The internet and new technologies have become central to the day-to-day happenings of many businesses worldwide.
Remote working has become more widely accepted since the global pandemic, making cyber security even more crucial.
When it comes to the online safety of a business, companies need to be proactive and vigilant to prevent the severe repercussions of a cyber attack, such as loss of business data, financial costs, and reputational damage. Here are a few key reasons why security is a vital part of any business. First, let’s explain what ‘cyber security’ is.
What Is Cyber Security?
With the massive surge in remote working, more interactions between colleagues occur via the Internet.
Because many employees are now storing important information such as customer, business, and employee data on their devices, they are much more vulnerable to cyberattacks.
Most large corporations will make use of an ERP system to integrate and manage their business processes. SAP is the market leader in ERP software and helps companies of all sizes.
Having suitable cyber security and SAP security measures in place for a business is one of the best ways to protect this information.
Many websites and online platforms we visit daily require a new online account, meaning multiple companies have access to and are responsible for storing much of our sensitive information.
The employees working from home who adapt their kitchens, living rooms, and spare bedrooms to become their at-home offices have become a primary target for many online hackers.
The more that businesses rely on the Internet for their daily processes, the more opportunities there will be for attackers to take advantage of online systems that are used by employees.
Cybersecurity ensures that your computer systems are protected from cyber threats and can be recovered if they are attacked.
What Can a Cyber Attack Mean for Your Business?
If you have left your online presence unprotected, a cyberattack could happen at any time, causing detrimental effects to you and your business. Here are some main ways a cyberattack can negatively impact your business.
Loss of Finance
Along with losing data, your business can lose a lot of money from a cyberattack. For example, In ransomware cases, business information is held until the business pays a significant fee.
In many cases, the data is still irretrievable even after the ransom has been paid. Companies can be paralyzed without access to their information, resulting in financial losses, both because they cannot operate and because of the ransomware attack. Occurrences such as GDPR data breaches can also result in severe regulatory sanctions and fines.
Loss of Data
There is no discrimination in the type of information that criminals are willing to steal in a cyberattack. The theft can range from customer data resulting in identity theft to employee data, intellectual property, or business plans.
Businesses may find this extremely difficult to recover from, especially if intellectual property (IP) is stolen.
If a new and exciting idea that your business has developed is stolen, not only will you lose the potential income that comes with setting that idea in place, but you will also lose the time and money spent on the research and development of the idea, to begin with.
Reputational Damage
If customers have been affected by a cyberattack, they will likely lose the trust and loyalty they once possessed in your business and in your ability to keep their information safe in the future.
This negative impact on customer loyalty can result in losses in many areas of a company, with customers looking towards new options such as moving their business to competitors. Losing this business will also result in lost revenue.
Cyberattacks ultimately damage your reputation and your business’s reputation for the future, whether you have resolved the breach or not.
How To Prevent a Cyber Attack
There should be a detailed plan for all businesses in the event of a cyberattack. Here are some key ways that security can be used to help prevent cyberattacks:
SAP Security
SAP Security refers to the set of measures, processes, and technologies implemented to protect the various components and data within SAP.
SAP is the world’s leading enterprise resource planning software vendor and is used in many industries across businesses of all kinds.
Having a secure system is essential to ensuring that your business’s private information remains safe from the hands of potential cyber attackers.
Employee Education
The first line of defense comes in the form of your employees. Even if they are working in an office environment, most data breaches stem from user behavior.
As technology grows and develops, employees use devices for longer durations, well outside working hours, which could potentially allow multiple users to frequent the same device.
Businesses need to ensure that all employees are aware of common scams such as phishing emails and typosquatting.
Having vigilance and awareness of potential threats to your business will ensure that your employees do not fall victim to plain and obvious cyberattacks.
Final Thoughts
Cyberattacks will always be a part of our digital world, but if businesses put all the correct measures in place to prevent them, we can give ourselves the best chance to benefit from all the value the Internet brings.
Security is essential for any business and should be prioritized in this digital age.