Bharat Bhise HNA – Why Your Company Should Care More About Cyber Security
Listen to this articleHow much does your business invest in its cybersecurity? If you are anything like most of the clients who I work with then this amount will pale in comparison to how much you spend on other security features for the business. The fact of the matter, however, is that this is a vital area of your company which you need to invest in if you are not already. To understand exactly why this is so important, we caught up with industry expert Bharat Bhise HNA to find out more, take a look and see just why this is so crucial.
Customer Trust
In the large majority of cases, businesses use computers to store data on their customers, details such as addresses and phone numbers, and even perhaps bank accounts and payment details. If you are attacked because you have a low level of security then this information could very easily be taken from your systems. If this does happen then you can all but guarantee you will lose the trust of each and every one of your customers. No business can afford to have this happen which is just one reason why cybersecurity is so important.
Lost Time and Money
A cyber breach can cause havoc to your business, it will see you be taken offline for a couple of days which will come at great expense to the business. It is not only the lost time that is going to cost you money but also the cost of repairing your systems and increasing the security to avoid it happening again. The expense of an attack far outweighs what you could pay to increase your security before something like this happens.
Higher Threat Levels
The reason why we mentioned at the top about how many companies invest in other security more than they do cybersecurity is because many business owners are conditioned in this way. They will set up guards, cameras and put tags on products to help avoid being a victim of theft. Whilst this does make a great deal of sense, it is important to remember that there is nearly a higher threat level in terms of having your systems attacked than being the victim of a robbery. Many fail to realize this which is why this risk level must be recognized and better action taken to improve the levels of cybersecurity in the business.
Trade Secrets
The risk which cyberattacks can present are not exclusive to the theft of personal details of your customers. There is also a very real risk that important and confidential business information can also be obtained. This could be the design of a new product, plans for growth, plans to beat the competition or any other trade secret which should be kept under lock and key. If this kind of information is stolen and sold to the highest bidder, you could have a very serious problem on your hands.
