Cybersecurity is no longer just protection or just a problem in the IT department. That is old news.
Businesses now operate in a digital economy.
Hence, cybersecurity is a precondition for sound business operations and is a measure of responsible business conduct.
In the long run, cybersecurity is a cost saving measure and part of the modern day due diligence process, that ensures future business growth and reputation.
Sub-par cybersecurity is now seen as a prime example of business misconduct and irresponsibility towards stakeholders.
The Look of Sub-Par Cybersecurity:
Customer data exposed.
Both B2C and B2B customers, now understand that some of the data held by businesses are legally owned by them. Mishandling this data is not in the best interest for the business.
Consequences: Regulatory fines, Bad publicity, Litigation battles
Competitive advantage exposed.
Businesses need to be acutely aware, information to their competitive advantage is now held in an electronic form called data.
Consequences: Loss of trade secrets, Loss of intellectual property, Loss of market positioning
Business infrastructure exposed.
Digital infrastructure underpins most business activities today. It facilitates faster transactions, lower operational costs, better customer experience, quality business intelligence and more agility.
Consequences: Downtime and damage to business performance, Risk of bad customer experience, Loss of revenue
Adverse impact on business credibility.
Insufficient ability to mitigate cyber risks through proper cybersecurity measures will hamper business. There is increasing awareness in corporate leadership that the greatest cyber risks lie downstream in their supply chain and portfolio of vendors. Investors are aware that their investment could evaporate if a business does not properly mitigate their cyber risks.
Consequences: Lower business valuation, Loss of business opportunity, Loss of investment potential
This is why sub-par cybersecurity makes it more difficult to:
– raise capital – close corporate deals – conduct business in new markets – innovate for future business growth – meet business objectives and survive
Secure infrastructure and maintaining customer trust have always been the key ingredient behind the growth of successful companies and industries throughout history.
Developing an effective and resilient cybersecurity program is critical for all businesses with big aspirations.
Who are the bad guys?
So who are the cyber attackers? Who are the cyber criminals?
There are about 3.5billion people on the internet and the truth is not everyone on the internet has good intentions. Some of the bigger resourced cyber attackers are actually government paid groups from US, UK, Russia and China. The malicious threat can also be a disgruntled employee or a competitor looking to gain market share.
Cyber attackers can be:
Hacktivist groups (politically driven)
Disgruntled insiders/ partners
Skilled individual hacker
What are cyber attackers after and what part of the business is at risk?
Cyber attackers are usually either agenda driven and/or financially motivated.
Theft of intellectual property or strategic plans
Sales and marketing data
Reputation damage and business disruption
Destruction to critical infrastructure
Adversely sway outcomes against best business, health or safety interests
The good news is Vertex Security have deep expertise mitigating these cyber risks, so contact us today.