Updated: Jun 18, 2021
Let me ask you this, doesn’t it seem like new major cybersecurity breaches are happening almost every day?
Of course, the bigger the company, the greater the cost of downtime caused by an attack. Companies with 250 or more employees were revealed to be more than two times more likely to be targeted for an attack as companies between 10 and 49 employees. However, don’t get me wrong – this does not mean that small and medium sized companies (SMEs) are immune to such attacks!
All companies, no matter the size, are at increasingly high risk of an attack!
Let’s face it. As your business draws more and more value from its data, you start to carry larger and larger risks. With data-fueled applications projected to generate $13 trillion worth of new economic activity by 2030, companies of all sizes thus need to be prepared to protect themselves against what might come next.
So let’s talk about circuit breaker. Singapore’s circuit breaker period forced companies to adopt remote working for all their employees overnight. However, here’s the problem – many companies have found themselves short on cybersecurity measures. In fact, more than half of the businesses surveyed in a recent Barracuda report have reported at least one data breach or cybersecurity incident since the adoption. Imagine that!
The report also noted that COVID-19 has accelerated the introduction of remote working by at least five years for 67% of organisations in Singapore, with 61% reporting increased productivity and 81% planning to keep remote working even after the pandemic is over. And this is where investing in cybersecurity is even more crucial for businesses right now!
The Need for Cybersecurity
As COVID-19 forced a large number of businesses to take their operations online, the need for a strong cybersecurity platform becomes even more crucial.
Think about it, in a typical office setting, a centralized security option can cover an office’s Wi-Fi and desktop computers. However, how well do these solutions fare when your employees are working remotely from anywhere and everywhere?
Hence, a lack of focus on cyber security can be greatly damaging to a business. There is the direct economic cost of such attacks to the business, such as theft of corporate information, disruption to trading or even having to repair affected systems all resulting in financial loss.
However, although the monetary cost of a data breach is a significant problem, the effect on the brand is a whole other story. That’s especially true in sensitive industries where an attack can shake customer faith in brands and entire market segments. With a lack of faith in the security of the affected business, customers will be more inclined to venture elsewhere, resulting in a loss of sales and profits.
Securing More Than Ever
The report further stated that 48% of businesses do not have up-to-date cybersecurity strategies or solutions in place to cover all of the vulnerabilities posed by full-time remote working.
The situation is getting worse as 53% of organisations are allowing employees to use personal email addresses and devices to conduct company work.
Therefore, while it is crucial to have your business’s operations fully locked down, both companies and individuals need to have their digital periphery secured as well. Wi-Fi, emails, messages, data transfer, etc. — Basically, with anything your business does, you should look into ways to lock it down.
Microsoft Outlook for instance have email encryption built into their platforms; if you keep your accounts password-protected, the odds of leaks are rare. Messaging platforms like Microsoft Teams also remain the gold standard for sending messages or video calling safely and securely.
Finding the Right Solution
All businesses, no matter its size, needs to ensure everyone involved in the company is up to date on the latest cyber security threats and the best methods for protecting data.
Thankfully, new platforms are being developed that can work with businesses of all needs and sizes. Businesses need security solutions that scale appropriately; ever-fluctuating business cycles can make it difficult to sign on with platforms that are too rigid. Looking into different solutions is necessary to keep your data secure.
The best way to do this is with regular training of staff as well as using a framework to work towards with key goals for achieving a standard which ensures the risk of a data breach is minimal. From regularly updating software, training employees on the ins and outs of email phishing campaigns, and implementing two-factor and email authentication, there are many effective ways of preventing cyberattacks, and all it takes to start is the realization that no company, or nation, is immune to hacking.
It is thus essential for businesses to invest in cybersecurity as soon as possible; the shift to digital is happening too quickly to ignore. To stay ahead of the curve, find solutions that secure each aspect of your business’s operations — your profit margin will thank you later.
Want to start investing in cybersecurity now before it’s too late? Click the green button below to contact us today!
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