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Multimatics Insight

The Complete Guide to Cybersecurity

Data Science

Common Cybersecurity Mistakes Committed by Companies

In the era of digital, many companies have realized the important of cybersecurity as a factor for running a successful business. As the costs caused by cybercrime increase, companies need to scale up their investments in defending against cyber-attacks. However, in many cases, it is the company itself that allows cybercrimes to occur due to several common cybersecurity mistakes committed by company.

First, companies only focus on the technical aspects to prevent cyber-attacks such as spend budget on network perimeter security, invest in the best firewalls, and others, without providing proper training to enhance their resources’ ability, as well as not considering their potential attackers, where they come from, and the consequences of breaches for business.

Another common cybersecurity mistake committed by companies is building a security system just to be compliant with some standards without evaluating risks that might arise. Companies need to identify which breaches can cost a lot of money and reputation and which are not. Lastly, since cybersecurity is a complex issue, choosing the wrong tech partner could also pose a cyber threat for companies. Therefore, it is important to find the right partner that will provide comprehensive security services and advise on security strategy.

The Impacts of Cyberattack on Business

Cybersecurity has become a top security priority around the globe due to the increasing frequency and complexity of cyberattacks on industry. Those attacks will certainly impact and causing losses for company's business.

Firstly, cyberattack can result in financial losses through the leaked of company financial information such as transaction or payment history and loss of money. Secondly, cyberattack has the potential to damage the reputation of the business as it can destroy the faith that customers have on business. It also leaves a strong impact on the bond between business partners, potential investors, and the third parties associated with business. Thirdly, as company is required to manage the security of all customers personal data, a failure in deploying appropriate security can lead to fines and regulatory sanctions for business.

Key Principles for Effective Cybersecurity

Cybersecurity becomes constantly evolve as cyberattacks are increasingly sophisticated. The need to protect business network has become a never-ending fight between the forces of good and evil. For organizations who relies on computer to run their businesses, it would be beneficial to understand the key principles for effective cybersecurity.

First, foster a cyber resilience culture by strengthening employees' cyber resilient. This could be conducted by regularly training them to identify phishing attempts, scammers, etc., along with proactively educating them. Then, protect critical assets and services. It means that organizations should have a systemic and holistic view of critical applications, services, assets and suppliers to determine potential consequences of a crisis. In addition, as business risk posture significantly changed, companies need to balance their risk-informed decisions as well as manage the cyber risk effectively.

Conclusion

In digital era, cybersecurity is one of important factors for running a successful business. Companies should be able to avoid the common mistakes while investing in cyber security as well as understand the impacts that might arise from cyberattacks on business. Lastly, as companies are mostly rely on computers for running their business, they should also acknowledge the principles for effective cybersecurity; thus companies’ business can run effectively.

Reference:
Authors, G. (2021, April 1). 5 Principles For Effective Cybersecurity Leadership in Post-COVID. My TechDecisions. https://mytechdecisions.com/network-security/cybersecurity-leadership-tips/
How Cyber Security Impacts Business Globally. (n.d.). InnefuLabs. Retrieved April 7, 2021, from https://www.innefu.com/blog/how-cyber-security-impacts-businesses-globally/
Stoletny, A. (2021b, April 2). Most common cybersecurity mistakes that companies make. ITProPortal. https://www.itproportal.com/features/most-common-cybersecurity-mistakes-that-companies-make/
Watkins, B. (2014). The impact of cyber attacks on the private sector. Briefing Paper, Association for International Affair, 12, 1-11.

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