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Why Cybersecurity is Your Business’s Lifeline in 2024!

Published on April 17, 2024

3 Reasons Why You Should be Prioritizing Cybersecurity for your Business Right Now!

Here at allCare IT, we have seen the cyber threat landscape shift dramatically, growing not just in complexity, but in the sheer audacity of attacks. Here's a telling example: Even the U.S. Cybersecurity and Infrastructure Security Agency (CISA) itself suffered a cyberattack in February 2024. The reality is, however, that for every high-profile case like this, countless smaller businesses quietly face similar threats, often unnoticed but equally impacted. Last year alone, there was a 40% increase in cyber-attacks on businesses of all sizes, with small to medium-sized enterprises being the most targeted. Are there valid reasons to prioritize cybersecurity in your business for 2024? Here are just three:

1. Cybersecurity as an Investment

Computer Lock Dollars

Something we have seen repeatedly is that the cost of cybersecurity is a small fraction compared to the fallout from even a single incident. Which is better? To react in panic to a crisis, or prepare and prevent them in the first place? The federal government here in Canada has indicated a shift in this area as well, unveiling a national defense strategy totaling $73 billion in new cybersecurity spending over the next 20 years. Why the shift? Recent statistics show that cybercrime is hitting the business bottom line — According to a new Statista market  insights survey, costs have risen from $860 billion in 2018 to a staggering $9.2 trillion this year. For perspective, that’s about $1,135 per man, woman and child living on the planet, and one-third of the entire United States’ GDP. These numbers speak louder than words. Cyber threats are no longer just an IT problem - cybersecurity has already become an essential service to safeguard our business. Every dollar lost to cybercrime—be it through ransom payouts, lost productivity, or data theft—reflects a dollar not spent on business growth, innovation, or customer satisfaction.

2. Cybersecurity as a Market Differentiator

In today’s competitive market, trust is a key differentiator. Businesses that can demonstrate robust cybersecurity enhance their credibility and attract conscientious customers. For example, it was a pivotal day for Apple in the early 2010’s when agencies like the National Institute of Standards and Technology (NIST) started certifying iOS devices for compliance with federal security standards. This certification was crucial—it demonstrated Apple’s commitment to meeting stringent security requirements and marked a significant shift towards being the preferred hardware for government agencies including the Pentagon.Charts Apple doubled down on that strategy when they refused to create a backdoor for the FBI to access the iPhone of a suspect. While this was a controversial move at the time, the decision was widely publicized and discussed, which again helped to elevate Apple's reputation as a security-first brand. Apple has continued to prioritize security, more recently introducing lockdown mode on their devices to reduce the attack surface against spyware. One could easily argue that Apple has successfully leveraged their security focus into customer and brand loyalty year over year. What’s the main point for us as business owners and decision makers? We all know that trust is a critical factor that influences client decisions. As shown by Apple, a consistent and uncompromising approach to security can lead to long-term customer loyalty. In more recent news, in the spring of 2024, the European Union discussed a cybersecurity verification scheme (EUCS) to help governments and companies select only secure and trusted vendors. What’s the point? When we consistently prioritize and invest in up-to-date security measures, it serves as a market differentiator, it adds value to our services and fosters a loyal customer base because they can trust our brand to protect their interests.

3. Cybersecurity as a Corporate Responsibility

Biometric SecurityCreating a cybersecurity culture isn’t just about implementing technology—it’s about the responsibility to protect people. Think about it: we instinctively lock our doors at night, wear seatbelts, install smoke detectors and first-aid kits. As a matter of course, we socialize and educate our employees to put safety first. We put up signs and create courses to instill that mindset in our employees. We do these things almost automatically when it comes to our personal and employee safety, but what about when it comes to digital safety? It’s sobering to remember that there is a human toll when personal data is leaked. It can be like an injury that affects victims for the rest of their lives. Long-term ramifications range from minor inconveniences to major frustrations surrounding financial health, credit standing, insurance premiums, identity theft and even legal exposure. The principle of 'safety first' applies as aptly to our digital lives as it does to our physical well-being. Just as we invest in our human resources, protecting our digital resources is an important corporate responsibility.

Take Hold of the Lifeline!

Over the years, we've seen that cybersecurity is a team sport. Someone needs to be the trainer, coach and captain, but everyone, from the CEO down to the newest intern, plays a role. At allCare IT we work to get to know your team, to optimize your security roster, and be the cybersecurity coach and trainer you need to succeed and exceed in your field. Cybersecurity has transcended the realm of IT to become a valuable investment, a market differentiator and a fundamental corporate and social responsibility. To put it more simply, it’s a lifeline for your business in 2024!