Cybersecurity and the Need for Enhanced Protection Measures in Business

Cybercrime is a growing concern for businesses globally, as a migration to digital processes continues apace. 39% of businesses suffered a cyber-security attack or breach in 2020-21, making it more important for businesses to understand the risks – and the ways in which cyber-security measures can protect business and consumer alike.

What is Cybersecurity?

Cybersecurity is an umbrella term for systems, processes and training programs that seek to protect and preserve digital information. With the onward march of technology, and the near-global adoption of digital solutions in professional and personal life, the protection of digital information is more important than ever. We conduct ourselves near-entirely via online and digital means – whether banking, storing crucial business information, corresponding with partners and clients, or even purchasing essentials.

As technology and interconnectivity has grown more sophisticated, so too have the means of carrying out crime in digital spaces. Cybercrime today takes a number of forms, but chiefly exists in the form of hacking and fraud. With our societal and financial infrastructure existing in digital spaces, it is of supreme importance that those spaces are well-protected and well-legislated – making all the more important the existence and input of fintech law firms, tech innovators and cyber-security solutions.

What Organizations Require Cybersecurity?

Cybersecurity is more a requirement for businesses that operate in some sectors than others – but should still be a consideration for just about every company, with varying degrees of investment. An independent bar or restaurant will use a computer for little more than product orders and financial spreadsheeting and will need little more by way of cybersecurity measures than antivirus software. Meanwhile, an eCommerce platform that handles personal and financial information for thousands of customers will require layers of data protection and management processes.

What Cyber-Security Measures Should Organizations Take?

There are many lines of attack when it comes to digital platforms and data storage, requiring multiple lines of defense to protect a business from the prospect of cyberattack. In terms of data breach or compromise, cyber fraud is most common – in particular, phishing scams that spoof official services or providers, and convince businesses to input crucial passwords or hand over sensitive information.

As such, cybersecurity can be most effectively assured in most scenarios by staff and department training. Ensuring employees can recognize fraudulent requests for information can reduce the possibility of cyber scammers from gaining access to information or internal systems.

Larger-scale businesses, that directly handle the hosting of personal information and passwords, are more likely to be targeted by sophisticated cyberattacks – meaning more sophisticated protective measures are required. Using robust methods of hashing and encryption for passwords can prevent scrutability in the event of a breach.