What Is Cybersecurity And Why Is It Important?

What is cybersecurity?

The cybersecurity definition is a process of securing networks and systems, as well as other digital structures, from evil attacks. Cybercrime damages are projected to surpass an astounding $6 trillion by 2021. This comes as no surprise that banks, hospitals, tech organisations, and government offices are putting resources into robust cybersecurity structures. There is no other option when it comes to securing their businesses and the vast number of clients’ data entrusted in their care.

How important is cybersecurity?

In the not so distant past, breaches that undermined the data of two or three million individuals dominated massive media headlines. Presently, cyber-breaches affect millions or even billions of individuals and companies. According to a report by Forbes, about 4.1 billion records were compromised in the first six months of 2019. Another report in 2020 suggests that there are nearly seven million data compromises every 24 hours, and 56 records compromised each second. A calculation based on these figures means 2,555,000,000 (2.55 billion) records are prone to attacks annually.

Cybersecurity is growing into an enormous arena, as more businesses and individual social lives are moving online. With emerging innovations, from self-driving vehicles to web empowered home security frameworks, the perils of digital crimes are becoming considerably more genuine. Associate Dean of Programs for Cybersecurity at Southern New Hampshire University, Jon Kamyck has said “We’re seeing tremendous demand for cybersecurity practitioners,” as more institutions move to secure the systems against hacks.

From a business risk perspective, data penetration presents a massive worry for any organisation. The broad and variable dangers they face after falling victim to a cyber-breach is detrimental to income and reputation, and dealing with the outcome can be excessive. Some damaging after-effects of cyber-breach are appraised below:

Financial loss

According to an audit analytics report on cyber-security breaches in public organisations, since 2011, the average cost of a digital-breach in a public traded company is $116 million. Such an expense leaves a long-lasting financial impact on the businesses. Depending upon the nature of the cyber-breach, there are countless financial implications for the company. Organisations that suffer cyber penetration may need to wrestle with costs to contain the breach and compensate affected clients, which could lead to an increased cost of security and a possible decrease in share value.

Legal consequences

Getting hacked isn’t only an immediate hazard to the confidential data organisations need, but could also land them in a critical legal battle. Data breaches consisting of a person’s data often lead to lawsuits, and cyber-breaches in recent times have led companies to pay millions of dollars on settlements. Notable among them are Target, Home Depot, and Neiman Marcus. Organisations face even greater expenses as lawsuits come with accompanying legal fees in addition to these settlements. They may be prevented from performing certain operations until at least investigations are finished in some cases, and this may prompt other long-term issues.

Damage to reputation

The reputational damage caused by cyber-breaches can be devastating. In a generation where news, especially bad, travels faster, it would be easy for your clients to have the wrong impressions about your reputation. A recent study in the United Kingdom on “The Impact of Data Breaches on Reputation & Share Value” suggests that 65% of victims of data breach reported the loss of trust in an organisation due to the menace. It continued that a significant number of these victims indicated that they were likely to share their experience with others, with some taking to social media to vent their frustration. This can jeopardise the relationship between business and customers and leave you at the mercy of competitors who will use every opportunity available to win your customers over.

These concerns make an excellent case for your company to invest in proper management systems to safeguard its data and its customers from potential hacks or breaches. Few notable institutions provide ideal cybersecurity tools, but JVR Consultancy, with CyberEssentials accreditation, is one of them.

JVR Consultancy

All of the above may sound complicated, but they are basic security problems that are easy to fix. At JVR Consultancy, we can empower you to take your company’s safety to the next level by assessing and certifying you as Cyber Essentials qualified.

Cyber Essentials is backed by the government, which is why it’s essential to contact us as soon as possible for a free analysis on your current systems and a road map on how best for you to progress. As one of few consultancies in the UK to be accredited by the IASME Consortium in partnership with the National Cyber Security Centre, we can assess your application and certify you as Cyber Essentials ready. Plus, we offer vital advice that will boost your chances of succeeding in the first attempt.

For your free Cyber check please get in touch with us today.

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