How to Safeguard Your Data and Keep Your Business Safe

W H I T E P A P E R

CONTENTS

Introduction

The Role of Technology- and Why It’s Important

Cybersecurity Challenges

The Rise in Ransomware

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Everyone is at Risk

Solutions to Safeguard Your Data

Ensure Your Business’ Survival: Safeguard Your Data

Contact us

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Table of

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How to Safeguard Your Data and Keep Your Business Safe

Cyber attacks are serious business. Potentially disrupting your business and opening you to lawsuits, they are powerful and dangerous enough to derail your company for an hour, a day, a month…or even forever.

Cyber attacks that interrupt production for even just a few minutes can severely and negatively impact a business. In some cases, even a few minutes of downtime can take months for a business to repair, repay, and recover - structurally and financially.

In fact, cyber attacks cost small- and medium-sized businesses an average of $2,235,000 in 2017 alone. Experts predict that cybercrimes will cost the world $6 trillion annually by 2021. Therefore, many businesses of all shapes and sizes are increasing their budgets and investing more in cybersecurity in 2019 and beyond.

So, what does this mean for your organization? What would it cost your organization if it were hit by a cyber attack or threat versus? What would it cost for your organization to invest in tighter cybersecurity practices?

In this paper, we will highlight the importance of technology and cybersecurity today, the challenges, and how you can adopt solutions that not only safeguard your data but also empower your employees to become more efficient.

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The Role of Technology

- and Why It’s ImportantWe all know that technology is important today. In fact, it is even more important than it was a decade ago. Technology has become the key driver in connecting business functions, eliminating silos, and breaking down barriers, all while accelerating digital transformation in the process.

However, even though the significant increase in mobile data usage, cloud adoption, digitization, and personal devices in the enterprise world brings new innovative opportunities for businesses and teams alike, it also brings with it security risks that could potentially cost businesses everything.

It’s safe to say that all businesses use technology in some way, and most can’t survive without it. However, businesses shouldn’t invest in technology without also investing in cybersecurity methods and practices. Investing in and adopting cybersecurity technologies and tools can help to protect and to ensure a productive and secure environment for your company, your employees, and your customers.

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Cybersecurity Challenges

In general, cyber attacks and cyber crimes have sparked an increase in IT cybersecurity spending. According to a report published by Gartner, Inc., the cybersecurity industry is expected to grow to $124 billion in 2019, which is an increase of approximately 8 percent from 2018. By 2021, the cybersecurity market is expected to reach $1 trillion, globally.

However, small startup businesses don’t necessarily have the resources or budgets to invest in cybersecurity practices, such as employing a full-time IT department or even partnering with an outside agency. Therefore, many small businesses end up resorting to cost-efficient, DIY security methods, which often put them at a greater risk for cyber attacks.

It’s no secret that cybersecurity has presented a long list of challenges to small- and medium-sized businesses in today’s workplace. From budget increases to training staff on best cybersecurity practices and managing a multitude of digital devices, businesses are struggling to keep up with the rising cybersecurity challenges of today.

Here are some of the most common challenges related to cybersecurity, and why they are important:

1. INCREASE IN CYBERSECURITY SPEND

2. CYBERSECURITY LABOR SHORTAGE

3. ACCURATE REPORTING

Cybersecurity challenges are not only forcing businesses to increase their security budgets, but many businesses are also struggling with recruiting sufficient cybersecurity professionals. Many experts believe that today’s IT professionals are struggling to keep up with the dramatic increase in sophisticated cybercrimes, ransomware, and the widespread usage of mobile devices across their customer and consumer bases and internal staff.

Although more and more businesses are investing in cybersecurity, few are accurately reporting on these figures. For example, businesses and organizations that store consumer data, such as personally identifiable information (PII), credit card information, and even medical history are investing more in protecting this data and information and to remain compliant.

However, few organizations are actually reporting these numbers. As a result, many businesses are spending more time and money as a result of cyber attacks.

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The Rise in RansomwareWhat exactly is ransomware? According to the U.S. Department of Justice, ransomware is described as a relatively new cybercrime phenomenon that involves using malware to infect computers and devices, restricting access to files and documents and threatening complete data destruction for a ransom amount.

