The Economics of Cybersecurity for Large Firms.

Cybersecurity grows more important every year, with companies investing as much as £700 million in the sector in 2021. Businesses are often the targets of cybercriminals, so it’s vital to have protection in place.  

Without adequate cybersecurity, companies risk losing money, clients, important information, and customer data. These losses can result in legal action and even business closure, so it’s best to give yourself coverage from as many angles as possible.

Cybercriminals are constantly developing new ways to infiltrate businesses. With that in mind, here’s how you can safeguard your business from online threats.

Provide training

Your employees are the first line of defence when it comes to cybersecurity threats. Making sure that they know how to handle them can save your business from losses. Almost 82% of data breaches involve the human element and cost UK organisations £2.9 million per leak, so providing in-depth training for staff could save you in the long run.

Some of the most common but damaging breaches come from phishing emails and social engineering. These can be easily avoided when employees know the signs and how to avoid them.

One solution is to offer online cybersecurity courses to ensure your employees are armed with the necessary understanding of cybersecurity threats and how to approach them.

Protection

Protective software is critical for keeping would-be cybercriminals out of your company’s system. Once it’s in your computer, malware can steal your data, encrypt it so you can't access it, or even erase it completely.

You can deploy software for malware removal as well as take steps to avoid it in the first place. Having many layers of protection is wise, as it reduces the risk of malicious programs compromising your operations.

Regular tests and audits

Staying vigilant for cybersecurity threats is the best way to avoid them. Keep your systems updated and your employees refreshed on the proper procedures. Regular audits can identify blind spots and give you the opportunity to address them before attacks happen.

Testing your employees with fake phishing emails is a good way to keep people alert. By simulating attacks, you can see if cybersecurity awareness training is being digested. As a result, you'll identify areas that need refreshing. It also helps to reinforce good habits from those who have absorbed the necessary knowledge.

Develop your IT team

Businesses of almost any size should have a dedicated IT team who understands and can detect cybersecurity threats. Empower your team to monitor the changing ways in which cybercriminals attempt to infiltrate systems. They can then adapt and put in place appropriate safety measures.

Being able to protect sensitive data is vital, so investing in people for whom it is a core responsibility is wise. They’ll be the first line of defence to ensure that your business can withstand digital attacks.