The year is 2021 and you are a business that is growing exponentially thanks to online platforms and digital marketing. You are attracting newer consumers, reaching out to better markets, and growing your online credibility. Everything is going well when suddenly, you are stuck with a sophisticated cyberattack!
In 2021, cybercriminals struck more than 10 Million+ businesses both big and small with-
In terms of losses, statistics suggest that the cumulative worth of damages in terms of finances was a little more than 5 Trillion Dollars!
Cybersecurity is no longer something that can be ignored by businesses. Being under the impression that ‘why will cybercriminals target me’ is the biggest fallacy you can commit.
Unsuspecting businesses that do not do the groundwork and invest in security are the ones that suffer the most from cyberattacks.
In this article, we look at the top five reasons why businesses need to take cybersecurity seriously in 2021. We also shed some light on pki or Public Key Infrastructure and elaborate on how it is contributing to creating a safer online world for businesses.
List of the Top 5 Reasons Why Businesses need to take Cybersecurity seriously in 2021
- Financial Losses-
With most companies using Cloud Solutions and moving Data Operations online, cybercriminals can block access to the same through a Ransomware attack. In other words, they will ask you to transfer a stipulated sum of money before they give you your access back. When a business comes under such an attack, it can create severe financial losses.
- Survival of the Business itself-
You need to understand that bigger businesses might be successful in paying off the scammers and surviving. What happens to small businesses? In most cases, data suggests that small businesses close down or shit their operations post a sophisticated cyberattack. This is why the survival of your company becomes the leading question that you need to address.
- Loss of Credibility and Trust-
Every time there is a cyberattack, leading experts suggest that it is the responsibility of the business to inform its consumers and other vendors. However, after you have released this information, your credibility as a business takes a beating. Consumers will lose trust and vendors will question the security protocols you had in place. Cyberattacks create a trust-deficit.
- Improves the Success of your Competitors-
We all know how all major industries and niches are dealing with increased competition. A complicated cyberattack can give your competitor an unfair advantage. They can reach out to your customers are telling them that they can choose them as their preferred business. If you do not want to give your competitors an unfair advantage, you need to invest in cybersecurity.
- Starting Again and Raising Capital becomes a Problem-
A start-up entrepreneur or a small business owner is always on the lookout for raising capital. However, what happens if those investors and institutions learn about your data breach through a cyberattack? Chances are that you are going to come across as irresponsible and not in the best place to lead the company. This reduces your chances of raising fresh funds for the business.
Public Key Infrastructure: What is it all about?
In recent years, some of the biggest companies in the world including IBM, Microsoft, and Bank of America, have turned to PKI as a way to boost their online security.
PKI consists of public and private encrypted keys and digital certificates that ensure that only the rightful holder of the key can gain access.
This eliminates the possibility of access to your data or cloud coming into the wrong hands. Cybercriminals need access to plant software. Using PKI prevents them from doing the same. This ultimately ends up creating a safe and safe environment in an online world.
Most are under the impression that PKI is expensive. However, the fact of the matter is that it is not. Given the kind of cybersecurity infrastructure it allows you to create, businesses should look at it in terms of an investment or insurance.