Today, the topmost problem facing businesses is cyber security. Despite investing considerable resources in protecting their digital assets, cybercriminals keep finding new ways to infiltrate seemingly secure systems. The problem with cyberattacks is that they are not confined to large businesses alone. Instead, every business is at risk of a cyberattack. These attacks disrupt business continuity and are responsible for many small and medium enterprises closing permanently.

According to Statista, the cost of cybercrimes will increase substantially in the coming years. In 2023, cybercrimes will cost US $11.50 trillion, as shown in the image below.

Unsurprisingly, cyber threats are considered to be the biggest challenge for businesses. However, the right cybersecurity policies can help protect an organisation’s digital assets to a great extent. The only problem is that businesses don’t seem to understand the importance of developing and implementing robust cybersecurity policies. Therefore, we will focus on how poor cybersecurity policies disrupt business continuity. The purpose is to help organisations understand the importance of a cyber security policy.

What is a Cybersecurity Policy?

Before delving into the drawbacks of a poor cybersecurity policy, let’s understand what is included in this policy. It is a comprehensive document that discusses how an organisation will manage and protect its digital assets. The policy should begin with a purpose and scope. The idea is to communicate to the stakeholders what is expected from this policy and which areas are covered.

The policy will also include the roles and responsibilities of the concerned individuals/teams. A key part of such a policy is the penalties and fines in case of non-compliance. The repercussions must be highlighted so that the employees and third-party vendors are aware of the risk of poor practices. It is pertinent to understand that most organisations cannot handle cybersecurity alone.

Therefore, they must engage with individuals and firms specialising in this area. If you are looking for such a company, look no further than Agile Managex Technologies. We are a leading cybersecurity company in the UAE. We can help you devise policies, conduct security audits, design custom security solutions, and even provide dedicated teams for network monitoring.

Now, let’s focus on the main topic.

Poor Cybersecurity Policies and Disruptions to Business Continuity

1. Data Breaches and Leaks are Costly

Organisations don’t realise that a data breach or leak can be financially draining to the extent that the business may have to file for bankruptcy. How so? Well, regulators are now quite active and are likely to levy huge fines due to poor policies. Secondly, your customers and clients may file lawsuits for failure to protect their personal information. Thirdly, a business may lose critical information during a breach or leak.

It may be that the information is the source of the organisation’s competitive advantage. With the competitive advantage gone, it would be challenging for any business to stave off competition and thrive in today’s competitive market. Fourth, the lawsuits and fines would force the organisation to divert funds from other business areas. It would stifle innovation and business growth.

Read more about ‘Steps to Take Right After a Business Data Breach’ to protect your organisation from further harm.

2. Loss of Reputation

An individual and organisation can recover from a financial hit. However, recovering one’s reputation is near impossible. Once an organisation develops a reputation for poor practices, convincing customers and clients to trust the organisation again would be challenging. Eventually, the business will lose its market share to competitors and become defunct.

3. Impacts Productivity

When employees continuously focus on managing the disruptions due to poor cybersecurity policies, they have little time to manage their core responsibilities. Ultimately, their productivity will go down. They would take longer to complete routine tasks. It can hurt core business functions, especially customer service. Indeed, poor productivity can bring a well-established organisation down.

4. Loss of Talent

Skills shortage is an issue for the tech sector. This is why top organisations offer substantial salaries and other benefits to attract employees. When an organisation develops a poor reputation, top talent will avoid it. Without access to talented individuals, an organisation will find innovating and growing challenging.

Conclusion

Poor cybersecurity policies have more far-reaching consequences than the ones discussed above. However, financial and reputational loss are reasons enough for any organisation to take cybersecurity seriously. Contact us for more information on how we can secure your network and digital assets against this growing threat.

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