Why Every Business Needs a Cybersecurity Plan?

Every business, regardless of size or industry, exists within an intricate online landscape. While it offers significant advantages, it also creates vulnerabilities. With the growing number of cyber issues in India and across the globe, it has become a compulsion for businesses to have a comprehensive cybersecurity plan. To understand why businesses must prioritize cybersecurity, it’s crucial to understand the effects of cybersecurity.

The Growth of Cyber Crimes

Cyberattacks are no longer a matter of ‘if,’ but ‘when.’ They remain a major threat worldwide, with different types of cybercrimes causing serious problems. Some eye-opening statistics are:

• Cybercrime costs are projected to reach $9.5 trillion by the end of 2024.
• The manufacturing sector faces the highest number of cyber attacks globally.
• Worldwide spending on security and risk management is expected to increase by 14.3% in 2024.
• On average, a data breach costs around $4.45 million globally in 2023.

These numbers paint a grim picture, revealing the growing sophistication and frequency of cyber threats.

The Impact of Cyber Attacks

The consequences of a successful cyberattack can be devastating and catastrophic for businesses. They face a multitude of risks, including:

• Reputational Damage: A data breach can shatter customer trust which can tarnish reputation and cause potential loss to businesses.
• Financial Losses: Data breaches can lead to hefty fines for non-compliance with data protection regulations. Additionally, stolen financial information can lead to significant monetary losses.
• Operational Disruption: Cyberattacks can cripple critical systems that may hinder the day-to-day operations and cause costly downtime.
• Legal Repercussions: Businesses that fail to safeguard customer data properly may face legal action.

For instance, MobiKwik, a leading Indian digital payments platform, suffered a major data breach in 2021. This incident exposed the personal information of millions of users, including sensitive details like names, phone numbers, encrypted passwords, and even partial credit card numbers. Following the breach, public outrage ensued, and user trust in the platform plummeted. Therefore, cybercrime cases not only cause financial damage but also hamper customer trust and loyalty.

What are the Common Cybersecurity Threats?

Cyberattacks come in various forms, evolving to unprecedented levels of sophistication, largely due to advancements in AI and other machine learning algorithms. Some prevalent threats businesses should be aware of include:

• Phishing Attacks: Deceptive emails or messages designed to trick employees into revealing sensitive information or clicking malicious links.
• Malware: This encompasses viruses and ransomware, capable of infiltrating systems, stealing data, and disrupting operations.
• Denial-of-Service (DoS) Attacks: Hackers flood a website or server with traffic, overwhelming it and preventing legitimate users from accessing it.
• Social Engineering: This technique exploits human psychology to manipulate employees into granting unauthorized access to confidential details.
• Zero-Day Attacks: Hackers exploit previously unknown vulnerabilities in software, posing significant challenges for defense.

Cybersecurity Plan — A Must for Every Business

A cybersecurity plan serves as a proactive defense blueprint,outlining clear procedures to be followed in the event of data breaches. With a strong plan, it becomes easier for businesses to respond to incidents, minimize downtime, financial losses, and reputational damage. Let’s explore the top benefits of having a cybersecurity plan for your business:

• Enhances Preparedness: A plan delineates roles, responsibilities, communication protocols, and containment measures for different cyber threats, boosting readiness.
• Improves Recovery: Most cybersecurity plans include data backup and recovery procedures, facilitating swift return to normal operations following an incident.
• Reduces Risk: By identifying threats beforehand, businesses can minimize associated risks. A cybersecurity plan allows prioritization of resources and addressing of weaknesses before exploitation by attackers.
• Adherence to Compliance Rules: Many data protection regulations, such as the Information Technology Act, 2000, mandate specific security measures. A well defined plan enables businesses to maintain compliance and avoid any legal repercussions.
• Boosts Employee Morale: A strong cybersecurity posture reassures employees that their data and the company’s information are safeguarded. This fosters a culture of security awareness within the organization.

Advanced Security Measures

For businesses handling highly sensitive data or operating in high-risk industries, additional security measures may be necessary:

• Security Information and Event Management (SIEM): This system allows for centralized monitoring and threat detection by collecting and analyzing security data from various sources.
• Penetration Testing: Simulating cyberattacks helps identify and address security weaknesses before attackers exploit them.
• Endpoint Detection and Response (EDR): Deploying EDR solutions helps detect and respond to malicious activity on individual devices within a network.

Partner with Two99: Invest in Your Peace of Mind

Cybersecurity is not a one-time affair but a continuous process. Cybersecurity professionals can help assess specific needs and implement effective security measures. This is where Two99 can be your partner. We offer a comprehensive suite of services designed to protect digital assets and secure your online presence. From fintech to e-commerce, we cater to multiple industries, providing expertise in understanding the cyber threats each sector might face. Contact Two99 to benefit from our experts who provide peace of mind through robust defense against cyber threats.