What Is Cybersecurity and How Does It Affect Your Business?

Cybersecurity is the evolving set of tools, risk management approaches, technologies and training that protect networks, devices, programs and data from attacks or unauthorized access. The goal is to ensure that critical information remains private, secure and accessible when needed.

Threats are growing in sophistication and frequency, with more attacks than ever targeting businesses of all sizes. And the cost of a data breach is skyrocketing: According to a cybersecurity company, it now costs on average $4.3 million to clean up after a data leak.

The three main entities that need protection are endpoint devices like computers, smart phones and routers; networks; and the cloud. To keep these entities and the information they contain safe, organizations need to deploy technology that includes next-generation firewalls, DNS filtering and malware protection. It is also a good idea to back up files and always update software, hardware and operating systems to make it more difficult for attackers to exploit weaknesses.

Damage costs can range from the operational—like a hacker erasing files or a virus disrupting operations—to the fiscal (like fines for non-compliance) to the reputational, which can hurt brands and lead to lost business. Estimating these costs accurately can help prioritize actions to reduce the number of high-severity incidents over time.

Be prepared to refine or change cybersecurity goals, metrics and KPIs over time as your business evolves or pivots. And understand that there’s a tradeoff between the level of security and what your business is required to do by regulation or customers. SOCaaS

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