How Cybersecurity Saves Business Time and Money

How cybersecurity saves businesses money

Cybersecurity is an important issue when it comes to online sales and businesses. With cybercrime growing, developing, and profiting off of unsuspecting online users, it's important for you and your employees to take cybersecurity seriously.

Here in this post, you will read about cyberattacks, cybercrime, the importance of cybersecurity for your online business, and how cybersecurity saves businesses time and money.

What are Cyberattacks and Cybercrime?

A cyber attack is a cybercriminal attack that uses one or more computers to target a single or numerous computers or networks.

Cyberattacks can be used to intentionally disable machines, steal data, or launch additional attacks from an unauthorized computer or system. To launch a cyberattack, cybercriminals use a range of methods that we will introduce now:

Backdoor Trojan: A backdoor Trojan infects the victim's system with a backdoor vulnerability, allowing the attacker to obtain remote, near-total control.

Cross-Site Scripting (XSS) Attack: XSS attacks use third-party online resources to inject malicious code into a legitimate website or application script in order to obtain a user's information.

Denial-of-Service (DoS): DoS and distributed denial-of-service (DDoS) attacks overwhelm a system's resources, prohibiting responses to service requests and lowering the system's performance.

DNS Tunneling: DNS tunneling, a transactional protocol, is used by cybercriminals to trade application data, such as covertly extracting data or establishing a communication channel with an unknown server, such as a command and control (C&C) exchange.

Malware: Malware is a type of harmful software that can make infected computers unusable. The majority of malware versions destroy data by removing files that are required for the operating system to function.

Phishing: Phishing scams seek to steal consumers' passwords or sensitive information such as credit card numbers. In this situation, scammers use false hyperlinks to send victims emails or text messages that appear to come from a reputable source.

Ransomware: Ransomware is a type of virus that takes advantage of system flaws and encrypts data or system functionality to hold it hostage. Cybercriminals use ransomware to extort money in exchange for the system's release. According to Forbes, ransomware cost the world $20 billion in 2021. That number is expected to rise to $265 billion by 2031.

SQL Injection: Structured Query Language (SQL) attacks insert malicious codes into vulnerable apps or systems which results in the execution of commands that the user has not requested.

Zero-Day Exploit: This exploit is an undiscovered threat that makes hardware or software vulnerable which can cause serious problems long before anyone in the team notices that something is wrong.

Of course, these cyberthreats and cyberattacks can be prevented if an effective cybersecurity system is used and here comes the importance and necessity of using cybersecurity for your online business.

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Why is Cybersecurity Necessary for Online Businesses?

Cybercriminals can penetrate 93% of company networks. As there are always cyber attackers out there to attack systems and networks that contain sensitive and valuable data, cybersecurity has become a necessity for online businesses of any size.

Using cybersecurity, you can keep your data safe from cybercrime and serious damage. Without a cybersecurity strategy, it is impossible for your online business to protect the data in itself. So, your online business would become an easy target for cyberattackers and malicious actors to steal data. And this is not something that either you, as an online business owner, or your users would like.

A solid cybersecurity strategy consists of multiple layers of defense to protect your system and data from any cybercrime. Therefore, there would be no cyberattacks with an aim to access, change, delete data from your system, or disrupt your day-to-day operations.

In addition, cybersecurity has some other advantages for your online business that we will cover in the next section.

How Cybersecurity Saves Businesses Time and Money?

Cybersecurity provides your online business with digital protection, ensuring that your system, staff, such as customer support, and users are safe from any cyberattacks. This can save your business time and money in the following ways:

1.Fewer Threats; More Productivity

Keeping your system virus-free will help increase your productivity and profitability.

Cyberattacks can both slow down your system and steal the data on your computers which leads to reducing the speed of ongoing operations. The reason is that your team would be involved in unwanted processes such as restoring the stolen or damaged data and fixing the relevant issues caused by the cyberattacks.

With the correct and proper precautions, it is possible for you and your team members to eliminate these roadblocks and increase their productivity by spending time on profitable tasks. In addition to that, you can also use a time tracking tool or computer usage tracker that can boost your team's productivity.

In addition, since online businesses deal with online financial activities, a cybersecurity strategy can minimize the threats associated with financial transactions. You must be aware that a data breach can bring your business to a halt that can cause irrecoverable results such as losing revenue, customer distrust, etc.

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Furthermore, the truth is, team members are more at ease when knowing that the system is secure and the possibility of cyberattacks does not exist. Having your employees in a comfortable, trusting mood can enhance morale while also increasing productivity.

2. Better Security; Stronger Trust

Having a strong cybersecurity strategy to preserve corporate, employee, and customer data will effectively maintain your online business’s public image.  In fact, there are many retention tools that can improve your profit in any business.

People prefer to buy/sell products on/from websites (like e-commerce websites, marketplaces, etc.)that are secure, and it is an undeniable fact because none of us want our data to be leaked. If your customers feel that your system is not secure enough, you will face a decrease in your customer retention rate. This would ruin all your marketing and sales efforts which is not desirable to any business.

Knowing their data is safe may instill trust in both returning potential customers and ensuring their commitment to your brand. Remember that a data breach impacts not just your company, but also any third parties who are affected by proxy, such as customers, vendors, etc. That's why many prefer having cloud contact center software for a stronger customer data protection.

Proper cybersecurity implementation attracts and maintains customers’ trust, resulting in increased long-term revenues. You need to follow safe practices in all aspects of your business, from creating logos to storing data, communication platforms and other aspects that include customer data with personal information and not only.

3. Reduced IT Downtime

Your IT team is already busy keeping your website going flawlessly. It is suggested that you employ a whole cybersecurity team that is solely devoted to keeping your system secure from cyberattacks. Increasing the number of your teams can be problematic at times if you do not use a proper project management solution to keep everyone on the same page and encourage them to deliver their tasks in time.

If you do not want to expand your teams and spend money to board a new team, then using Internxt is the best solution for you.

It is a zero-knowledge cloud storage service based on best-in-class privacy and security that can protect your data and manage all your cybersecurity needs

These full-time security experts will typically be in charge of the mundane, repetitive tasks of managing risk assessments, automating security checks, reviewing state and federal laws, and monitoring the latest threats. The rest of your IT experts can then focus on more challenging projects and tasks that are more suited to their individual skills, resulting in increased overall productivity.

4. More Aware Team Members

While we just suggested that it is better to outsource your cybersecurity operations to an expert cybersecurity department, it is still necessary to educate your other team members about cyberattacks and cybercrime. A Cybersecurity team, just like any other team in your online business, cannot operate effectively if other teams do not follow its instructions and recommendations.

System vulnerabilities and data breaches are kept to a minimum when everyone does their part to keep firm information safe. As a result, there are fewer interruptions and daily duties run as smoothly as possible.

Prevention should take precedence over reactionary measures, and it can help to establish rules to block any cyberattack trick that hackers can use. This can involve limiting sensitive data access to specified devices, establishing social media access standards, defining e-mail security regulations, and establishing restrictions for how often users must update their passwords.

Managers and team members must also have a good incident response strategy in place to handle operations in the case of a security breach. Not only should effective efforts be taken to manage and isolate the threat, but also procedures for dealing with the aftermath, such as notifying customers and developing new prevention techniques.

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The Bottom Line? Don't Sleep On Cybersecurity

Cybersecurity cannot and should not be neglected these days because there are many ways to steal or damage data without much effort. Even if you have a retail, software or e-commerce business, you need to be educated about cybersecurity.

In conclusion, knowing the importance of cybersecurity and implementing proper measures to secure your online business can save your business time and money. Wish you the best of luck!