3 reasons to increase cybersecurity protocols in 2024

The opinions expressed by Entrepreneur contributors are their own.

Cybersecurity is one of the biggest challenges facing businesses today. With the advent of technology and increasing connectivity, the threat of cyber attacks has become more prevalent than ever. 2,220 cyber attacks occur every day, for a total of over 800,000 attacks every year.

This equates to a cyber attack every 39 seconds.

The World Economic Forum has also highlighted the growing concern about cybersecurity, stating that cyber attacks are one of the main risks for businesses in 2024. This was further highlighted in recent sessions in Davos, where experts discussed the need to Stronger cybersecurity protocols to protect businesses and companies. economies.

As the CEO of an 8-figure subsidiary of a publicly traded company, tec5USA, I understand the importance of prioritizing cybersecurity measures to protect our proprietary materials while growing our business. Cyber ​​security is no longer just a concern of large companies; Small and medium-sized businesses are also at risk. Therefore, it is crucial for every business to have an effective cybersecurity strategy.

In this article I will discuss three main reasons why companies should prioritize increasing their cybersecurity protocols in 2024.

Related: Why is cybersecurity important to your business? Neglecting it could be your downfall.

1. Protect your business from costly data breaches

According to Accenture, the average cost of a cyber attack to a company is $13 million. This includes not only the financial loss resulting from theft or damage to assets, but also the cost of downtime, lost productivity and recovery efforts. These costs can cripple a business, especially for small and medium-sized businesses that may not have the resources to recover quickly from a cyber attack.

According to Google Bard, an AI-generated tool, cyber threats are increasing at an alarming rate. The global cost of cybercrime is expected to reach $10.5 trillion per year by 2025, a significant increase from $3 trillion in 2015.

Additionally, failure to protect sensitive customer data can result in legal consequences and damage to your company’s reputation. In today’s digital age, customers are more aware of their privacy rights and expect companies to handle their data securely. A data breach can lead to a loss of customer trust and ultimately impact your bottom line. For our client in Silicon Valley who is involved in semiconductor manufacturing, it is mandatory.

There is also the potential cost of litigation if it is discovered that you have not complied with cybersecurity protocols established by regulations such as GDPR (General Data Protection Regulation) and CCPA (California Consumer Privacy Act). These regulations set out a range of potential penalties for companies that fail to protect personal data, including fines of up to 4% of annual global revenue or €20 million, whichever is greater.

The implementation of ISO 27001, an internationally recognized standard for information security management systems (ISMS), plays a vital role in improving cybersecurity within businesses. By providing a systematic framework for managing information security risks, ISO 27001 helps organizations safeguard sensitive data and mitigate potential cyber threats. At the heart of ISO 27001 is the implementation of a set of controls tailored to address the specific security risks faced by the organisation. These controls encompass various aspects of information security, including access control, encryption, incident management, and business continuity planning.

Through the adoption of ISO 27001 controls, companies establish robust mechanisms to protect their information assets, ensuring confidentiality, integrity and availability. By conducting comprehensive risk assessments and implementing appropriate controls, organizations can identify vulnerabilities, proactively address security gaps, and strengthen their cybersecurity posture. ISO 27001 promotes a culture of continuous improvement, pushing organizations to regularly review and update their security measures in response to emerging threats and evolving business needs.

It provides a competitive advantage by differentiating the organization as a trusted custodian of sensitive information. Furthermore, ISO 27001 facilitates compliance with regulatory requirements and legal obligations, reducing the risk of sanctions for non-compliance and reputational damage.

2. Protect your intellectual property

In today’s highly competitive marketplace, intellectual property is one of the most valuable assets a company can own. Without proper cybersecurity protocols, your company’s sensitive data and trade secrets are at risk of being stolen or compromised by cybercriminals. This not only hurts your competitive advantage, but also puts the future success and growth of your business at stake.

Effective cybersecurity protocols are a prerequisite for high-tech customers in protecting data integrity and, in general, data protection. In our case, working with law enforcement clients, if it is sensitive data and if it is construction or high-tech devices, you need to make sure that there are no data leaks to competitors, but also to any other area of ​​the sector. world that might be interested in that technology and want to copy it.

Implementing effective cybersecurity measures, such as firewalls, encryption and regular data backups, can help you safeguard your intellectual property from cyber attacks. It also gives you a competitive advantage by assuring your customers and partners that their confidential information is safe.

Related: Cyberattacks are on the rise: Here’s how your business can continually prepare for threats

3. Ensure business continuity during geopolitical turmoil

A cyber attack can disrupt business operations, causing significant financial losses and reputational damage. In some cases, businesses may even be forced to close permanently due to the severity of a cyber attack. Therefore, having effective cybersecurity protocols is critical to ensuring business continuity.

The rapid increase in ransomware attacks, in which cybercriminals hold a company’s data hostage until a ransom is paid, highlights the importance of being prepared for potential cybersecurity threats.

If you look at the global or geopolitical situation, we have growing tension between the United States and China and two ongoing wars in Ukraine and the Middle East. Whenever wars occur, there is an increasing amount of cyber warfare. Therefore, the amount of hacker attacks, denial of service attacks, viruses and ransomware is increasing.

In such an environment, it is almost a necessity to have any type of quality assurance framework, such as a cybersecurity framework, in this case, that protects you from these threats. It has become much more vital due to the changing economic environment and the growing global threats we face.

Regularly updating and maintaining cybersecurity measures can minimize the risk of successful cyber attacks and prevent disruptions to business operations. This not only prevents potential financial losses, but also protects your reputation and maintains customer trust.

Related: Top 4 Cyber ​​Threats Business Owners Need to Know About in 2024

Cyber ​​attacks are becoming increasingly sophisticated and hackers are always finding new ways to exploit system vulnerabilities. This is why it is essential to continually update and improve cybersecurity protocols to stay ahead of emerging threats.

It is expected that in 2024 there will be more than 3.5 million unfilled cybersecurity jobs worldwide. This means companies must invest in training and hiring cybersecurity professionals to stay ahead of potential threats.

As CEO of tec5USA, I understand firsthand the importance of prioritizing cybersecurity protocols. By taking proactive measures to protect our business, we can continue to grow and expand without fear of falling victim to a cyber attack. As the threat landscape continues to evolve, it is critical for businesses of all sizes to remain vigilant and prioritize cybersecurity in 2024 and beyond!

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