Almost every other business today has an online presence due to the extraordinary reach and power of the Internet. Having your business online brings many benefits that help you get more customers and grow your business. However, with all these benefits, there come some demerits and threats. Some of these demerits and threats are pretty severe and can cause serious problems for a company, such as the possibility of a cyberattack! Hence, they require an appropriate response from a business operating on the World Wide Web. This is where cybersecurity comes into the picture. In the following paragraphs, we will explain why cybersecurity is vital to your business in 2023.

What is a Cyberattack?

A cyberattack is a targeted attempt to break through computer and information systems, network infrastructures, smartphones, tablets, or personal computers to get access to sensitive company information or personal data. International Business Machines (IBM) defines a cyberattack as,

“A cyberattack is any intentional effort to steal, expose, alter, disable, or destroy data, applications or other assets through unauthorized access to a network, computer system or digital device.”

In today’s day and age, cyberattacks are a serious threat to companies and individuals. Hence, companies and individuals must take effective cybersecurity measures to mitigate the threat of cyberattacks.

What is Cybersecurity?

In a global market where an increasing number of people have social profiles and businesses on the Internet, cybersecurity has taken centre stage as it helps ensure the safety of your data online. Cybersecurity includes all those practices and technologies that aid in the protection and defense of computer systems and your valuable digital data. For a more nuanced definition, let us take a look at how the Cybersecurity and Infrastructure Security Agency (CISA) defines ‘cybersecurity’;

“Cybersecurity is the art of protecting networks, devices, and data from unauthorized access or criminal use and the practice of ensuring confidentiality, integrity, and availability of information.”

Five Reasons You Should Be Concerned About Cybersecurity in 2023

Here are five reasons why you should take cybersecurity seriously in 2023. Numbers three and four in the list might surprise you!

1 – Cyberattacks are Becoming Extremely Common

Firstly, the real problem is the rising number of cyberattacks that are taking place. IBM’s Data Breach Report revealed that 83% of organizations experienced more than a single data breach in 2022, which is a mind-boggling number. Moreover, according to CISA, there was a ransomware attack every thirty-nine seconds in 2019. As of 2021, the number stands at eleven seconds only, which demonstrates how much of a threat cyberattacks have become! As a business, you should be wary of these scary statistics and take appropriate action to ensure you don’t fall victim to such attempts.

2 – Small Businesses Are Easy Targets

The Small Business Association (SBA) tells us that small businesses remain by far the most vulnerable and attractive targets. Small businesses are generally more prone to cyberattacks because they cannot afford proper IT solutions and pay little attention to improving their cybersecurity. Poor information infrastructures are also among the big reasons small businesses are easier targets. Fortunately, ComTech Systems provides affordable cybersecurity solutions for such businesses to fend off and prevent such attacks. The Federal Communications Commission (FCC) has detailed guidelines regarding cybersecurity for small businesses for the reasons mentioned.

3 – The Financial Cost of Cyberattacks

Cyberattacks can lead to significant financial losses. In 2023, the average cost of data breaches globally hovered around $4.45 million, according to IBM. Publicly traded companies lost an average of 7.5% of their stock value after a data breach. Moreover, it took these companies an average of forty-six days to recover their lost value. So, cyberattacks pose a genuine financial risk to companies. The damage can be far more severe in the case of small businesses.

4 – Other Organizations Are Taking it Seriously

As cybersecurity attacks become increasingly common, companies take the threat much more seriously. There is a clear uptick in businesses looking for effective and affordable cybersecurity solutions for themselves in light of the increase in such breaches. According to IBM’s Data Breach Report, about fifty-one percent of organizations are looking to invest in cybersecurity measures due to a breach.

5 – Organizations are Spending Considerable Money on Cybersecurity

A famous research and advisory firm predicted that cybersecurity spending will balloon up to $188 billion in 2023. However, according to the latest information, global cybersecurity spending is expected to reach $219 billion in 2023, and the number is expected to reach $300 billion in 2026. These numbers tell us how much of a role cybersecurity will have as we move towards 2030. The increase in cybersecurity spending should be a wake-up call for businesses of all kinds.

Cybersecurity Services at ComTech Systems

If you are interested in cybersecurity solutions for your company, look no further because we’ve got you covered. At ComTech Systems, we provide the best cybersecurity solutions for all our clients. Feel free to contact us right away.