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Why cyber security is important for businesses

2 August 2021      
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Cyber security is extremely important for businesses and should be high on the agenda for several reasons, namely because it protects your business from the ever-growing number of cyber attacks happening every day. Official statistics by the UK Government show that 39% of businesses reported having a cyber security breach or attack in the last 12 months. If that’s not enough to get you thinking about your security measures, we don’t know what is!

In this article, we’ll look in detail at cyber security, assessing its importance and the impact it can have on your business.

What is cyber security?

Cyber security is the active protection of your devices, networks, servers and data from theft or damage by unauthorised personnel or cyber attackers. It encompasses a number of security types, not just information security. With computers and the internet such a huge part of modern life, businesses need to ensure their cyber security offering defends sensitive data against attacks while ensuring the business can run efficiently and profitably.

Why is cyber security important for businesses?

In a nutshell, cyber security is important for businesses because it helps to protect them from cyber security threats. The last thing you want is to be attacked by a cyber criminal. Being a victim of a cyber attack can be hugely detrimental to your business in terms of both your reputation and your finances.

We are constantly relying more and more on the use of the internet and our devices when it comes to our professional lives. Whether we’re completing simple tasks like responding to emails or connecting with clients through online video platforms, cyber security must be at the heart of our businesses. Without security measures in place to protect sensitive employee, client and business data, your business is at risk of becoming a victim of a cyber attack.

It’s no longer just enough to have firewalls, antivirus software or strong passwords in place to protect your business information. With our use of technology advancing, so too are the techniques used by cyber criminals. It is now more important than ever that businesses ensure their cyber security measures are up-to-date and robust enough to deal with the new and improved security risks used by cyber criminals.

Impact of ignoring cyber security

After assessing the importance of cyber security, it’s clear to see the impact of ignoring it.

Economic

If your business is attacked, it’s going to cost you financially, especially if you have to shut your business temporarily. Your organisation would have to find money to continue paying your fixed costs while not operating and earning money. Depending on the breach and type of attack, you might also have to pay for repairs to damaged systems and even compensation to those whose data you have lost.  

In addition to the costs within your business, you might also be subject to regulatory costs such as fines or sanctions. If you are in breach of GDPR, you could be looking at a hefty fine of up £17.5 million!

At Nasstar, we offer GDPR services to help you address any challenges around these regulations and ensure you stay compliant.

Reputational

Cyber breaches and attacks can also damage your businesses’ reputation, with many customers not wanting to place their trust in an organisation that has a track record of losing sensitive information. You could be at risk of losing current customers, as well as losing future customers to more secure competitors.

Even if you’ve not suffered a security attack, simply not placing cyber security at the front of your mind can also damage your reputation. Consumers are savvy these days and have plenty of choices when it comes to the services they choose. If a competitor has a great track record when it comes to cyber security, they’re likely to be a better choice for the consumer than a business that half-heartedly looks after their data.

Ensuring your business is cyber-secure

There is no ‘one-size-fits-all’ way to ensure you are completely protected from cyber attacks, but with a tailored cyber security strategy, you can rest assured that every measure has been taken to minimise security risks within your business.

Contact us today to find out how our cyber security specialists can help you with your cyber security risk assessment and put security measures in place to protect your business.