The Importance of Strong Enterprise Security In a Profit-Driven Environment

Intro

All businesses aim to generate profit. However, making money is only one of the steps to success. Companies must also know how to invest, multiply, and, most importantly, protect their funds.

In today’s ever-changing world, learning about the latest threats and ways to prevent them can be the difference between thriving in the competitive market and bankruptcy. Therefore, businesses should spare no expense when it comes to beefing up their security measures.

This article explains why enterprises should emphasize safeguarding their assets and how they can build a more secure environment. Additionally, it presents the most significant challenges to corporate security with solutions to each of them. Let’s get started.

What are the main reasons for enterprises to improve their security?

Whether by reading Casper's guide to blockchain development or another piece on the latest technologies, one can quickly notice a trend of companies investing more and more money to ensure secure transactions. And it is not without merit.

There are many reasons for businesses to invest in better security. Here are some of the most significant ones:

To protect against malware attacks

Malware is a type of malicious software designed to damage computers or steal information. There are different types of malware, such as viruses, worms, ransomware, and spyware. Each of them has unique features, but they all share one goal — to harm their target in some way.

The number of malware attacks is constantly growing. In the first quarter of 2020, there were over 670 million new malware samples, which is a significant increase from the previous years.

Consequently, companies should pay attention to the latest developments and invest in cybersecurity to avoid falling victim to data breaches and cyberattacks.

To comply with regulations

Most regions have laws that require companies to take specific security measures. For instance, almost all developed countries in Europe have signed the General Data Protection Regulation (GDPR).

This document obliges firms that process Europeans’ data to follow specific regulations, such as ensuring the confidentiality of information and providing customers with the right to be forgotten.

Failing to meet GDPR requirements can result in severe penalties, including high fines. In 2019, Google was fined €50 million for breaching the regulation.

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To reduce the risk of data breaches

According to a study by IBM, the average cost of a data breach is $4.35 million. The research also showed that the average total cost of a breach in the healthcare industry is even higher, reaching over $10 million.

The most significant factor that affects the financial damage caused by data leaks is the number of stolen records. But the time in which companies address the issue is also critical.

In 2022, it took businesses an average of 277 days to identify and contain a breach. If companies cut this period to 200 days, they could have saved up to $1.12 million.

To secure their reputation

Companies that fail to protect their clients’ data often have to face severe consequences. For example, they may lose their customers’ trust or damage their brand image. In some cases, data breaches can even lead to bankruptcy.

In 2018, for instance, Marriott International announced that hackers had gained access to the reservation system of its Starwood hotels chain.

As a result, approximately 500 million guests had their personal information compromised. The incident not only resulted in a $23.8 million fine but also caused Marriott’s stock prices to drop by 6%.

To improve employee productivity

Security threats don’t only target businesses but also their employees.

Phishing emails are one of the most common ways for cybercriminals to gain access to corporate systems. These messages usually contain links or attachments that lead to malicious websites or downloads infected with malware.

Once employees click on them, they unknowingly infect their computers with viruses or give cybercriminals access to sensitive company data.

Besides malware and phishing attacks, employees may also fall victim to social engineering scams. In these cases, criminals use psychological manipulation techniques to trick people into revealing confidential information or performing certain actions, such as transferring money to their accounts.

These incidents can have a significant impact on employee productivity as workers spend valuable time dealing with them instead of performing their regular duties.

What are the most significant challenges to corporate security?

Threats to your data and funds are constantly evolving. Therefore, there is no way to know what to expect next.

Still, it is possible to set up your IT infrastructure in a way that it will be protected from most attacks.

Let’s look at the fundamental challenges faced by businesses of any size and discuss how they can benefit from a more secure system.

Costly and time-consuming security audits

The EY Global Information Security Survey 2021 found that cybersecurity is severely underfunded. Many businesses spend close to nothing on cybersecurity, with the typical average IT spend not being too impressive either.

