The idea that cybersecurity should be a priority among business entities seems so obvious as to not have to say it. And yet, Hillstone Networks has encountered numerous companies that failed to make cyber security a priority until after a breach occurred. It is possible that our experiences are only the tip of the iceberg.
It’s easy to say that cybersecurity should be a priority because we are all connected in the digital era. Our shared connectivity is an obvious reality. But the need for cybersecurity at its highest levels runs far deeper than this one aspect. We can list more than a dozen reasons companies of all sizes and types should make cyber security a priority. Space will not it allow, so here are the top five:
1. Regulations Now Require It
If nothing else, regulations now require cybersecurity measures in jurisdictions around the world. According to the United Nations, there are currently 137 nations with cybersecurity laws in place. That is 137 out of a total of 194 recognized by the United Nations Conference on Trade and Development. It amounts to 71%.
Any company that utilizes or transmits data outside its own borders is likely to be subject to the regulations in other jurisdictions. They are also subject to those in their own jurisdiction. Not making cybersecurity a priority carries with it the risk of violating the law.
2. Penalties for Violations Can Be Staggering
Sticking with regulations for a moment, being found out of compliance could mean staggering fines and penalties depending on the seriousness of the violations. Companies can face fines in the millions. They can face sanctions, civil penalties, criminal charges, and more. Hillstone Networks’ position is one of simply not taking any risk at all. Cybersecurity should be a priority. Period.
3. Successful Attacks Can Be Severe
Moving beyond regulations and penalties, successful cyber-attacks can be severe. For example, a sophisticated DDoS attack is more than capable of rendering an enterprise network inaccessible for a length of time. Every hour a network is down is another hour that it is not able to conduct business.
Another example is the ransomware attack. Enterprising threat actors with the skills to break in and encrypt data can hold that data hostage until a sizable ransom is paid. Unfortunately, every successful ransomware attack only encourages another one – and often times, against the same victim.
4. Breaches Destroy Reputations
Every company depends on its customers for survival. That much cannot be ignored. Beyond all the other problems cybersecurity attacks cause is the very real possibility that a successful attack could destroy a company’s reputation. It happens all the time. And once a reputation is destroyed, regaining customer trust is a long and arduous task.
5. Innocent People Are Often Harmed
The Hillstone Networks team is motivated to do what we do partly by the realization that innocent people are harmed whenever cyber-attacks succeed. Threat actors may attack corporations, but corporations serve people. The people they serve are often the innocent victims who suffer most when data is stolen.
Companies owe it to their customers to look out for their best interests. They have a responsibility to make sure customers and their sensitive data are kept safe and secure. To not make cybersecurity a priority is to treat customers with a lack of respect. That is bad for any business.
At Hillstone Networks, cybersecurity is our business. It is also our number one priority. We firmly believe it ought to be a priority for every company without question. So, where does your company stand on it?