"The Importance of Cyber Security for Businesses"

Why should your company invest in cyber security measures?

Caroline Greyling

The world of technology can be overwhelming and intimidating; nowhere is this truer than within the realm of cyber security. For the most modern businesses, technology and online activities have become a standard way of life. From emails to online databases, to operational applications, most modern businesses make use of online operations, employing these systems to handle every-day processes. Unfortunately, this also means that these systems are vulnerable to attacks.

Many companies seem to view cyber-attacks as a far-off problem; however, this is not the case, with more and more companies experiencing attacks on their digital operations and the repercussions of these attacks becoming more serious. Cyber security has become a contemporary business requirement, largely driven by the prevalence and intensity of cybercrime attacks.

Still wondering why your company should care about cyber security? Let’s take a look:

What is Cyber Security?

Cyber security, also known as information technology security or network security, is the process of safeguarding and recovering computer systems, devices, networks, and programs from any sort of cyber-attack. In short, cyber security refers to the steps taken to protect your company’s data from unauthorised access by both internal and external role-players. Cyber security strategies are the measures that companies can implement to ensure confidentiality, data integrity and availability.

There are two main types of cyber-attacks, namely passive and active attacks. Passive attacks seek to learn or use information from within another system, without affecting system resources. Active attacks, in contrast, seek to alter system resources or affect their operations. Cyber-attacks can include malware, phishing, data exposure, password attacks, denial-of-service attacks and others. Attacks can come from inside or outside of the organisation.

Cyber security has become a contemporary business requirement, not a luxury

What are the risks of not implementing cyber security measures?

Business and individuals are increasingly reliant on technology, making network security more relevant than ever before. Businesses are handling higher volumes of data than ever before, connecting with partners and customers around the world and managing and storing large volumes of data on computers and other devices. Cyber-attacks can threaten the financial information of organisations or individuals, the personal data of employees or clients, or the operational activities of businesses. One such type of attack, ransomware attacks, includes hackers demanding ransoms in exchange for not releasing private information or to prevent blocking access to certain data.

It is not only money that is on the line when it comes to cybercrime attacks, as companies risk reputational damage, regulatory fines, lengthy service disruptions and losing customers. Cyber criminals can potentially obtain sensitive information that could potentially damage your reputation or that of your clients’.

The Business Value of Cyber Security

Organisations, large and small, would be wise to implement security steps to ensure the safety of their data and protect their digital assets. The ultimate aim of any cyber security strategy is to ensure that you ensure and maintain data integrity, confidentiality and availability.

Data protection is undoubtedly an important topic for all businesses to consider. Beyond the benefits of cyber security, more and more Governments are turning to legislation to manage the protection of data, with South Africa publishing The Protection of Personal Information (POPI) Act and the European Union implementing the General Data Protection Regulation, also known as GDPR. This means that there can be legal ramifications for organisations that do not take steps to protect the data under their care.

Measuring the effectiveness of cyber security procedures can be a challenge- as a good cyber security scheme is known for an absence of breaches or losses, it can be difficult to evaluate the success of such a scheme when you do not know what potential issues would have occurred if no cyber security measures had been implemented.

Cyber security is more than just a modern necessity, it forms part of good business practices. Cyber security steps can potentially serve as a key differentiator for your business- by implementing a secure cyber scheme, you demonstrate to clients that you value their information and their privacy.

Understanding the Human Element

One of the most critical measures you can take to protect your company from cyber-attacks, is by training your staff to recognise and respond to cyber threats. Many cyber-attacks are facilitated by company employees themselves, who often respond to business impersonators, give out information too freely or allow malware to infect computer systems. Most are unaware that they are opening the business up for attack, and are never trained to identify the warning signs of these threats. A proper training session for employees can reduce the risk of cybercrimes, as can implementing checkpoints throughout your business to ensure that communication and actions are legitimate and safe.

The steps you can take to protect your business from cyber-attacks

Cyber security procedures should be implemented across various aspects of your business and should be evaluated on an ongoing basis. For many companies, it makes good business sense to invest in the skills of a dedicated IT specialist or IT company.

Below, you will find a brief overview of four steps that you can implement to protect your cyber security.

1. Identify all potential vulnerabilities

2. Train and educate staff about the signs and threats of cyber-attacks.

3. Invest in appropriate tools to limit or protect vulnerabilities

4. Continually monitor the success and effectiveness of your cyber scheme.

Cyber security measures have become a modern-day necessity for companies, just as important as on-site security or building maintenance. Cyber security should be employed by companies of all sizes and across all industries, ensuring the protection of their data and assets, and that of their clientele.

Looking for a trustworthy cyber security partner? Cordys Africa can help you to manage and protect your company’s data from cyber-attacks. Our team can set up a cyber security scheme that is made for your business needs, from implementation to maintenance, to staff training.