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What prevents most entrepreneurs from devoting more funds to this issue is that it can be a costly venture, especially if you are going to do it right.

Nevertheless, 36% of respondents agree that it is only a matter of time before they suffer a breach that could have been avoided through investment, so putting money into it might be a more cost-effective option.

When it comes to dealing with hackers and cybercriminals, prevention is better than cure. One way to achieve this goal is through regular IT security audits. Unfortunately, these audits are usually expensive and can take months to complete.

The solution: Make use of an automated IT security audit tool.

The best way to deal with this challenge is to automate your IT security tasks and procedures using a professional IT security audit tool. Not only will you save time and money, but you will also get a detailed overview of the vulnerabilities in your system and know how to fix them before it is too late.

Lack of employee awareness

In a 2012 study by the Ponemon Institute, over 70% of respondents admitted their organizations had experienced a data breach due to negligent or malicious employees.

This is why training your employees on the latest security measures is so important.

However, not all business owners have the time or budget to invest in this kind of training. Even if they do, there is no guarantee that their employees will remember or apply the knowledge they’ve learned.

The solution: Train your employees to recognize security breaches by investing in professional cybersecurity courses.

A professional IT security expert can help you create and deliver security awareness training with ease. For example, you can invite them to your facility to train your workforce. Alternatively, you can pay for access to a high-quality webinar on the subject that will help your staff identify phishing attacks.

Besides, you should ensure your employees are aware of their company’s security policies and report breaches as soon as they occur.

The nightmare of compliance

Cybersecurity standards are becoming more and more complex every year. Due to this, many companies struggle to meet the requirements set by regulators. Unfortunately, not meeting them can result in heavy fines, putting your company in a difficult position.

Some of the biggest challenges businesses face regarding compliance are meeting the GDPR regulations and understanding how the PCI-DSS standard works.

The solution: Use a professional IT security tool to meet compliance regulations.

A professional IT security tool can help you meet compliance regulations. It allows you to constantly monitor the security of your network and quickly resolve any issues that may arise.

In order to stay compliant with the GDPR, companies need a solution that can be fully customized to each individual business. The idea is to create a system that will automatically check your website and other IT infrastructure for any possible vulnerabilities. In case a problem is found, the solution will fix it without any user intervention.

The same concept can be applied to the PCI-DSS standard. However, in this case, you will have to integrate your system with a third-party payment processor.

This system should detect any suspicious activity and notify you of it immediately.

The most crucial aspect here is that the solution should be 100% transparent for a business. It should not require any special knowledge for installation and operation.

The growing complexity of cyberattacks

In 2017, we saw a number of high-profile cyberattacks, including the infamous WannaCry ransomware attack that spread like wildfire across the globe in May. The attack affected businesses, hospitals, schools, and other important organizations around the world.

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Since then, we’ve seen several similar attacks with even more devastating consequences.

The solution: Take a more proactive approach.

The best way to prevent an attack from spreading through your system is to install the latest security updates. Yet, keeping your software up-to-date isn’t always enough to protect against new attacks.

Regardless of how vigilant you are when it comes to software updates and other security measures, there are still chances that some threats will go unnoticed. Therefore, consider developing a more proactive approach to keep all your devices secure.

With constantly evolving threats, you must be willing to experiment and try out new approaches. One of them might just be the next great solution to one of your security problems.

The Bottom Line

The information technology industry is flourishing, which means that the number of potential cyberthreats keeps growing. The upshot is that cybersecurity specialists constantly develop new solutions to protect themselves and others from these dangers.

To ensure maximum protection, companies should hire an experienced security team that can develop innovative solutions for their business. They should also implement a zero-trust policy for their environments and ensure every system is regularly updated and patched.

It would also help if they implemented a robust security strategy and developed a culture of cybersecurity throughout the entire organization.

Of course, each company has its own unique security needs. Regardless, certain practices are universal and can help you protect your data. Follow them, and you will not regret it!