Despite the challenges in 2023 from a macroeconomic standpoint, including tighter budgets, cybersecurity remains a paramount concern for organizations amidst escalating cyber threats and exponential growth in data volumes. Research conducted by the Enterprise Strategy Group reveals that 65% of organizations intend to boost their expenditure of cybersecurity in business this year. 

In this blog, we will discover the pivotal role of cybersecurity in businesses as well as examine the strategies required to mitigate risks and fortify resilience in the constantly evolving landscape of cyber threats.

1. The growing importance of Cyber Security in Business

Given the escalating threat of cyberattacks targeting businesses, the importance of security is becoming increasingly important. As our society becomes more reliant on technology with no signs of slowing down, incidents such as data breaches leading to identity theft are now frequently exposed on various social media platforms.

Furthermore, sensitive information such as credit card details, social security numbers, and bank account information are now stored in cloud platforms like Google Drive and Dropbox, making them more susceptible to exploitation by cybercriminals.

The reality is that whether you’re a small business, an individual, or a large multinational corporation, reliance on computer networks is a daily necessity. This reliance is exacerbated by advancements in cloud services, insufficient protection of cloud services, the widespread use of smartphones, the Internet of Things (IoT), and numerous security vulnerabilities that have emerged in recent years.

As a result, governments around the world are placing increased emphasis on combating cybercrimes and educating organizations, particularly small businesses, about best practices for cybersecurity.

2. Challenges when adopting Cyber Security in Business

a. Lack of Capable Cyber Security Professionals

Businesses are increasingly recognizing the significance of cybersecurity and are endeavoring to bolster their systems and workforce to safeguard against online threats. However, the supply of available professionals far exceeds the demand. A report suggests that by 2025, there will be 3.5 million unfilled cybersecurity positions.

The supply of available professionals far exceeds the demand

The solution lies in nurturing talent internally. By providing training to current security professionals to acquire skills in training and deploying AI models, the shortage of skills can be addressed without the need for competitive and costly recruitment processes. Another viable approach is to opt for off-the-shelf automated systems instead of developing custom applications. While the latter may offer more tailored assistance, the former simplifies much of the training and customization work, reducing the need for a large workforce.

b. Not Enough Budget for Cybersecurity

Numerous organizations view cybersecurity as a cost rather than a valuable investment, resulting in insufficient allocation of funds to this area. An adequate budget should cover the recruitment and training process for skilled cybersecurity professionals, software and hardware purchase, regular security audits, and training sessions to employees. 

A limited budget can impede the implementation of essential security protocols. Inadequate security measures render organizations more susceptible to cyberattacks.

c. Not Staying Up-to-date to Cyber Security Trends

Neglecting to stay ahead of cyber security trends can expose your organization’s networks to potential attacks. It’s imperative for organizations to actively stay informed about prevailing security trends and ensure that their cybersecurity strategy aligns with these trends.

Related: Navigating the Top Cyber Security Trends and Threats in 2024: A Comprehensive Guide

d. Lack of Understanding of New Cyber Security Threats

Organizations may face challenges not only in grasping present security trends but also in staying abreast of emerging threats. New forms of attacks seem to surface on a regular basis, making it vital to comprehend and identify these novel threats. If your IT team isn’t well-versed in the latest threats, safeguarding your networks becomes an uphill struggle.

To address this issue, it is advisable to subscribe to industry news and updates or participate in cybersecurity conferences and seminars.

3. Cyber Security Tips for Business

Here are some effective cyber security tips for business to help avoiding cyber attacks:

Cyber security tips for business

Educate your workforce: It is recommended to set up the cybersecurity training sessions so that everyone in your organization has insights about cyber security, such as cyber etiquette, the security risks associated with their activities, and determining cyberattacks they may face during everyday activities.

Control third-party risks: Third-party risk refers to the potential threat to a company’s personnel, client data, financial information, and operations posed by external entities such as vendors and other third parties who provide goods, services, and access to networks. Therefore, companies must conduct thorough due diligence when engaging with a supplier, ensuring they adhere to adequate data security protocols and consistently monitor compliance with these standards when handling sensitive data.

Execute privileged access: Privileged access management involves the strategies and technologies employed by companies to regulate and grant appropriate access levels to accounts, users, processes, and systems within an IT environment. By carefully assigning access levels based on individuals’ roles and responsibilities within the organization, the risk of significant damage from cyberattacks, whether stemming from internal errors or external threats, is effectively mitigated.

4. Final Thoughts

To conclude, it is undoubted that cybersecurity is important in all businesses. With the continuous advancement of technology, both organizations and their customers are increasingly susceptible to various cyber threats, such as phishing, hacking, and fraud. Thankfully, implementing robust cybersecurity measures can ensure the secure functioning of essential operations such as monetary transactions and online browsing. Besides, it helps improve productivity, ensure employee safety, and safeguard the reputation of the brand.

If you’re looking to strengthen your security or need advice, don’t hesitate to reach out. Contact us at contact@sotatek.com right now!