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As the threat of cybercrime increases, it’s becoming more important for businesses to invest in cybersecurity. Cyber security protects businesses from data breaches, leading to reputational damage, loss of sensitive data, and intellectual property theft.

Cybercrime includes social engineering scams, phishing, ransomware attacks, and malware. Cybercriminals are becoming more sophisticated, and businesses can no longer rely on out-of-the-box cybersecurity solutions like antivirus software and firewalls.

To help protect your business, you should educate your staff about common cyber threats and invest in cyber security awareness training. You should also cover all the fields of cybersecurity to ensure your business is well-protected or hire cyber security consultants to ensure safety at all times.

Cybercrime Impact

Various factors contribute to the cost of cybercrime. These factors can be attributed to a low prioritisation of best cyber security practices, such as hiring a team of cyber security consultants.

Not prioritising cyber security can cost your business in a range of ways, including:

  • Economic: ‍Theft of intellectual property, corporate information, disruption in trading, and the cost of repairing damaged systems
  • Regulatory: ‍GDPR and other data breach laws mean that your organisation could suffer regulatory fines or sanctions due to cybercrimes.
  • Reputational: ‍Loss of consumer trust, loss of current and future customers to competitors, and poor media coverage

All businesses, regardless of size, must ensure all staff understand cyber security concerns and how to minimise them. This should include constant training, refresher courses, and frameworks that reduce the risk of data leaks or breaches.

With the nature of cybercrime and its difficulty in detecting it, it is challenging to understand the direct and indirect costs. However, this doesn’t mean the reputational damage of even a small data breach or other security event is not large. If anything, consumers expect increasingly sophisticated cyber security measures as time goes on.

How to Protect against These

  • Staff education: Per the UK’s Information Commissioner’s Office (ICO), most data breaches are caused by human error, but this provides an opportunity to educate staff on identifying and responding to cyber threats. By doing so, the majority of data breach incidents could be avoided. In addition, investment in cybersecurity solutions would be more effective, as staff would be less likely to bypass security controls unknowingly and facilitate cybercrime.
  • Secure sensitive data: Data leaks can be a major security risk, and it’s important to have a data leak discovery solution to help monitor and prevent them. Australia alone experienced an increase of six per cent regarding data breaches, which can occur through third-party providers. Thus, most data breach incidents can be avoided by shutting down vendor data leaks.
  • Work with a third-party like cyber security consultants: Technology can help reduce costs by instantly sending out vendor assessment questionnaires, which are part of an overall cyber security risk assessment strategy.

Organisations should no longer be asking why cyber security is important but how they can ensure their cyber security practices are sufficient to comply with GDPR and other regulations and protect their business against sophisticated cyber attacks.

Conclusion

Consult with cyber security consultants in Sydney from Rabbon today! We can minimise your cyber threats with our patented technology. Speak to our experts to learn more!

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