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Why Cybersecurity Should Be Part Of Any Business Strategy


Why Cybersecurity should be a part of any Business Strategy..



Protecting digital assets has become a significant concern for organizations, given the increasing cases of cyberattacks.

An IBM report estimated that on average each cyberattack for the year ending March 2022 cost approximately US$2.92 million, up from US$2.82 million the previous year. In addition to the financial cost, significant reputational damage can occur from a cyber breach, further harming companies.

The negative impacts of cyberattacks and fraud can include business disruptions, financial losses, reputational damages, and loss of trust, all of which can harm a company's performance and competitive edge. Therefore, safeguarding confidential information, customer data, and other digital assets has become critical for all organizations.


 

Cyber Risk is a Business Risk


Often, the lack of knowledge in understanding cyber risk sufficiently often results to leaving the businesses vulnerable and unprepared.


Organizations are recommended to adopt a comprehensive approach to cybersecurity and grasp the potential impact of cyber threats on their business. They should also understand how their cybersecurity strategy supports their overall business strategy. To fulfill their responsibilities, organizations should establish adequate risk management and supervisory controls, and ensure that they have sufficient capital resources available in case of an incident.


In today's digital age, most organizations have embraced digital transformation, making technology a crucial component of their operations. This has led to an increased risk of cyberattacks, especially on business-critical processes. It is crucial for organizations to minimize unexpected downtime of digital services and procedures to avoid disruptions to their business. Therefore, it is important to recognize that cybersecurity is a genuine business risk.

 

CyberSecurity secures any Business Strategy, it can:


Protect sensitive data

Cybersecurity measures help prevent unauthorized access to confidential data, such as customer information, financial records, and trade secrets.

Maintain business reputation:

Strong cybersecurity measures can help prevent data breaches and cyber attacks that can damage a business's reputation and erode customer trust.

Avoid financial losses:

Cybersecurity can help businesses avoid the high costs associated with data breaches, such as lost revenue, legal fees, and regulatory fines.

Ensure compliance:

Many industries have specific regulations and requirements related to data privacy and security. Cybersecurity measures help businesses stay compliant with these regulations.

Enhance employee productivity:

When employees feel secure in their work environment, they can focus on their tasks without worrying about cyber threats, leading to increased productivity.

Enable remote work:

The COVID-19 pandemic highlighted the importance of remote work, but it also introduced new security challenges. Cybersecurity measures help ensure that employees can work remotely without compromising the security of business data.

Promote innovation:

When businesses have robust cybersecurity measures in place, they can experiment with new technologies and processes without fear of cyber threats.


 


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Contact the Lynden Group today at info@lyndengroup.com.au or give us a call at (03) 8548 1843.


We're always happy to chat and offer any guidance to help you maximize your tax benefits and improve your business posture.

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