide range of technical measures, many of which fall under the dominion of internet security.
- Ensure that your company is protecting data from breaches
- Regularly reviews security measures and controls
- Implement processes to detect, investigate, and report breaches
With fines and punitive measures for businesses that do not comply with these regulations, it is easy to see the importance of security for any business operating online.