Security assessments sound complex, which is why many business owners often neglect them. However, each business, no matter its size or the industry it belongs to, should have its security measures properly assessed in order to ensure all pieces of the puzzle fit together. A simple security assessment includes a risk analysis of your company’s network, which determines how secure your network really is.
A proper security assessment can reveal holes and vulnerabilities in your security system, which can further help you detect and even prevent potential security threats. With today’s technologies improving at a rapid rates, hackers are finding more sophisticated methods of implementing cyberattacks. Without conducting regular security assessments, you are making it easy for cybercriminals to target your business and get their hands on your company’s sensitive data.
Unfortunately, many business owners tend to skip security assessment processes because they believe their business is not that interesting for hackers. However, each type of sensitive, personal data can be of use to an experienced cybercriminal, which means your business can easily become their next target, no matter if it is a small company or a multi-million dollar corporation. Many business owners even think that their company doesn’t need security assessments because they installed an anti-virus program. While anti-virus programs are important for securing your systems, they are certainly not enough to fight back the cybercriminals.
Reasons Why Your Business Needs Security Assessments
As we explained above, security assessments are an important part of ensuring online safety when it comes to running a business. Conducting one of these assessments can help you discover vulnerabilities in your system and prevent attacks before they take place. If you haven’t conducted a security assessment yet, you’re probably wondering whether your company really needs it.
The truth is, every business and organization should implement security assessments, not once but on a regular basis. The main reason why you should do it is because it increases security. Lack of security leads to a significant loss of customers, which is not good for any company. In fact, recent statistics showed that over 60% of customers lose trust in a company after a security incident, while 31% of them decide to cut all ties and never associate with that business again.
Data breaches and security incidents are a huge blow for a company’s reputation. Besides loss of customers, loss of data is another important issue that follows a security incident. Losing sensitive or confidential data can lead to serious consequences. For example, loss of company data due to a cyberattack can place the whole corporation at risk. However, loss of customers’ data can cause even more trouble, as companies can get sued for exposing personal information of their clients.
Overall, cybersecurity attacks can often result in financial damage that can significantly hurt your company’s budget. According to data from IBM, an average data breach in 2016 would cost a mid-sized company around 4 million dollars. Of course, the exact number depends on the size of your company and the size of the attack, but we’re sure you get the idea. Instead of spending hundreds of thousands of dollars to repair the damage caused by a cyberattack, it is much easier to simply prevent the disaster by securing your systems and conducting proper security assessments
Seek Professional Assistance
If you haven’t done security assessments before, it might be best to consult a professional or even have a team of professionals do it for you. Visit TNP Cyber to learn more about the importance of security assessments and contact our team of experts to help you secure your company today!