Baltimore News Journal

Why Businesses Must Stay Vigilant Against Cyber Threats and Risks

As digital transformation, artificial intelligence, and workplace automation continue to reshape the business landscape, organizations face new and evolving risks from cyber threats and online risks. The threat landscape has never been more complex or challenging, from data breaches and ransomware attacks to social engineering and phishing scams. This article will explore the ongoing threats to organizations and the importance of cybersecurity awareness, partnering with a managed IT services company, and obtaining cyber risk insurance.

The Growing Risk from Cyber Threats and Risks

According to a report by Cybersecurity Ventures, cybercrime is expected to cost the world $10.5 trillion annually by 2025, up from $3 trillion in 2015. The report also predicts that a new ransomware attack will occur every 11 seconds in 2021, up from every 14 seconds in 2019. As digital transformation continues to accelerate, organizations are increasingly vulnerable to cyber threats and risks. New technologies such as artificial intelligence and workplace automation offer significant benefits, but they also present new opportunities for cybercriminals to exploit vulnerabilities and steal sensitive data.

Why Businesses Must Pay Attention to the Growing Risk of Cyber Threats and Risks

Cyber threats and risks can devastate organizations, ranging from financial loss and reputational damage to legal liability and regulatory penalties. Ransomware attacks can result in critical data loss, downtime, and costly ransom payments. Social engineering and phishing scams can lead to data breaches, identity theft, and financial fraud. By partnering with a managed IT services company, businesses can ensure that all their cybersecurity needs are addressed, from network security and endpoint protection to threat intelligence and incident response.

Partnering with a Managed IT Services Company

Mark Veldholf, CEO of Envizion IT, who provides IT services in Grand Rapids, MI, notes that “partnering with a managed IT services company is critical for businesses looking to stay ahead of cyber threats and risks. A managed IT services provider can help organizations identify vulnerabilities, implement proactive security measures, and respond quickly to cyber incidents.” Bryan Ferrario, President of Alliance Technology Partners, agrees, stating that “a managed IT services company can provide businesses with the expertise and resources needed to address the full spectrum of cybersecurity risks, from technology and infrastructure to policies and procedures.”

The Importance of Cyber Risk Insurance

In addition to partnering with a managed IT services company, having the right cyber risk insurance is necessary in 2023. Cyber risk insurance can provide businesses with financial protection in a cyber incident, covering the costs of response, recovery, and liability. Robert Giannini, President of Gainesville’s GiaSpace, notes that “cyber risk insurance is becoming increasingly important as the threat landscape continues to evolve. Having the right policy can help businesses manage the financial impact of a cyber incident and reduce the risk of financial ruin.”

Ongoing Cybersecurity Awareness Training

Finally, ongoing cybersecurity awareness training is essential for all employees. Cybersecurity is everyone’s responsibility, and employees must be trained to recognize and respond to cyber threats and risks. By providing regular training and education, businesses can help ensure that employees know the latest threats and best practices for staying safe online.

Wrapping Up

As we look ahead to 2023, it’s clear that cybersecurity will continue to be a critical concern for businesses of all sizes and industries. The threats and risks constantly evolve from data breaches and ransomware attacks to social engineering and phishing scams. However, by partnering with a managed IT services company, obtaining cyber risk insurance, and providing ongoing cybersecurity awareness training, businesses can stay ahead of the curve and protect themselves against cyber threats and risks. As Mark Veldholf, CEO of Envizion IT, states, “cybersecurity

is not a one-time event, it’s a continuous process. Businesses must remain vigilant and proactive in their approach to cybersecurity, investing in the right technologies, policies, and people to mitigate risks and protect their data.”

Bryan Ferrario, President of Alliance Technology Partners, agrees, stating that “businesses must view cybersecurity as an ongoing process, not a one-time event. Threats are constantly evolving, and organizations must be prepared to adapt and respond quickly to new challenges.” Ultimately, by staying informed, proactive, and prepared, businesses can navigate the ever-changing landscape of cyber threats and risks and ensure the safety and security of their data and operations.

In conclusion, cyber threats and risks continue to pose significant challenges for businesses in 2023 and beyond. However, by partnering with a managed IT services company, obtaining cyber risk insurance, and providing ongoing cybersecurity awareness training, organizations can protect themselves against the latest threats and risks. As the digital landscape continues to evolve, businesses must remain vigilant and proactive, investing in the right technologies, policies, and people to mitigate risks and protect their data. With the right approach and mindset, businesses can navigate the challenges of cybersecurity and emerge stronger, more resilient, and more secure than ever before.