Why businesses should take network security seriously

In 2022, cybersecurity is one of the most important issues that a business can address. Having a strong cybersecurity game plan can allow your business to adapt to ever-changing threats in the digital sphere. Having up-to-date cybersecurity can also protect proprietary information, build credibility in the marketplace, and retain customer loyalty. 

As more and more business evolves to take place online, taking cybersecurity seriously is of paramount importance in today’s professional landscape. Investing in strengthened network security has never been more timely, nor has it been more critical. 

The Fields Most Harmed by Cybersecurity Breaches in 2021

2021 was one of the worst years on record for data breaches, costing businesses millions upon millions of dollars. Business sectors with more than 1 million victims in data breaches include: 

• Healthcare: With more than 7 million victims, the healthcare industry was particularly targeted for costly ransomware and malware attacks.
• Financial services: Banks and other investment services numbered among one of the top targeted fields, with around 1.6 million victims of cybersecurity breaches in the financial sector.
• Professional services: With 1.5 million victims, professional services fell directly behind financial services in cybersecurity breaches in 2021.
• Government: 1.4 million victims of data breaches belonged to the public sector. 

Top 5 Risks for Businesses in 2022

According to the Allianz Risk Barometer, cyber incidents are now ranked as the number one possible risk that businesses may face. The yearly study surveys 2,650 business professionals in 89 countries and territories. Those surveyed include CEOs, risk managers, brokers, and insurance experts. The 2022 study accounts for both the likelihood and predicted impact of possible business disruptions in the following order:

1. Cyber disruptions – 44% of those surveyed ranked cyber disruptions as the number one challenge businesses could face in 2022. Cybersecurity has only been listed this highly once before in the history of the rankings. However, with the current shift of more and more business taking place online, due to the last few years of COVID19 health risks and concerns, online disruptions now translate more clearly into a loss of very real dollars.
2. Business interruptions – 42% of those surveyed were worried about an inability to produce or distribute their goods and services. Supply chain disruptions remain a constant concern on the horizon for many business owners, especially after the past few years of uncertainty. 
3. Natural catastrophes – 25% of those surveyed report natural catastrophes as a top concern. This category is intrinsically linked in responses to climate change, which jointly rose to the number 6 spot for the first time ever in this data analysis.
4. Pandemic outbreak – While 22% of those surveyed continue to rank pandemic outbreak highly, many also point out that their businesses have had the past two years to begin to adapt to the changing health climate. While new variants of COVID19 and other diseases remain of concern, many believe that their businesses are in a stronger place to handle health risks than ever before. 
5. Changes in legislation and regulation – 19% of respondents report changes in governance as a top concern. This bureaucratic issue remains in the top 5 year after year. 

Reasons to Take Cybersecurity Seriously as a Business

As businesses increasingly shift to support remote work and hybrid office models, investing in cybersecurity is one of the best ways to ensure both productivity as well as legitimacy. With more ports of access to business networks, and more logins occurring from possibly unsecured connections as employees login remotely, investing in professional-grade cybersecurity has become increasingly important.

Corporate cyber attacks grew by over 50% in 2021, as businesses saw over 50% more cyber attacks per week on average than ever before. Some of the most common kinds of cyber attacks include: 

1. Phishing and social engineering: 57%
2. Compromised or stolen devices: 33%
3. Credential theft: 30%

Additionally, customers care that their data is being respected and kept private. Data breaches can take a toll on customer loyalty, especially when financial information is shared or lost. A data breach can mean not only losing proprietary data, but also compromising customers and clients who have entrusted your business with their personal or sensitive information. 

Is Your Business Prepared to Defend Itself Against Cyber Attacks? 

43% of cyber attacks are aimed at small businesses. Meanwhile, statistics show that only 14% feel prepared to defend themselves against cyber crime. Cyber attacks are an ever-changing field, with constantly evolving methods and new risks emerging regularly. Does your business feel prepared to defend itself against the latest methods of cyber criminals? Network Tigers is here to help today. 

Sources

• The top data breaches of 2021 | Security Magazine
• Cyber risks top worldwide business concerns in 2022 – Help Net Security
• Businesses Suffered 50% More Cyberattack Attempts per Week in 2021 
• Cybersecurity in 2022 – A Fresh Look at Some Very Alarming Stats 
• Ninth Annual Cost of Cybercrime Study