Ransomware cybercrimes are quickly becoming a dangerous concern. In fact, in 2016 alone, businesses were victims of ransomware every 40 seconds. At the current rate, this is expected to grow to every 11 seconds by 2021.

According to the FBI, the total amount of ransom payments threatened is approaching $1 billion. Although the FBI has cautioned businesses against paying ransomware threats, the damage costs are predicted to hit a total of $11.5 billion in 2019, and $20 billion by 2021.

total amount of ransom payments threatened

predicted damagecosts in 2019

predicted damagecosts in 2021

$1 billion $11.5 billion $20 billion

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All in all, cyber attacks and threats don’t discriminate business size, scope, or industry. Small- and medium-sized businesses face the same cybersecurity challenges as large enterprises and even government agencies.

One can clearly see that ransomware as well as other cybersecurity challenges are serious and aren’t going away anytime soon.

Everyone is at Risk

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Solutions to Safeguard Your DataSo, what can you do to take action and safeguard your business and data? Here are a few effective solutions:

1. THE BENEFITS OF CYBERSECURITY TOOLS

One effective solution is investing in cybersecurity tools. Security tools enable businesses to do the following:

• Strengthen authentication• Employ conditional access• Protect data more efficiently• Automate threat protection• Streamline security management

Even if you are a small startup business and don’t have a lot of capital, the good news is there are several different cost-efficient cybersecurity tools. No small business should have to be put at risk for cyber attacks and threats because they don’t have access to the right tools.

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2. EMPOWER YOUR TEAM

In addition to the benefits listed above, cybersecurity tools also help identify possible weaknesses and gaps in your current security system as well as reveal the full potential of your decentralized teams and resources.

Therefore, another solution to safeguarding your business’ data is empowering your team to take an active role in cybersecurity in your organization.

3. BECOME A “CYBERAWARE” CULTURE

Businesses can also educate their employees and staff about the importance of cybersecurity as well as the risks and challenges. It’s also a good idea to engage employees and staff members, encouraging them to help brainstorm new solutions to help protect important and confidential company and customer data, and even test new ideas.

This will not only help businesses become a “cyber aware” culture, but it will also help businesses get more done and remain productive as well as encourage a safe and secure working environment.

4. PROVIDE EMPLOYEESWITH MODERN TOOLS

It is a fact that providing employees with modern tools can help increase overall employee engagement levels (which is crucial for reducing your employee turnover rate) and higher productivity.

Furthermore, by educating employees on the importance of cybersecurity and using the best tools and practices to help safeguard data, they will be more engaged and satisfied in their current roles, and will also feel like they are contributing to protecting the business as a whole. Helping employees see the value in how they safeguard business data every day will help contribute to a safer and secure workplace.

Microsoft Modern Workplace is a tool that is designed to seamlessly integrate with other tools, such as Windows and Microsoft 365, and protect and empower employees with their digital work styles while also protecting their data. Microsoft Modern Workplace is designed with built-in cybersecurity against modern-day cyber attacks and threats, without compromising productivity or work style.

5. PROTECT YOUR WORKPLACE WITH INTELLIGENT SECURITY

By adopting the right method of intelligent security to protect your workplace, your intellectual property, and your business, you can simplify your IT environment and streamline cybersecurity operations across devices, apps, services, and customers and users—and get more done.

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It’s a sad fact that too many businesses find themselves struggling with cyber attacks and threats—some severe enough to put them out of business. However, by investing in the right cybersecurity practices and tools, you can ensure your business’ survival through any cybercrime.

Additionally, now that you have a better understanding of the impact of cyber attacks and threats, and also understand why cybersecurity is important, you know what you need to do to create a secure and productive foundation for building a “cyber-aware” culture and safeguarding your data.

Although recognizing the importance of cybersecurity is important, it shouldn’t be something that keeps you up at night. Redington can help you run and grow your business while also seamlessly protect your data against cyber attacks and threats without decreasing or compromising productivity.

Ensure Your Business’ Survival: Safeguard Your Data

CONTACT US

Redington Gulf - Value Distribution Office Office No. 701, 7th Floor, The H Hotel Business Tower,

Shk Zayed Road -1, P.O. Box: 12816, Dubai, UAE.

Tel.: +971 4 516 1500

Website: www.redingtonvalue.comEmail: sales.value@redingtonmea.com