Why is cybersecurity important for your business?  

Why is cybersecurity important for your business?  

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MAY 10

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In April 2023, Gateway Casinos closed the doors of their Ontario casino. In a statement, the company confirmed it was a ransomware attack that brought them down. What if your casino was hit by a ransomware attack? Would it be closing its doors?

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Did you know that if cybercrime were an economy, it would be the third largest following China and the United States? By 2025 cybercrime is projected to reach $17.65 trillion annually. Implementing a strong cybersecurity policy can help your gaming company avoid ransomware attacks, data breaches, unauthorized access, and other threats that could put your digital assets in the hands of hackers.  

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As a business, the best thing you can do is build a strong culture of security. Sound overwhelming? It’s actually easier than you think if you with a vCSO (virtual chief security officer). A vCSO is responsible for protecting a company’s assets. It’s someone who keeps internal and customer data safe by creating security policies within your company and making sure employees are complying with said policies.

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What else can be done? Management can be proactive and support and communicate the importance of cybersecurity practices. Consistently maintaining practices across the company can be a powerful first step to making cybersecurity an integral part of your routine.

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After all, you owe it to your employees and clients to keep their data intact. It’s pretty clear from the Gateway Casino situation that the consequences can be huge. But even if you don’t get shut down as a result, if sensitive information or personally identifiable information got out your employees and clients can be harmed, and your reputation would be shot.  

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One ransomware attack and you could lose it all.  

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If you have effective cybersecurity practices, this can help your business:  

• Prevent downtime: security breaches can paralyze a company’s operations for months. Preventing downtime means keeping revenue intact.  
• Avoid expensive repairs: cybercrime could end up damaging physical assets in addition to cyber assets If you maintain a safe infrastructure, you won’t have to replace computers, servers, or other devices that your employees may use.  
• Gain loyal customers: A security-aware business is appealing to people. It’s a business that people know they can trust. Of course, trust is one of the most valuable assets. If you demonstrate dedicated security and data privacy, people will feel more confident buying from you.  

When you’re looking to protect your company from cyber threats, utilizing the latest security practices is important. That’s why a regular third-party cybersecurity analysis should be done to see how your security stack is doing against hackers. Doing a third-party analysis can show your weak spots, which you can then fix to make it harder for hackers to get in.  

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Another benefit of a third-party cybersecurity analysis? It can help you to spot employee errors, that even the best security plan can overlook. Did you know that up to 95% of cybersecurity issues are linked to human error? To help avoid this, it’s important to do frequent cybersecurity assessments to make sure your employees understand the importance of the policies you have in place.  

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This is where a vCSO can come in handy.

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If you want to see if your company is making the right choices when it comes to cybersecurity, invest in a cybersecurity analysis. The analysis can show you what you’re doing well and where your weak spots are. Then, have a vCSO come in to fix your weaknesses so you can be certain you’re best protected against hackers. To sign up for a cybersecurity analysis, go to csosean.com/analysis.