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What is cyber security?

Cyber security is the practice of protecting the confidentiality, integrity, and availability of data, and the devices and networks that work with that data from cybercriminal attacks. This means protecting your private and proprietary information from unauthorized access, making sure it is trustworthy and reliable, and available to approved individuals when they need it. Good cyber security programs are built around people, policies, processes, and technologies used to protect organizational data and reduce risk.

Why is cyber security important to my business?

As the occurrence of cybercrimes continues to rise, cyber security is becoming increasingly important to businesses every day. In 2021, the FBI’s Internet Crime Complaint Center received over 800,000 complaints regarding cyberattacks and malicious cyber activity with nearly $7 billion in losses. Attacks can have lasting adverse repercussions.

Cyberattacks can impact companies in the following ways:

1. Operationally

Cyberattacks can have major interruptions to business operations and processes which can lead to lost productivity and revenue. Criminals can infect computer systems with malware that erases data or installs code that denies functionality.

2. Financially

A cyberattack can cost thousands in lost revenue, wages, recovery efforts, and insurance premiums. If infected with Ransomware, companies will be faced with paying a sizable ransom to recover their data.

3. Reputation

A business’s reputation can be tarnished after they have experienced a cyberattack. Customers will feel less secure in working with or purchasing from companies who have experienced a compromise and are less likely to trust them with securing their sensitive information. This also extends to businesses and suppliers that have relationships with the company as their trust will erode. 

Are small to medium sized businesses safe?

Small and medium sized businesses have an increased threat from cyberattacks. Larger companies typically have the finances to invest in increasing their cyber security programs and their cyber security posture. Many SMBs fail to implement cyber security measures and the lack of preparation makes them soft targets increasing their vulnerability to cyberattacks. 61% of SMBs were the target of a cyberattack in 2021 and that number is expected to be higher in 2022. A cyberattack can cripple an SMB and they may never fully recover.

What should a business do to prevent attacks?

To prevent attacks, businesses need to make cyber security a priority and an ongoing process. The best way to reduce the damage of a cyberattack is to prepare for one. The process starts with a cyber security assessment which assists a business in understanding the current measures in place.  Once a business understands its strengths and weaknesses, it can begin to assign risk, make a prioritized list of items to address, and begin implementing a cyber security program.

How does CatchMark help?

No business is 100% secure and we provide a variety of services to assist businesses with meeting their cyber security goals. This includes conducting assessments, consulting, program establishment, and operational support. Contact us today for more information.