Embracing new technology is a vital part of remaining competitive, no matter what industry you’re in. While this enables previously unprecedented levels of innovation, it also leaves businesses open to increasingly dangerous cyberattacks. In the past few years, some of the most sophisticated cybercrimes ever were perpetrated, and even giants like Facebook and Equifax fell prey to hackers. Data has become one of our most valuable resources and we need to take protecting it seriously. That means investing in cybersecurity.
Investing in cybersecurity is no longer a choice for modern day business. As data becomes increasingly valuable and the internet of things (IoT) grows more popular, cybersecurity is a key priority for businesses in all sectors.
Here are just a few reasons why:
The Internet of Things (IoT) is coming
The IoT promises to make our lives and jobs a lot easier. We tend to associate ‘the internet’ with computers and smartphones, but the reality is that these days we can connect just about anything to the internet. From Fitbit to fridges and TVs, we can link and control objects in a totally new way.
These ‘smart’ objects can sense, store, process, and network. In a home, they exchange data with your home network. Since they’re relatively new, IoT devices aren’t secure in the same way computers are – they aren’t built with the same kind of antivirus and encryption. Given that a device is connected to your home network, if that device isn’t secure then it’s an entry point. The kind of data that smart objects collect is valuable to businesses for marketing purposes, so they’re going to become much more popular. By 2020, 20.4 billion devices will be connected to the internet.
The capabilities of the IoT make it an attractive technology for adoption to enterprises. Giving machinery the ability to anticipate a fault or submit errors independently will save businesses the effort of manual maintenance. Research by Bain and Co. shows that the main thing holding businesses back from investing in IoT technology are security concerns – 45% of respondents said they would be willing to invest if their concerns were addressed. As the IoT becomes more popular, however, enterprise solutions for network security are becoming more and more available.
Your network will need to adapt to independently detect and prioritize risks. Threats come in different shapes and sizes – from malware to distributed denial-of-service (DDoS) attacks, these threats must be assessed. To make using IoT enabled technology safer for business, IT specialists monitoring networks will become even more important. Constant patches and updates will be required to keep your network secure as it becomes more elaborate. In order to make contextually appropriate decisions, you need to have insights from IT professionals. IoT networks will bring with them a new necessity for dedicated specialists to work with your team.
Hackers are getting smarter
Data breaches have received a lot of attention in the news recently – and for good reason. Cybersecurity Ventures estimate that cybercrime damages will cost the world $6 trillion annually by 2021.
Data breaches aren’t limited to any one industry and can damage business’s brands as well as getting them fined. Ransomware, for example, is particularly dangerous – it’s blackmail for the information age. Usually downloaded through an email or fake software, ransomware will encrypt user files and demand money to return them.
In order to rebuff hackers, you’ll need to monitor your network. This will allow you to track and analyze your network traffic, giving you control over what’s coming in and going out. Not only will it help you keep yourself safe, but it’ll also give you an opportunity to keep scaling your network as you grow. A robust system of anti-virus software, firewalls, and real-time monitoring will help you detect risks before they have a chance to do any damage.
Proactive protection of your systems is one of the best investments you can make in your business – your cybersecurity is worth it.
Data is the now the world’s biggest resource
Wikibon estimates that Big Data market revenues are projected to increase from $42B in 2018 to $103B in 2027, making it one of the most valuable commodities in the world.
In the future, it’s likely that data will be counted as an intellectual asset when it comes to valuing a business’s portfolio, so it should be protected the same way any other business asset would be. The GDPR came into effect in May, and the US is beginning to legislate big data. While US businesses have to comply with the GDPR when dealing with EU data, there is no privacy legislation at a federal level. Instead, states are introducing their own laws. California signed its California Consumer Privacy Act (CCPA) into law in July, giving citizens more control over their personal data, and other states have followed.
Data is going to keep getting more valuable, so our standards of protection must become higher. Responsible data handling and storage are essential for businesses for compliance. T keep their data storage safe, businesses will need to support their IT departments with automatic protection software.
Employee training is a key aspect of compliance; the importance of data handling should be visible in your workplace. Human error accounts for a great deal of cybersecurity breaches and should be combatted with education. You might assume that your IT department can protect you from making mistakes, but that isn’t always true. Create your own dedicated business cybersecurity policy and stick to it.
Investing in technology: what do businesses need to improve?
Worksighted has been building dedicated and safe networks, providing 24/7 monitoring and protection and keeping businesses on the cutting edge of digital technology for nearly 20 years. The key areas we specialize in are:
- Risk detection
- Threat prioritization
- Network visibility
- Automatic protection
Find out more about working with Worksighted today.