4 Reasons Why Your Company Should Use IT Security Software
Nowadays cybersecurity is dictated by compelling business reasons including higher profits, reputation and sustainable development.
Why is security software important, especially for business? The number of businesses and organizations that are taking IT and data security seriously is rapidly increasing. A 2019 forecast on cyber security sector by Zion Market Research predicted a huge growth. Valued at $105.45 billion back in 2015, the cybersecurity market is expected to reach $181.77 billion by the end of 2021.
As IT and communication technologies continue to evolve and the use of Internet-ready devices for work now a standard across many industries, spending on IT security software, antivirus, antimalware, and other security solutions will rise alongside it.
IT devices such as computers, routers, switches, and mobile devices are entry points that can be exploited by hackers, viruses, and other parties if left unsecured. Once an organization’s IT network and infrastructure are breached, the damage can be so catastrophic that recovery costs can be overwhelming and crippling. In most cases, recovery from cyber attacks is not possible, particularly for small businesses.
Here are four convincing reasons why your business should get the best cyber security software tools.
1. Protect Your Business
Perhaps the most obvious reason why your business must invest in IT and data security software is to shield your organization from various online threats and cyber attacks.
As most business operations have become more reliant on the Internet, it is paramount that you reduce or limit the exposure of your business processes to risks that stem from Internet-based transactions such as online payments, digital communications, and browsing.
Small businesses and startups are the most vulnerable to online attacks such as phishing, online fraud, email viruses, spam, and malware. Of 100 well-funded fintech startups, 98 of them are exposed to phishing as well as mobile and web application attacks.
Your business’ IT infrastructure contains data needed for basic and advanced business processes. Losing them due to a data breach or malware attack can set your company back financially.
According to 2017 cyber security statistics for small businesses, companies spend an average of $879,582 for recovery. Losses due to business disruption amount to approximately $955,429.
Aside from significant financial losses, your business will also feel the adverse effects of a damaged reputation. And when people lose trust in your company, recovery becomes more expensive and almost impossible.
2. Protect Your Customers
As a business enterprise, you have an obligation to keep your customers’ information safe and secure from unauthorized parties, hackers, fraudsters, and thieves. When they transact with your business, whenever they leave their name and contact details, they do so in the utmost confidence that you will safeguard it all.
2018 experienced a string of high profile data breaches. Big brands and household names such as Marriott Hotels, Kay Jewelers, and Macy’s were among those targeted. Financial losses were heavy. But the toll of losing their customers’ confidence is way heavier and more significant.
A 2019 study on consumer attitude revealed that of over 3,000 customers, 78% will stop engaging with a brand online following a data breach. The same research showed that 48 percent will not sign up and steer clear from an online application or service that has been hacked or manipulated.
Out of five customers whose data has been stolen, one has experienced a financial loss. This means their information has been used by someone else to access and withdraw funds from their bank accounts or purchase things online with their credit card details.
The bottom line is if you can’t protect your customers’ data, why would anyone want to do business with you?
3. Achieve and Maintain Secure Online Banking
Online banking is definitely one of the advantages that came with the Internet. People and companies (or their representatives) no longer have to wait in a queue before they can deposit or withdraw money from their accounts.
But with everything that is performed online, online banking systems and applications can be hacked, manipulated. and disrupted. Funds are channeled somewhere else with the thieves nowhere near an actual bank.
The good news is that IT security software can be leveraged along with existing financial security tools to further boost online banking security and prevent sensitive banking information from being accessed and stolen by hackers, malware, trojan horses, and more.
IT software can be used to establish more streamlined yet secure processes when it comes to banking transactions. Devices are specified and access can be limited to a few personnel. Steps can be automated to minimize manual intervention for more secure and faster banking.
Integrating financial security technologies with IT security software and systems can also be done to enhance current security measures. Your business must also keep up with the latest IT security technologies and download the latest antivirus protection to keep viruses and malware at bay.
4. Improve Search Rankings and Online Conversions
Keeping your IT device network and infrastructure safe also means your shielding your business from potential downtimes caused by cyberattacks, failed network devices, and loss of data to mention a few.
When a cyberattack occurs, your website is rendered inaccessible not only to your customers but to search engine crawlers as well. When search engine crawlers fail to see and index your website, your site’s search engine rankings drop. How far down is totally dependent on the downtime.
Depending on the magnitude of the attack, downtime duration can be quick and over in a few minutes. Or it can be hours or days, which is devastatingly extended. And when your site is back online, your organic traffic is reduced. That’s because your customers are already searching and getting serviced somewhere else.
Another thing to bear in mind is that cyberattacks can adversely impact your site’s loading speed, which is a critical factor in SEO. Fast loading speed is essential to any online business. Several studies have shown that visitors tend to leave a website when it fails to load within three to five seconds. Most of the time, they don’t come back and do their business somewhere else.
Simply put, investing in the right IT and data security software can have an impressive effect on your online business operations. It’s also essential to deploy the best ITSM tools for businesses.
Constantly Keep Up With New Threats
Even when you have the best tools for cyber security, experts advise that you remain alert for new threats. As businesses and security systems developers continue to find ways to combat existing online threats, attackers will continue to modify their approach and discover new ways to circumvent security measures.
Hackers are, according to cyber security experts, liking the challenge. They like to remain a step ahead, getting more sophisticated with complex, multi-pronged attacks. With this development, business owners, IT personnel, and digital security professionals are encouraged to be more proactive and vigilant.
More than just advanced IT security systems, awareness and vigilance are the key ingredients to combat cyber attackers.
It is crucial that your IT security software continues to update its database of viruses, malware, ransomware, and other online security threats. Best practices for IT and data security should be continuously enhanced. Security measures that are effective now must be constantly modified so they remain effective as new forms of cyberattacks arise.