October 13th, 2022 by admin
The business world is more interconnected than ever before, as organizations today rely on technology to communicate, collaborate, and operate on a daily basis. Unfortunately, as our reliance on technology has increased, so have the opportunities for cyber criminals to exploit vulnerabilities and gain access to sensitive data.
It's estimated that cyber crime will cost businesses over $2 trillion by 2023, and that makes cyber security a top priority for organizations of all sizes. In today's business world, IT security is no longer optional. Organizations that don't take steps to protect their data and systems will fall behind their competitors who do.
Organizations store a lot of sensitive data, from customer information to financial records. If this data falls into the wrong hands, it could be used for identity theft, fraud, or other malicious activities. A data breach can damage your organization's reputation and make customers lose trust in your company, and in some cases, it can even lead to legal action.
How Important Is IT Security in Business?
Businesses rely on information technology (IT) to streamline operations, improve communication and connect with customers. Given the integral role IT plays in business, it's no surprise that IT security has become a top priority for organizations of all sizes.
IT security is important for businesses because it helps protect against cyber attacks, which can lead to data breaches, financial losses, reputational damage, and other negative outcomes. By implementing effective IT security measures, businesses can reduce the risk of cyber attacks and protect their valuable data and resources.
There are a number of IT security risks that businesses need to be aware of, including viruses, malware, phishing scams, Denial of Service (DoS) attacks, and data breaches. Some of the most effective IT security measures include installing antivirus software, using firewalls, implementing strong password policies, encrypting data, and regularly backing up data. By taking these steps, businesses can significantly reduce the risk of falling victim to a cyber attack.
The Real Cost of IT Security
According to the 2019 Cost of a Data Breach Report from Ponemon Institute, the average cost of a data breach is $3.92 million. This number has continued to rise over the past few years, and it's no wonder why. With more and more businesses collecting and storing sensitive customer data, the risk of a costly data breach is also on the rise. There are many factors that contribute to the high cost of a data breach, including:
Notifying customers and other stakeholders
According to the report, the average cost of notifying customers and other stakeholders about a data breach is $1.27 million, including the cost of hiring a public relations firm, sending out notifications, and providing credit monitoring services.
Investigating the breach
The average cost of investigating a data breach is $1.37 million, including the cost of hiring forensic experts to help determine how the breach occurred and what sensitive data was compromised.
The average cost of lost business due to a data breach is $1.42 million, which includes the cost of lost customers, lost revenue, and reduced productivity.
The average cost of legal fees related to a data breach is $650,000, which can include the cost of defending against lawsuits, as well as any settlements that may be reached.
Main Threats to IT Security
Here are some of the main challenges faced by organizations when trying to confront cyber attacks and protect their confidential data and information:
A data breach occurs when confidential or sensitive information is accessed without authorization. This unauthorized access can happen when hackers gain access to a company's network and steal data or when employees accidentally expose data through email or social media.
Denial of Service Attacks (DoS)
A denial of service attack occurs when a hacker prevents legitimate users from accessing a system or network. This can be done by flooding the system with traffic so that it becomes overloaded and unavailable or by preventing specific users from accessing the system.
Phishing occurs when hackers send emails that appear to be from a legitimate company or organization in an attempt to trick users into sharing personal information, such as passwords or credit card numbers.
Viruses and Malware
Viruses are programs that can infect systems and spread themselves to other computers, while malware is software designed specifically to disable and damage computers. Both viruses and malware can be spread through downloads, email attachments, or even by visiting malicious websites.
It's imperative that organizations understand the main threats to IT security so that they can take steps to protect their networks and data. Implementing strong security measures, such as firewalls and intrusion detection systems, can help to prevent data breaches. If you would like to learn more about why IT security is important for your organization, contact Lang Company today.
Posted in: managed IT