Cybersecurity Importance

2526 Words 11 Pages
Why Cybersecurity is Important for Every Company. In today’s world, almost every single business, from small to large corporations, needs to have an online presence to grow and increase their customer base no matter what the focus area of the company is. For example, it does not matter if the company is specialized in food, clothes, insurance, car repair, phone service. In addition to having an online page, when companies grow they also need a computer network to facilitate communication between their employees, customers, and business partners, as well as to store information about the company such as customer, employee, products, and financial data. Having all of this in place does not guarantee success and grow for a business because there …show more content…
The article “This one chart explains why cybersecurity is so important” by the Business Insider explains how much money it is expected to be spent by companies on securing their information by stating “We estimate $655 billion will be spent on cybersecurity initiatives to protect PCs, mobile devices, and IoT devices between 2015-2020”. That amount is broken down into “$386 billion spent on securing PCs… $172 billion spent on securing IoT devices… $113 billion spent on securing mobile devices”. The cost of cybersecurity is very high because of the financial losses that some companies suffered from after being victims of a large cyberattack. For example, “Target’s notorious data breach cost the company more than $260 million” (“This One Chart Explains Why Cybersecurity Is so Important"). There is one thing companies can do to make sure they do not end up losing millions of dollars like Target, invest on a Cyber insurance plan. As the same article “This one chart explains why cybersecurity is so important” by the Business Insider explains, “Cyber insurance plans cover a variety of costs related to cyber attacks, including revenue lost from downtime, notifying customers impacted by a data breach, and providing identity theft protection for such customers. Annual …show more content…
Due to the constant change and introduction of new technological devices, software, and companies, cybersecurity is only going to become more important if society keep moving this way. Many companies spend millions of dollars on implementing a very effective security system for their networks but the reality is that it is very difficult to defend from every single cyberattack that exists because every year new ways of infiltrating and attacking networks are discovered by hackers. Thousands of companies’ networks are being attacked every single day, most of those attacks are not successful because of the security measures the companies had in place to protect their network, but when a cyberattack is able to penetrate a company’s security measure, it can cause large damage to the company, employees, and customers. In most cases, hackers aim to get access to the company’s employee and customer’s information such as, payroll, social security numbers, emails, addresses, bank account information, and financial information of the company. There have been many cases in the last couple of years of companies that have lost millions of records of customers and employees or lost millions of

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