What is the importance of cyber security and business?
Together, cyber security and business are important because so many modern corporate functions are digital. From payroll to video calling to storing proprietary and confidential information in the cloud, there is a lot of important data that needs protection far beyond just installing antivirus software. By taking your company’s cyber security seriously, you help ensure business continuity and protect what matters most from malicious actors.
Business cyber security basics
Establishing your business’ cyber security begins with conducting a thorough risk assessment. The goal of this is to identify any vulnerabilities in your company’s digital operations. This can be as simple as your software being out of date, or it can be something more complex like too many employees having easy access to sensitive information. It should also include all of the vendors and third parties you conduct business with, as they may have vulnerabilities that affect your system (for example, using free consumer-level e-mail such as iCloud instead of secured enterprise e-mail like Microsoft 365 Enterprise). Even small details, such as data management and the operating system in use on their computers, can create a vulnerability through which bad actors can exploit your system. Try to integrate the findings of your risk assessment into any existing company policies, such as your workplace’s cellphone policy and its social media policy.
Next, review access control for both your internet network and your physical infrastructure (such as work computers and phones). Two-factor authentication and password management are two commonly used methods. Two-factor authentication involves using a second device to verify a login attempt, while password management involves assigning everyone at the company their own password that grants access to whatever digital assets they use (computer, e-mail, file storage, etc.) This password is often changed every 30 days.
Finally, you should have a contingency plan in place for when systems fail, or data is compromised. It should clearly spell out who responds to what while delineating responsibilities for communication. In some cases, systems might temporarily need to be shut down to be serviced and restored. You should have backup plans for when this occurs, and closing down business should be a last resort.
Implementing a business cyber security plan
There are three ways to properly implement a business cyber security plan. If you have technical acumen, you could do it yourself. If you do not, you can delegate it to whoever handles your company’s IT. Or, if you’d rather have someone from outside your company give your systems a fresh look, you can hire an IT consultancy or third-party IT management firm. Each method has unique benefits and risks for you to consider.
The greatest advantage of setting up and managing your company’s cyber security yourself is cost savings. Competent IT professionals can be very expensive, and some companies simply aren’t in a position to pay for their services. The drawback to this scenario, of course, is risk. It’s easy to miss details and make mistakes that can lead to very costly circumstances for your business should it fall victim to a cyber attack (more on that later).
Delegating the task of setting up and managing your company’s cybersecurity to your company’s IT team is the safest option, as they are likely already skilled in the various facets of technical security. If you have an in-house IT team, odds are you already have some sort of cyber security arrangement in place. If this is the case, it still helps to familiarize yourself with your systems, so be sure to collaborate with the team early and often. The greatest benefit to leaving cyber security for IT to handle is that they are experts in this field and have your business’s best interests in mind. The only drawback to this approach, if you can even consider it a drawback, is that your IT team may be too “close” to your business and therefore somewhat set in their ways or myopic. Consistency and repetition are great in some situations, but when it comes to a field as dynamic as cyber security, critical thinking is key given how often technology changes.
The third option when it comes to cyber security and your business is to delegate the setup and/or management to a third party, whether it’s a consultancy or an IT firm. The main benefit of this approach is that many of these companies have a quality-of-service guarantee, which means they will reimburse you in the unlikely event of downtime or service failure. Just like an internal IT team, it is their job to stay on top of developments in cyber security and to ensure they have adequate training and skill sets. They also approach your business with a fresh perspective and might see threats or opportunities that your internal team has overlooked. The drawback to hiring a third party is that you’ll still need to onboard them to your systems, and you’ll have to relinquish a bit of control in having them implement their solutions. It is also the most expensive option, especially if you opt for them to not only set up your cyber security but manage it as well.
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The risks of poor cyber security
So much of modern business is conducted digitally, it is imperative that you do not skimp out on your cyber security. Even a momentary vulnerability can lead to an exploit that could end up compromising your business. Hackers can steal your customers’ or employees’ personal or financial information and sell it on the dark web. Confidential or proprietary information about your company and its products or processes can be stolen. In particularly malicious cases, your entire system could be held ransom until you pay hackers a financial bounty (and even then, it’s no guarantee they’ll leave your system intact).
The cost of cyber incidents can be quite burdensome, even for the most successful businesses. There are direct costs, such as money being misappropriated by hackers or you needing to replace certain pieces of equipment, and indirect costs, such as needing to shut down business while your systems recover and/or the ensuing hit your company’s reputation will take. None of this is worth the money you think you’ll save by ignoring or barely paying attention to your cyber security.
Whether you do it yourself, trust an internal IT team, or outsource the work to a third party, shoring up your company’s cyber security is vital to business success in the 21st century. Those who fail to take it seriously leave their companies vulnerable to poor outcomes.
