It is estimated that cybercrime annually costs businesses about $10.5 trillion and the average cost of a data breach for a small business is approximately $120,000, due to small businesses being particularly vulnerable to cyber attacks. One of the reasons behind such rapid growth might be technological advancement. Cyber attacks are now becoming more powerful, posing a real threat to businesses that have an online presence. In this article we explain the main reasons why every business must invest in cybersecurity – scroll down to learn more.
What are cyber attacks?
A cyber attack is a malicious action performed by a hacker with an aim to steal, expose, or damage the data or the network system. They normally cause organizations massive financial losses and damaged reputations and vary in severity and types.
The most common types of cyber attacks for businesses today include:
- Ransomware: a cyber attack that usually causes the most financial damage. It is a type of malware installed in one’s system that blocks access to certain files or software until the organization pays money to hackers.
- Phishing: during this attack, a hacker poses as a trusted entity or individual and tries to make the user expose or share sensitive information. Think of an email from your employer who asks you to follow a specific link – that’s a great example of phishing.
- MITM: the man-in-the-middle attack means the hackers intercept communication between two users without their knowledge. Such attacks often happen due to security issues in SSL/TLS protocols.
- Insider threats: these types of attacks come directly from a person within an organization and can be intentional or unintentional. Insider threats are particularly harmful as employees usually have access to sensitive information and their actions might be hard to detect, prevent, or even forecast.
What is cybersecurity?
Cybersecurity is a set of practices aimed at protecting organizations against cyber attacks. Cybersecurity services usually cover both hardware and software and consist of multiple processes that need to be implemented on all levels of the company. Since cybersecurity is a very complex topic, it should be implemented by experienced professionals who understand the potential risks of your specific domain and business. We therefore recommend partnering with a reliable vendor that ensures robust cybersecurity for its clients. In this way, the investment in cyber security will definitely bring long-term benefits to your company. When looking for a cybersecurity services company, check out the vendor’s certifications and expertise in implementing security solutions in organizations within a similar domain.
A brief cybersecurity checklist for any organization includes:
- Access control so that only authorized users can access certain information and system components.
- Multifactor authentication for minimizing the chances of unauthorized access.
- Data encryption helps protect sensitive data by making it harder to decipher in case of a data breach.
- Data backups that help restore lost or stolen data in case of a cyber attack.
- Software updates, if implemented regularly, serve as a safeguard against some threats.
- Disaster recovery consists of a set of processes, aimed at quickly recovering possible damage and getting the company back on track.
Why businesses must invest in cybersecurity: top reasons
Though the implementation of cybersecurity takes quite a bit of time and resources, cyber security for business is an absolute must for any organization operating in the digital – and here is why:
Reduced financial losses
As we already mentioned, cyber attacks almost always lead to major financial losses. So naturally, if you invest in cybersecurity, you can safeguard your company from suffering these losses. But that’s not all. Cybersecurity practices also help minimize costs associated with forced downtime, legal fees, and incident response. In this way, prevention of attacks is much more cost-saving than damage control due to increased cybersecurity roi.
Safety of sensitive data
Most businesses that operate online deal with massive amounts of sensitive data, such as financial information of their clients or user credentials. And even the smallest data leak can lead to massive consequences. By implementing security measures like data encryption, multi-factor authentication, and access control, you limit the number of users that can access sensitive data and minimize the chances of threat agents stealing it.
Reduced reputational risks
Reputation is one of the brand’s most treasured assets. And once it’s shaken, it can be incredibly hard to get it back, especially if the customers’ personal information is involved. Think of the infamous Snowflake data breach incident of 2024 or Microsoft zero-day vulnerability of 2025. When a company like this admits a data breach, you start thinking a bit less of it in terms of reputation and security. Hence, to remain a trusted business partner that truly cares about its clients, your organization should implement security measures and be transparent about them.
Regulatory compliance
Data privacy and security are the top concerns for modern businesses. As regulations become stricter, it is essential that a company complies with both local and international rules, depending on its area of operation. Frameworks such as ISO, HIPAA, or GDPR provide organizations with clear frameworks and guidelines, including required security measures.
Long-term stability
Finally, investment in cybersecurity equals long-term stability for the company in terms of minimized risks, reduced costs, and improved resilience. When you have a secure environment, it also becomes easier to integrate new systems and applications, which contributes to faster and more secure business growth.
Where to start with cybersecurity for business?
Cybersecurity is an essential part of any modern business – but where do you start with its implementation? Though it’s a very multifaceted topic, we’ve prepared a brief checklist that can serve as a starting point:
- Conduct risk assessments: identify your digital assets and evaluate potential threats, then prioritize them so you know what issues to address in the first place.
- Select a suitable cybersecurity framework: we recommend starting with CIS controls as they have different options for businesses of various sizes and of various maturity levels.
- Set up a basic defense: you can start with installing firewalls, enabling multi-factor authentication, and implementing regular security updates and patches.
- Train your team: security should be implemented on all levels, so it’s important that your cybersecurity strategy involves everyone in the company.
- Create a risk management plan: when facing the existing risk, it’s best when you have a recovery strategy and understand how to quickly get back on track without massive losses.
And remember – it’s best to partner with a reliable cybersecurity service provider who has experience setting up security frameworks as they can provide you with a baseline. And don’t forget to constantly monitor your system. When talking about cybersecurity, it’s best to follow a proactive approach, being ready to face possible threats.