Why Cyber Security Is Important for Business?

In this ever-evolving and the technologically-driven world, cyber-attacks have been increasingly common and a matter of concern. Cyber security has become a necessity for all sizes of businesses; large corporates, mid-sized and small start-ups. Cyber security's importance for businesses cannot be overemphasized as it helps defend businesses from cyber threats. In the article below we shall look into detail the importance of cyber security for businesses in this dynamic environment.

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Cyber Security

Cyber security refers to a series of procedures, processes and techniques that helps businesses guard their crucial systems, valuable and confidential data etc. against cyber threats and cybercrime. Cyber-attacks are getting more sophisticated as the attackers can evade traditional security controls easily with the help of Artificial Intelligence (AI) and social engineering. Thus, businesses too need to adopt innovative technology to enhance their cyber security.

Why is Cyber Security Important for Businesses?

Many businesses seldom take cyber protection seriously, thus, finding themselves victims of cyber-attacks. Implementation of the basic security measures is ignored as it includes costs and acts as an expense to the business. However, they sometimes forget that in case of a cyber-attack, the damage can be more severe. Let us look at some of the points that make cybersecurity important for businesses.

Increases Security

For every organization, big or small, cyber-attack can affect the business badly. Crucial information about your business, customers or third party can put the organization at risk of cyberattacks. Fortunately, with adequate cyber protection, this issue can be handled with care and allow for the safe growth of all the stakeholders involved, and the business at large.

Protects Businesses from Losses

With the rising cases of cyberattacks and cybercrimes, governments across the globe are imposing new laws. These laws and regulations may even hold businesses responsible for not implementing cybersecurity measures while dealing with customer data. 

Also, in case of loss of data due to hacking or other similar activities, it can lead to high costs in terms of money, time and resources, while recovering this data. The financial losses can be humongous. Additionally, reputation damage can take years to overcome.

Provides One-stop Solution

The rapidly advancing technology makes computer devices vulnerable to cyberattacks. It, therefore, requires strategically planned cybersecurity solutions for businesses to keep their systems and network safe.

Improves Productivity

The importance of cyber security for businesses is conducive to improving overall productivity. A cyberattack can cause a loss of critical business hours, leading to a waste of employees’ time, energy and ability. This ultimately causes inefficiency and hits the productivity of the business.

Cyber Insurance as a Risk Mitigation Tool

Cyber insurance is a way through which companies can protect themselves against losses resulting from a cyberattack. It is a type of insurance product designed specifically to help businesses (or individuals) hedge against the potential effects of cybercrimes. These cybercrimes may include malware, ransomware, DDoS attacks, etc. Cyber insurance is also sometimes referred to as cybersecurity insurance, and for businesses, this product is usually personalized to mitigate cyber-related risks.

Cyber insurance typically covers:

  • Defending companies financially in a lawsuit or regulatory investigation
  • Notifying customers about data breaches
  • Restoring the personal identities and data of the affected customers
  • Recovering compromised data
  • Repairing damaged computer systems and networks

Conclusion

The advancement of technology along with the fact that hackers or attackers in today’s time have become more skilled at their jobs pose a substantial threat to all organizations irrespective of their size. The importance of cybersecurity for businesses has gained momentum during the COVID era due to the shift in the working model. Cyber insurance can be one of the main aspects of safeguarding businesses from cyberattacks.

Written By: PolicyBazaar - Updated: 20 March 2024
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4.3 October 11, 2022
Aarti Singh
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The representatives at PolicyBazaar were knowledgeable, patient and genuinely committed to helping me find the best insurance policy for my requirements. They took the time to answer all my questions and provide valuable guidance, ensuring that I had a thorough understanding of the coverage details and terms. THANKS.
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4.3 October 06, 2022
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After seeing a rise in cyber attacks in many of the companies, i decided to purchase a cyber insurance policy for my start up. I went on the Policy Bazaar website and learned about the coverage in detail and purchased it from their website only. It was quick and hassle-free purchase.
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4.5 October 04, 2022
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Paperless Process
We bought the contractual liability insurance from policybazaar and received the best overall package. The process was paperless as we applied for insurance online and the support was amazing.
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4.5 October 03, 2022
Aashish
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We thoroughly checked all the benefits and features and decided to buy a contractual liability policy from Policybazaar. It provides all the necessary features to safeguard our business against any loss.
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4.5 October 02, 2022
Nishant
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It was easy to buy insurance from Policybazaar and customer support was also amazing to clear all the doubts. Contractual liability insurance is essential for my business and I could not get a better deal than this.
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4.5 October 01, 2022
Puneet
Easy Plan Comparision
An ideal Contractual Liability Insurance policy purchased to protect our business that we ecounter in our everyday operations. Policybazaar offers a platform to compare multiple plans.
Assam
4.5 September 30, 2022
Govind
No Broker And Paper Work
Great experience at Policybazaar. We did not know that buying Contractual Liability Insurance could be that easy. Also there is no broker and paperwork.
Jharkhand
4.8 September 29, 2022
Rinku
Perfect Insurance Coverage
I purchased Contractual Liability Insurance from Policybazaar and the coverage they provided is perfect to keep my hardware business safe various unforeseen instances.
New Delhi
4.5 March 18, 2022
Ishan
Cloud Storage Cover
I wanted to purchase a cyber insurance policy could provide coverage for the data stored in cloud network. I went on the Policybazaar website and look up for plans that would provide me with this coverage. I compared different plans and in a matter of minutes i found the right cyber insurance plan that would fit my requirement.
Ajmer
4.5 March 17, 2022
Anurag
Good User Interface
I was looking for a cyber insurance policy online. After looking for the insurance plan online I landed on the Policybazaar website. Trust me, the user interface of the website is so good that i was able to locate the cyber insurance plan and purchase it in not more than 10 minutes. Thanks Policybazaar.
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