Over the last few years, it’s been talked to death about how vital it is that businesses embrace the digital realm and make their organization more integrated into the internet. However, with more businesses shifting their focus to becoming digital, there are now more potential targets for cybercriminals to attack. These threats are something that every business needs to be aware of, but particularly for CSPs.
Businesses have been forced online, but many of these businesses haven’t been informed of the dangers and correct protocols to ensure that they’re safe when using the internet to grow their brand. Here’s a quick look at why digital security is so important for CSPs and what can be done to protect them.
Business Data is Valuable
It’s said that data is the new form of gold, and this is true with marketers and businesses needing more data to create bespoke and thus persuasive campaigns. However, data such as your customer’s demographic or shopping habits aren’t what cybercriminals are after. Instead, they want their financial information, and as a CSP, you’re going to have a lot of that. When a business makes a transaction with a customer, it’s going to have their financial information on record. If that data gets into the wrong hands, it can be devastating for the customers, as they will be at risk of fraud.
This is also really bad for the business because an issue like this will drastically harm its reputation to the point where interested customers won’t be able to trust you, which can hurt your bottom line.
The threat of a data breach can be significantly reduced if a CPS employs the right protective measures and invests in security features including encryption and endpoint security such as a firewall, malware, and even a VPN. The problem here is that installing all this and keeping it up-to-date is a huge undertaking, but it can be made a lot easier by using network security solutions by Allot.
A Breach Can Cause Downtime
Depending on the specifics of the security breach, if it’s big enough, it can lead to the CPS not being able to operate, which can significantly effect it’s ability to provide good communication services to its customers. For example, certain malware and viruses can cause equipment and devices to become inoperable, meaning that no work can be done until things are fixed. This can dramatically reduce your reputation and reliability, because a breach can stop your users from using your service. Other types of malware can also delete or modify important files, which can set your business back months and cause many issues.
In the worst-case scenario, a security breach can also take the form of a ransomware attack, which locks infected devices, with the cybercriminal behind the attack demanding a fee to be paid to unlock it.
In addition to implanting the security features mentioned in the first point, it’s also a good idea to backup your important files onto a different medium to ensure that you limit downtime. Good examples include an external hard drive or a cloud server. Having these backups will mean that work will be able to continue to provide your service as experts fix the security issue.