The business information technology (IT) industry has been on the rise for many years now, with modernization at the forefront. In this growing environment, companies are becoming more vulnerable to cyberattacks due to not prioritizing protecting their business IT systems from hackers and other threats.
Hackers often use different techniques to gain access to company networks and steal business data. Two common methods include phishing emails and malware infections, which can lead to serious problems if unprotected.
According to managed IT services Brisbane, hackers could send phony emails that appear to come from an executive within the organization asking a team member to click on an attached document or link. When they do so, malware is installed onto the computer system, which allows them to obtain sensitive data, including personally identifiable information, financial information, or intellectual property. Of course, this information can be used in different ways, resulting in dire consequences for the company.
Here are some reasons why companies should prioritize protecting their business IT systems from hackers and other threats:
1. Internal Threats Are As Dangerous As External Ones
A common misconception when prioritizing security is to focus mostly on external threats rather than internal ones. With that being said, both types of threats must be addressed since employees pose just as much danger to an organization’s network security as outsiders do. If you don’t believe this, consider what would happen if someone within your company spread confidential company data because they got frustrated with the working conditions or lost their job.
2. IT Vulnerabilities Can Lead To Serious Financial Losses
Because many businesses are more reliant on their IT systems to conduct daily operations, a security breach could lead to several financial losses, including lost revenue, fines, lawsuits, product recalls, business closure, bankruptcy, and negative campaigns.
3. Hackers Are Using Sophisticated Techniques To Obtain Data
In recent years, hackers have been using sophisticated techniques, which can be challenging for companies to detect beforehand.
A few examples of these techniques are free public Wi-Fi networks used as an entry point into company networks when employees log in due to internet bandwidth, social engineering tactics such as phishing emails or phone calls used to trick employees into revealing company network information, and botnets which are groups of hijacked computers that work together for a common goal such as stealing data from a business.
4. Protecting Business IT Vulnerabilities Is Much Cheaper Than The Damages
Although prioritizing protecting business IT systems may seem like a costly investment, it’s much cheaper than the consequences caused by cyberattacks or other threats to your data security. To make sure this statement holds, you’ll want to create an accurate estimate of how much those consequences would cost your business and then compare those figures with the costs involved in upgrading your security procedures. You’ll likely find that prioritizing more appropriate security measures is worth the investment and will prove to be a valuable return.
5. Data Breaches Can Have A Serious Impact On Reputation
In today’s world, it doesn’t take long for information about an organization’s data breach to spread like wildfire on social media platforms. Not only does this news trend increase the likelihood of potential customers shying away from your business, but it also leaves them with a negative impression of your organization, which could result in more financial problems down the road.
6. Most Cyberattacks Succeed Due To Human Error
While hackers have become increasingly sophisticated in recent years, one thing that remained consistent in their success rate when infiltrating an organization’s IT system is human error. If you look at the numbers, you’ll realize that this statement is true since about 80% of cyberattacks are successful because employees didn’t follow proper data security procedures.
7. Data Breaches May Result In Class Action Lawsuits
Since an organization’s reputation can take a major hit after a high-profile data breach made headlines, there’s also an increased likelihood that it’ll be sued by current and former customers as well as other parties involved in the incident. This means business owners must keep their data security measures up to date.
8. Most Data Is Stolen Using Malware
Over the past few years, the percentage of all data breaches caused by hackers using malware has increased significantly. For example, attackers have been using advanced forms of malware such as ransomware to lock up business IT systems until an organization’s business owner pays a ransom. With this information in mind, it’s clear that prioritizing appropriate security measures can prevent cyberattacks and keep your company free from these types of problems.
With the increase in cyberattacks and other types of data breaches, it’s more important than ever for companies to prioritize protecting their business IT systems. By following the tips stated above, businesses can reduce their exposure to threats and protect themselves from the risks.