COVID-19 has transformed the way businesses operate, as they must continue to be productive even when people can no longer report to an office. Unfortunately, this transfer to a remote workplace has also led to more infrastructure vulnerabilities, as people have been using their home WIFI’s to complete their work. As these aren’t as secure as the connection in corporations, hackers have found a quicker way to infiltrate companies and hack them.
Given the many ransomware incidents that have plagued companies like Marriott, Bouygues, and Equifax, cyber attack prevention is even more critical than ever. Since they’re large companies with multi-million budgets to beef up their security and IT, they should have never ended up in such scenarios, highlighting cybercriminals’ growing sophistication.
Why Companies Don’t Invest in Cybersecurity
It’s no longer enough for companies to implement protective measures to defend themselves from cyber-attacks. The responsibility also lies in the governance that concerns the execution of such policies and structures and to invest in cybersecurity. Many companies believe that they can’t afford to spend more to reinforce their security, instead funneling that into hiring more people, growing the business, or pursuing other ventures. Although these are essential aspects of a company, hundreds of enterprises have shown the consequences of failing to reinforce their cybersecurity.
Infamous breaches have compromised millions of users’ data, causing loss of public trust, a decline in stocks, and a sharp decline in profit. Many of these corporations were healthy, reputable industry players who had previously enjoyed robust gains, which took an abrupt downturn because of cyber-attacks. Fortunately, by prioritising cybersecurity and the proper execution of mechanisms, you can protect your company from similar attacks.
Why Cybersecurity is Important
Fortifying your company’s cybersecurity can help prevent numerous problems that can ultimately cause its downfall. Although some CEOs think that merely buying more technology is the answer, real protection lies in finding the right people to deploy them properly. It also requires a change in cultural and governance attitudes, such as threat ignorance and short-termism, which can harm a business in the long run. It can also lead to situations that no company would want to find itself in, such as an extended downtime, a loss of sales, and upsetting shareholders.
As the world is still reeling from the pandemic, no one can afford to lose more than they have, especially given the uncertain economic situation. However, everyone relies more and more on technology and the Internet to fulfill their needs, making the landscape shift even more towards the digital sphere. Spending on cybersecurity threat intelligence will equip your company with robust defenses that will protect both your employees and customers against ransomware and phishing attacks, keeping your confidential data secure. It will also preserve your reputation and maintain your target audience’s trust, invaluable in an increasingly unpredictable time.
Cybersecurity is crucial to a business’s operations. Without it, seasoned hackers can easily infiltrate your system, collect valuable data, and use it to blackmail you or sell it to other malicious entities. It will also compromise your customers’ privacy and safety, causing them to turn away from you and give their business to your competitors. By prioritising cybersecurity, you’ll prepare yourself for the long-term and shield your company from catastrophic cyberattacks.
FraudWatch International is among the best cyber threat intelligence companies offering cyber attack prevention, protection against phishing, dark web monitoring services, and many more. We have been protecting brands worldwide for nearly 20 years, making us the leaders in online brand protection. Contact us today to find out how we can help you!