Failing to acknowledge security as a driving factor for change within an organisation can set aside one business from the next. As your IT infrastructure and systems get older and technology further advances, your current IT systems can become vulnerable to new cyber threats.
Security is vital to any business and keeping data secure is essential to your long running success. However, many organisations tend to delay considering upgrades due to high initial costs or to avoid disruptions to their daily operations. What’s the worst that could happen?
Why Poor IT Security Could Cost Your Business
Data breaches and cyber-attacks are more common than ever before, which highlights the need for consistently updated security systems across any business no matter their industry or size. Cyber-attacks can be very costly with “the average cost of a ransomware attack on a business costing around $133,000” (Source: Sophos). There are many different ways in which a data breach or cyber-attack can cost your organisation, some of these include:
- Lost revenue (Due to downtime)
- Lost revenue (Due to lack of consumer trust)
- Significant damage to IT systems/infrastructure
- Legal fees associated with lawsuits, non-compliance and exposed data
- Stolen Intellectual Property
- Fraudulent purchasing (Stolen profiles)
- Breach of third-party data (for example, suppliers or customers)
How Coronavirus Has Affected Business Security Solutions
The emergence of the Coronavirus pandemic has meant that many businesses now have most, if not all, of their staff working from home. This has changed the way in which we work, meaning businesses must now offer secure IT solutions to their employees working away from the office.
Since the pandemic started, there has been a significant rise in security threats which try to take advantage of the current situation to perform cyber-attacks. This outlines the need for improved security solutions to be adopted by all sized companies to ensure the safety and security of their data and finances.