Cybersecurity is no longer the concern of just one division within a corporation. While the advancement of technology has provided the world with numerous benefits, it has also shone a light on how businesses can be left vulnerable to cyberattacks if their cybersecurity is not up to standard.
With the increase in cyberattacks and multiple companies still adopting a work from home policy due to the COVID-19 pandemic, it is more crucial than ever for businesses to invest in their cybersecurity measures. Let us go further in-depth as to why organisations require an adequate cybersecurity infrastructure.
1. Reduces the risk of remote working
The COVID-19 pandemic has brought a significant change to the way people work. Many companies in Singapore are still adopting a work-from-home policy to combat the spread of the virus. However, the shift to a remote work arrangement has increased the threat to sensitive data and the risk perimeter of businesses enormously.
Therefore, it is imperative for businesses and organisations that have adopted a work from home set-up to invest in reliable IT support solutions that deliver digital protection against possible cybersecurity threats. As remote work arrangements continue to be the default option, the emphasis on cybersecurity should also increase.
2. Enhances productivity
In almost all instances, when organisations experience a cyberattack, their operations also become heavily affected. A cyberattack can prevent them from accessing their own systems networks, thereby halting their businesses. When this situation occurs, it can have a significant impact on the companies’ productivity and efficiency.
Usually, when a cyberattack occurs, the leading cause is often a security oversight by an employee. Therefore, it is a good idea for companies to enrol their employees in IT security courses to help them enhance their overall knowledge so they are aware and vigilant of any potential cybersecurity threat.
3. Protects the company’s bottom line
Finances and profits are two of the most important aspects of a business. At the end of the day, a company’s main priority is to make money. However, companies are often susceptible to losses, especially when they lack the resources to protect their bottom line, as is the case when they face a cyberattack. The disruption to their daily operations can lead to significant losses depending on the downtime of their IT infrastructure.
Moreover, a cyberattack often results in the leak of sensitive information, resulting in heavy fines by regulators when companies fail to adequately protect their customers’ data. Therefore, it is highly recommended that businesses spend a significant amount of money on proper IT infrastructures and cybersecurity tools to avoid incurring financial losses due to phishing, malware, or ransomware attacks. Doing so can save companies a significant sum of money in the long run, as it protects them from the harm and inconvenience of cyberattacks.
4. Ensures compliance requirements
As cybersecurity issues become increasingly prevalent, the awareness around data security is also growing and evolving. In Singapore, several cybersecurity regulations have already been put in place to ensure companies are committed to protecting their customers’ data.
These regulations generally aim to provide guidelines for businesses to make the necessary security arrangements to prevent unauthorised access, collection, modification, or disposal of any personal information held or processed by them. The cybersecurity regulations are designed to encourage companies to strengthen and resolve any vulnerability in their IT systems.
5. Safeguards consumers’ data
Cyberattacks can compromise consumers’ data. Companies, especially those in the vulnerable sectors like finance and healthcare, need to ensure the safety of their customers’ information and sensitive data. Otherwise, they run the risk of incurring liabilities.
Furthermore, companies with trusted IT infrastructures and cybersecurity solutions also instil greater trust and confidence in their customers. When consumers know that a business website is secure and the company has a track record of safeguarding its consumers’ data, they are more likely to make purchases and engage in its services.
There are numerous benefits that come with investing in cybersecurity. As IT infrastructures and operations grow in complexity worldwide, cybersecurity threats and risks have also evolved accordingly. As such, it is pivotal for companies to reinforce their IT infrastructures by investing in cybersecurity solutions to ensure that their systems are resilient enough to combat any cyber threat.
In addition, they should also consider bolstering their employees’ cybersecurity awareness. At BridgingMinds, we offer a diverse range of cybersecurity courses from a variety of IT vendors. With the guidance of our qualified instructors, companies can rest assured that their employees are equipped with the latest knowledge to combat the ever-evolving cybersecurity threats