Why is Cybersecurity Important for Business Success?

In today's digital landscape, threats are more abundant — and more sophisticated — than we could have possibly imagined even a few short years ago. A lack of a solid cybersecurity strategy opens your website and your users up to considerable risk.

This is the unfortunate reality that organizations of all types need to deal with, no matter their size or scope. Small businesses, in particular, are more vulnerable than one might expect, in part because hackers know their defenses tend to be weaker and that, as a result, they make for easier targets.

Data compiled by Check Point reveals the swift acceleration of cyber threats, with weekly attacks increasing globally by 7 percent during 2023's first quarter. This report also indicates that 1 in 31 organizations were victims of cybercrime and ransomware attacks on a weekly basis during that time.

As cyberattacks become more prevalent and strike a wider variety of businesses, it is more critical than ever to implement and maintain high-level cybersecurity solutions. Below, we highlight the crucial role cybersecurity plays in protecting customer information, building trust, and ultimately, promoting long-term business success — and where the greatest risks could emerge if this is not prioritized.

Impact of cybersecurity threats on businesses

There's no denying that cyberattacks are devastating for the individuals they target. Businesses also suffer, however. From a business perspective, the most alarming implications of cybersecurity breaches and attacks include:

• Disrupted business operations. Even brief periods of downtime can have a large impact, preventing customers from signing up for services, completing purchases, or otherwise converting. Today's users have little patience for disruptions and will quickly avoid or abandon a website they deem unreliable. Downtime may even prompt consumers to opt for competing businesses or websites.

• Data breaches. When customers make online purchases or sign up for services, they trust that the websites they visit will keep their sensitive data safe. In the event of a cyberattack, however, their data is exposed and they can suffer huge personal and financial repercussions.

• Reputational damage. Customers are very likely to at least temporarily avoid businesses that have recently been subject to cyberattacks. Recovering from such reputational damage can take months or even years, especially for smaller businesses that lack the PR resources that larger corporations can easily put into place following a major breach.

Common types of cyberattacks

Solid cybersecurity is difficult to achieve, in part because today's attacks take so many forms. This versatility is what allows cybercriminals to thrive, even as businesses and websites put an ever-increasing range of security strategies into action. Common threats include:

Malware

Malicious software intentionally aims to disrupt devices, networks, or servers. This typically involves problematic codes or files, which can infiltrate and infect a variety of digital systems. Malware comes in many forms, such as:

• Spyware

• Adware

• Rootkits

• Trojans

• Worms

• Keyloggers

Ransomware

As a specific and especially alarming form of malware, ransomware attacks make it impossible to access crucial files or other resources. Attackers claim that access will only be restored if a specific fee (the ransom) is paid. Often, however, victims find that once they've paid this fee, they remain unable to access these files — or, when they finally seem to be restored, it turns out that the files have been corrupted.

Social engineering

Social engineering involves any digital attempt to manipulate or deceive victims while engaging in fraudulent activities. Through such tactics, attackers may be able to secure access to sensitive data or expose victims to malware or viruses. These schemes rely on a variety of psychological strategies, often drawing on users' misplaced trust to ultimately cause them harm.

Phishing

One of the most common and effective forms of social engineering, phishing attacks occur when seemingly reputable individuals or organizations send emails that seem innocuous. These messages may seek sensitive information such as credit card details, but victims are willing to share these because they trust the sender (or who they think the sender is).

Ultimately, the sender responsible for the phishing attack turns out to be a hacker, who may then divulge any sensitive customer data that has been gathered or install malicious software. While these attacks are largely associated with email, they have also been known to occur via social media and messaging apps.

What can business owners do?

Cybersecurity concerns are so varied and so prevalent that the mere thought of attempting to protect your website and users can seem overwhelming. Despite the myriad of threats built into today's digital environment, however, it remains possible to protect your site and your users. No single solution will accomplish this, but a layered strategy can make a world of difference.

Educate employees and provide training

When it comes to cybersecurity, knowledge really is power. Many threat actors rely on simple ignorance as they wreak havoc. When employees and users understand what attacks look like and where vulnerabilities exist, however, they can take extra steps to limit the potential for today's most devastating incidents.

Efforts to educate should begin with targeted, yet comprehensive cybersecurity training that covers the full range of modern hazards. Above all else, employees need to realize that business websites and servers are constantly at risk. They should also know the signs of top attacks and be able to identify the chief indicators of malware or social engineering. Ongoing training is essential, as these skills can quickly become rusty — and because new threats are always emerging.

Implement privileged access management (PAM)

No matter how well-versed employees and users are in modern cybersecurity practices, they remain vulnerable. Hence, the importance of privileged access management, which ensures that users only have the capabilities they need. PAM also reveals who has privileged access, when, and why. This process involves controlling, monitoring, and securing all identities across the network.

When in doubt, abide by the principle of least privilege. This states that all users should only have access to the digital resources that they actually need. Otherwise, they should be granted the minimum privileges available so that they are unable to inadvertently give threat actors access.

Put together a comprehensive cybersecurity strategy

A layered approach is always the best bet for preventing security breaches and, in the worst-case scenario, minimizing the impact. The more defenses are implemented (and the more varied they are), the less likely threat actors are to ultimately gain access, no matter how sophisticated their approach or how concerted an effort they make.

We have already identified many of the strategies and solutions that a truly comprehensive cybersecurity solution will encompass. These will differ slightly from one website to the next. In general, however, they occupy a few key categories:

• Access controls

• Network security

• Incident response

• Data backup

A comprehensive plan reveals how these many moving parts will work cohesively to provide maximum security. This plan should touch on the many critical components of cybersecurity. Be sure to promptly address any gaps that emerge as you craft comprehensive cybersecurity solutions.

Awareness of current rules and regulations

It is absolutely essential to understand the full range of cybersecurity requirements from a compliance standpoint. This could encompass strict privacy rules, such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). Keep abreast of new and evolving privacy laws, which are expected to arrive at an accelerated rate in the next few years.

Another security essential to keep in mind? The Payment Card Industry Data Security Standard (PCI DSS), as it is crucial for any business that stores or processes credit card information.

Round-the-clock monitoring

In the event that a vulnerability is exploited, monitoring will ensure the issue is caught and mitigated as quickly as possible. Malware scanning provides a strong starting point, complete with the prompt detection of any malicious content on your website. This can be followed by malware removal to ensure that any detected issues are dealt with swiftly and effectively. Regular vulnerability patching is also essential, as this can reveal the security gaps that have made malware infections possible in the first place and remedy them.

The occasional manual scan will prove woefully insufficient. Instead, daily, automated scans ensure that any potential issues are caught early on. These are best facilitated by a comprehensive security provider, which takes the guesswork out of the process.

Manage third-party risks from suppliers and vendors

Suppliers and vendors often enjoy extensive access to sensitive information. This can introduce new risks for websites that otherwise seem secure. As such, these threats must be examined and managed as carefully as the strictly internal ones.

Mitigate cybersecurity risks with SiteLock

In a risk-filled digital world, there is absolutely no substitute for a robust cybersecurity plan that addresses a wide range of common threats. At a minimum, any business-oriented website security solution should incorporate malware scanning and removal. A web application firewall (WAF) is also a must.

SiteLock offers all this, plus vulnerability detection services to help pinpoint and deal with the common oversights that lead to malware. Our layered approach to web security provides much-needed peace of mind. Get in touch today to learn more about our website security plans.

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