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In this four-part blog series, we will discuss the importance of cyber security in digital transformation, types of cyber security threats, security challenges, and how you can improve your cyber security practices to overcome them.
Digital transformation has undoubtedly been accelerated in recent years due to the pandemic. The rise of hybrid, digital-forward working environments has forced companies to re-evaluate their digital strategies and invest in new technology. However, as companies transition to more digital systems, cyber security must remain a top priority.
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Businesses are at risk as they expand their IT infrastructure. A security breach can have serious consequences, including the loss of valuable data, supply chain integrity, and ransomware attacks. To avoid such risks, security needs to be at the forefront of digital transformation strategies.
The rise of hybrid, digital-forward working environments has forced companies to re-evaluate their digital strategies and invest in new technology.
One of the most significant aspects of digital transformation is becoming a more data-driven organization. As companies centralize their data, they become more vulnerable to attacks from hackers, who are always on the lookout for valuable data.
Furthermore, the pandemic has highlighted the need for hybrid working environments. While this is great for flexibility and convenience, it poses a significant challenge for IT security teams. The challenge is to manage a vast infrastructure that includes PCs connecting from multiple and potentially global locations, which amplifies the need for each employee to uphold their personal responsibility to follow cybersecurity best practices.
Cyberattacks are on the rise, and small companies cannot afford to take risks when it comes to securing their IT network. On average, a cyberattack happens every 11 seconds, and the cost of an attack can be as high as $13 million. With the evolution of Artificial Intelligence and Machine Learning, attacks are becoming increasingly sophisticated, and many companies do not have stringent measures in place to handle these risks.
To tackle this problem, cybersecurity must no longer be viewed as solely an IT issue, but rather a business risk. A company is only as strong as its IT infrastructure, meaning that its business strategy must revolve around IT security. As a result, employees play a crucial role in upholding the security of their systems and fully understanding the risks that the business can face.
In conclusion, as digital transformation continues to shape the business landscape, cyber security is becoming more critical than ever. Small businesses need to prioritize security to mitigate the risk of cyberattacks and ensure business continuity. Executive-level employees will also need to be accountable for treating cyber security risks as part of their employment contracts and any at-risk payments.
By taking these steps, companies can protect themselves from the increasing threat of cybercrime and maintain their reputation and ability to operate effectively.
In part two, we will examine the most common types of cyber security threats.
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