What is Cybersecurity, and Why Is It Important for Businesses?

Cyberattacks are on the rise, impacting businesses, government agencies, and individuals alike. To give you an idea, over 82 million attacks have been detected this year on Puerto Rican government agencies alone, according to the Innovation & Technology of Puerto Rico.

In addition, cyberattacks that involve data breaches cost companies an average of $4.88 million, which is 10% more than in 2023 and the highest figure in history, according to IBM. That’s why cybersecurity is so crucial.

In fact, companies that implemented cybersecurity measures saved an average of $2.2 million compared to those that did nothing, according to the same IBM report.

At 360 Risk Solutions, we want to explain what cybersecurity is, why it matters, how an attack can happen, and how you can protect yourself from these threats.

Let’s get started.

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Cybersecurity: Why Is It Important?

Applications, networks, and IT systems are essential pillars for any organization’s operation.

With the increasing interconnectedness of the business world, these assets have become more valuable to cybercriminals and, at the same time, more vulnerable to threats like cyberattacks and data breaches.

This is why having a solid cybersecurity program in place is so important. Not only does it protect sensitive data, but it also helps prevent reputational damage and avoids negative impacts on the company’s bottom line.

In every case, cybersecurity is key to ensuring information protection and maintaining the trust of clients and business partners.

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What Are the Types of Cyberattacks?

Cybersecurity threats can be divided into three main categories.

Cybercrime. These attacks are carried out by individuals or groups aiming to gain financial profit or disrupt operations by infiltrating systems.
Cyberattacks. Focused on collecting sensitive information for political purposes, these attacks can destabilize government or corporate entities.
Cyberterrorism. The goal here is to weaken key electronic systems, creating fear or chaos among the population.

But how do attackers gain access and control over these systems? Below are some of the most common methods that threaten cybersecurity.

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Common Cybersecurity Threats

Malware. This malicious software includes viruses, adware, trojans, or spyware, designed to steal information or damage systems and networks.
Ransomware attacks. These use malware to encrypt files within a network, blocking access to critical data. Cybercriminals then demand a ransom in exchange for a decryption key to restore access.
Phishing attacks. Attackers send fraudulent messages or emails that appear legitimate, tricking victims into revealing sensitive data like credentials, banking information, or credit card numbers.
Insider threats. Employees or partners with authorized access to networks can abuse their permissions to steal data or carry out attacks from within the organization.
Denial of Service (DoS) and Distributed Denial of Service (DDoS) attacks. These attacks flood networks or servers with massive requests, causing them to crash and blocking legitimate access.
Advanced Persistent Threats (APTs). Intruders stay hidden within systems for long periods, stealing confidential data or spying on activities without being detected.
Man-in-the-Middle attacks (MITM). Hackers position themselves between two users in a communication, intercepting or manipulating transmitted data without either party knowing.
SQL Injection. Attackers insert malicious code into applications or websites, gaining unauthorized access to databases to steal or alter information.
Botnets. Networks of computers infected by malware and controlled by cybercriminals to launch large-scale attacks on specific systems.

As you can see, organizations face numerous threats, which is why investing in cybersecurity is critical. In fact, a Gartner report predicts that cybersecurity spending will surpass $260 billion by 2026.

So, what can you do to protect yourself?

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How to Improve Your Company's Cybersecurity

To enhance your cybersecurity, you need a comprehensive cybersecurity program. This program should combine processes, technology, and policies designed to protect essential components of your IT system.

Here are some fundamental measures:

Network and Information Security. Protects against attacks that exploit vulnerabilities in operating systems, network architecture, servers, wireless access points, and network protocols.
Cloud Security. Ensures data, applications, and infrastructure are protected in public, private, or hybrid cloud environments.
Endpoint Security. Focuses on protecting internet-connected devices like laptops, mobile phones, and servers that could serve as gateways for attacks.
Data Security Solutions. Safeguards sensitive information at rest and in transit using techniques such as encryption and backups.
Application Security. Prevents cybercriminals from exploiting software flaws to access sensitive systems.
Access and Identity Management (AIM). Controls access to systems, applications, and data, ensuring that only authorized users have access to key resources.

These foundational practices can be further enhanced with the following recommendations.

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Recommended Cybersecurity Practices

Invest in a comprehensive security solution. To properly protect an organization, it’s essential to adopt a multilayer defense strategy. This approach guarantees the protection of critical infrastructure against a wide range of threats, providing a solid barrier against cyberattacks.
Adopt the Zero Trust model. Traditional security strategies relying on firewalls and antivirus software assume that internal traffic is safe. However, this method is inadequate against advanced threats that infiltrate and move within the network. The Zero Trust model shifts this perspective by requiring authentication for every request, device, and user, regardless of whether they’re already inside the network. This ensures that every access attempt is verified and secure.
Implement advanced Identity and Access Management (IAM) technology. These solutions assign and control user access privileges, ensuring that only those with the appropriate permissions can access confidential information. These tools include multi-factor authentication to strengthen security and monitor activity for suspicious behavior on connected devices.
Purchase cyber liability insurance. In addition to technological solutions, companies should consider obtaining cyber liability insurance. This type of insurance helps cover the costs associated with data breaches and cyberattacks, including data recovery, legal claims, and repairing damage to the company’s reputation.

Conclusion

Cybersecurity is essential to protect your company’s digital assets, prevent data loss, and avoid irreversible damage to your reputation. With the growing number of threats, having a comprehensive cybersecurity plan is a must.

Additionally, protecting your business with cyber liability insurance can help cover recovery costs in the event of an attack.

At 360 Risk Solutions, we’re here to help.

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