Implementing business cybersecurity within your organisation can be what makes or breaks a company. Whilst this statement may sound outrageous at face value, this blog will explain not only how important cybersecurity is for your business, but the different ways in which it can potentially save your business a lot of time, money, and resources long-term.
Business cybersecurity involves a wide range of practices, technologies, and processes designed to protect systems, networks, and data from cyberattacks and hackers. Understanding what cybersecurity is and how it can save your business is crucial for any modern organisation.
Business Cybersecurity: What is it?
Business cybersecurity refers to the measures and strategies implemented to defend your organisation against unauthorised access, cyberattacks, and damage to digital information and infrastructure.
It includes protecting your business systems and networks against common types of cyberattacks such as:
- Worms
- Malware
- Ransomware
- Phishing Attacks
- Distributed Denial of Service (DDoS) Attacks
- Man-in-the-Middle (MitM) Attacks
- SQL Injection Attacks
- Zero-Day Exploits
- Advanced Persistent Threats (APTs)
- Insider Threats
- Credential Stuffing
- Social Engineering Tactics
It is clear based on this list alone just how extensive and complicated cyberattacks have become. This is another reason why business cybersecurity is incredibly important. A lack of protection against such an extensive, and complex, list of potential cyberattack types can lead to disastrous results for your organisation.
The simple answer to what business cybersecurity is, is to prevent that long list of cyberattack types from occurring, or minimising their overall impact on your business’ operations.
Business Cybersecurity: Case Studies
There are a number of examples of how cyberattacks and data breaches have impacted a number of Australian businesses to a disastrous level. Canva, Medibank, and Optus are three of the worst data breaches impacted by cyberattacks in Australian history.
Canva Data Breach in 2019
The Canva Data Breach that occurred in 2019, to this day, is the largest cyberattack in Australian history in relation to the number of users affected. The hackers were able to illegally obtain usernames, email addresses and passwords from the Canva systems.
Canva were heavily criticised for their response to the data breach, with their original communication to customers buried under marketing material in a perceived attempt to hide what had happened. This led to harsh public criticism, and has been a focal point in discussions around how businesses should communicate better to customers when such issues occur.
This was a harsh reminder of not just the importance of business cybersecurity, but also how an organisation should respond to cyberattacks. Whilst from a technical standpoint, they were praised for their response, the response standards to customers faced backlash.
Optus Data Breach in 2022
The Optus Data Breach in 2022 was another example of the importance of robust business cybersecurity. Close to 10 million current and former customers were affected by this cyberattack, considered one of the worst in Australia’s history.
Driver’s licences, passport numbers, home addresses and dates of birth were obtained by hackers in the data breach. During the breach period, customers were even unable to use their devices connected to the Optus network.
It is yet another example of the importance of business cybersecurity and how it can save your organisation. The Australian Communications and Media Authority (ACMA) alleges Optus breached the law when it failed to protect its customers personally identifiable info.
Optus will now defend themselves in federal court against the allegations, leading to the need to spend significant finances on legal fees and potential reparations.
Medibank Data Breach in 2022
The Medibank data breach in 2022 was yet another example of how impactful a successful cyberattack can be to an organisation. When close to 10 million individuals’ data was illegally obtained, the Australian Information Commissioner alleges that Medibank seriously interfered with the privacy of their customers, “failing to take reasonable steps to protect their personal information”.
Names, dates of birth, phone numbers, email addresses, Medicare numbers and even passport numbers were leaked during the breach. Furthermore, sensitive patient information was also obtained by hackers, including individuals who had undergone pregnancy terminations.
In the end, personal information did in fact get released onto the dark web. This exposes many Australians to potential identity theft, extortion, and financial crimes as a result.
A lack of, or inadequate business cybersecurity can have serious impacts on not just your business, but the lives of your customers as well. The Medibank data breach is a bleak reminder of this, with Medibank themselves facing a theoretical maximum fine in the trillions of dollars, and many customers facing concerning levels of uncertainty.
Business Cybersecurity: Why is it so Important?
When learning about these mentioned case studies, and the impacts both short-term and long-term, it is clear to see the true importance of effective business cybersecurity.
Protecting your own business, assets and reputation, is of course at the forefront of a business owner’s mind. However, especially when dealing with private and sensitive customer information, it is of utmost importance to ensure all steps are taken to implement safe and secure cybersecurity practices.
As seen with Canva, reputational damages are a factor that should be considered. Whilst cyberattacks can occur, and customers can get impacted, it is of equal importance how a business responds to such events.
The Canva data breach was a clear example of a business providing a poor response to their customers. Burying the information underneath marketing material in an email does not reduce the effects of a cyberattack, and although the technical response was adequate, it creates a sense of public distrust for your business.
Then as we look into the Medibank and Optus data breaches, it is more so a case of the alarming types of personal information that can be accessed and stolen as a result of a successful cyberattack.
This is exactly why the importance of robust business cybersecurity cannot be understated. When you are dealing with sensitive information, whether it be your own business data, or your customers personal details, business cybersecurity should be at the top of your IT support priority list.
Business Cybersecurity: How can it Save your Company?
Now for the all-important question. How can business cybersecurity save your organisation money?
Throughout this article, we have explored not only the different types of cyberattacks, but also the ways in which they can impact a business. Cyber criminals do not discriminate either. They will attack businesses of all sizes, industries and ages, with a clear goal in mind to cause disruption and disorganisation to businesses.
A robust business cybersecurity and IT support system implemented into your business will save money, due to the fact that the costs associated with the response and recovery of a cyberattack is incredibly extensive and pricey.
A successful cyberattack can steal company finances, from direct theft. As well as this, disruption of operations is also incredibly costly. Whilst you are spending time and effort on the effects of a cyberattack, your business, and therefore income, is negatively impacted.
As well as this, legal fees and potential fines are also involved when discussing the impacts of a cyberattack. As seen with the previously discussed Medibank data breach, there are potential fines of over $20 trillion due to the number of individuals affected, and the extent of data that was breached.
Whilst implementing business cybersecurity services into your IT support operations may still come with a cost, it simply does not compare to the potential costings that are associated with successful cyberattacks.
Business Cybersecurity: How to Implement it in your Business
So now that your business is aware of just how impactful a successful cyberattack can be, the next question is how to set up cybersecurity practices for businesses.
Managed IT service providers, such as the team here at Adept IT Solutions, provide extensive, safe, and secure business cybersecurity services. The implementation of processes such as patch management, network security auditing, and anti-virus installation, go a long way to securing your system’s IT support and cybersecurity standards.
Trusting professionals, such as the specialists at Adept IT Solutions, to handle your managed IT services and business cybersecurity, allows your organisation and staff to focus on what truly matters to the overall business, and that is growing the company and expanding as much as possible, without the added stress of worrying about IT support.
Business Cybersecurity: Get in Touch with Adept IT Solutions Today
If you would like to chat with the team at Adept IT Solutions about your need for business cybersecurity, IT support, or any of our extensive list of services, please do contact us today.
Located at our local office in Cameron Park, we are a leading provider of IT support in Newcastle, Central Coast, Sydney and beyond. You can contact us at 1300 423 378 (ADEPT) or email us at info@adept-it.com.au, to discuss all your IT managed service needs.
