With time, more and more businesses have realized the importance of technology and have found ways to use it to their advantage; this process is known as digital transformation. While technology saves time and helps organizations become more productive, it also increases the risk of cyber attacks. So, it becomes important for businesses to implement safety measures. Here’s where cybersecurity comes into the picture, helping protect networks, systems, and programs from digital attacks.
Types of cybersecurity practices
Businesses and organizations can implement five types of cybersecurity practices as they adopt digital technologies.
Network security
This cybersecurity practice helps prevent computer networks and interconnected systems from unauthorized access and cyber attacks. It involves using tools such as firewalls and virtual private networks.
Application security
This practice ensures a company’s applications and software are safe from attackers.
Endpoint security
Devices like PCs and mobile phones are called endpoints in technical language. Endpoint security involves protecting these devices or endpoints from cyber threats.
Data security
It involves using methods like encryption and password authentication to prevent the company’s data from being misused.
Cloud security
Business data stored on the cloud is protected by limiting user access via authentication and employing methods like encryption.
Importance of cybersecurity
Cybersecurity can help businesses in several ways in the digital transformation age.
Safeguards personal data
Over the last few years, not only businesses but every individual has been adapting to the digital life. Because of this, a major chunk of the world has its personal data digitally stored or accessible. So, if ever there is a data breach, one would risk losing their personal information. But this damage would be limited to an individual level. For an entire organization, it could be a lot worse. A company’s personal data could include a lot of things, such as their financial records, client data, intellectual properties, and employee data. A data breach could mean losing or even leaking all that information. To prevent that from happening, organizations must implement cybersecurity measures.
Safeguards customer data
Besides their own data and records, organizations have customer data stored on their servers. A leak or theft of this data could prove extremely detrimental as the company would lose customers and even get into legal trouble. Not to mention, it could be a lot worse for the customers, as they would be at risk of identity theft. The right cybersecurity measures, such as cloud security and data security, can prevent such mishaps, build trust with existing customers, and even attract new clients.
Ensures compliance with regulations
Due to a rise in cyberattacks and data leaks, the government and certain regulatory bodies (such as HIPAA, PCI DSS, and GDPR) have made it mandatory for businesses and organizations to follow cybersecurity measures. Companies that fail to comply with the regulatory requirements are asked to pay hefty fines.
Maintains brand reputation
Frequent data breaches and complaints from regulatory bodies can affect a brand’s reputation. So, along with losing its customers’ trust, the company would also lose its market value. It could take years for the company to recover from its reputational damage and regain its place in the market. With the right cybersecurity practices and measures, a company could easily prevent this from happening.
Ensures a smooth flow of business
When events such as data breaches or cyberattacks happen, it could bring a company to a standstill. Instead of focusing on its regular operations, most of the company’s attention would shift to solving the matter at hand. Things could get even worse if the organization loses essential data, as it would have to spend a lot of time and resources recovering it to resume operations as usual. Due to the hindrances in day-to-day operations, some companies could also risk losing revenue. Proper cybersecurity tools keep a company’s data and networks secure and allow it to ensure a smooth and uninterrupted flow of operations.
Saves money
Cyberattacks can cost businesses in more ways than one. First, a company would have to pay hefty fines for failing regulatory compliance. Second, the loss of essential data and a hindrance to regular operations could have a significant impact on its revenue. And third, repairing the damage caused by cyber attacks could cost a fortune. So, having proper cybersecurity measures in place would save the company a lot of money.
It is more practical and cost-effective for companies to implement cybersecurity measures as and when they adopt digital technologies. Implementing extensive digital transformation practices first and adding cybersecurity measures at a later stage could cost more. Not to mention, having gaps in cybersecurity could increase the company’s vulnerability, and patching those detected vulnerabilities could further add to the overall cost.
While implementing essential cybersecurity measures, companies must also train all employees in cybersecurity practices. Employees must be taught to spot phishing emails and set strong passwords to protect their network, devices, and essential company data.