November 16th, 2023 by admin
Over 75% of all cyber attacks start with a simple email. The bad news is, that the severity of these cybercrimes is only getting worse. In fact, by the year 2025, the global cost of cybercrimes is estimated to rise to $10 trillion. To put that into perspective, as of 2022, the total GDP of the United States is around $20 trillion. So, in short, two years from now, the hefty price of worldwide cybercrimes will cost more than the GDP of Germany, the UK, France, Italy, India, and Japan put together.
Using a business computer without a proper firewall is one of the most irresponsible things any business owner can do. This is mainly because with the growing rate of cybercrimes, working on the internet without a secure firewall in place is like driving on the U.S. Route 20 without seatbelts.
What is a Firewall?
Savvy business owners know the importance of practicing proactive protection when it comes to cyber security because every step you take forward pushes cybercriminals back. Put simply, a firewall acts as the gatekeeper of your business's network, much like Heimdall on the rainbow bridge, only way more effective.
Types of Firewalls
The sole purpose of a firewall is to ensure that all data that enters your network via the internet is trustworthy. Firewalls can be categorized into two types, network firewalls, are physical devices that are strategically placed between the network connection and computer devices.
Then, there are the built-in firewall functions which are found in operating systems or third-party firewall software providers. While network firewalls offer blanket protection, software firewalls can monitor each PC, laptop, smartphone, or other handheld device individually, offering an extra layer of security.
Risks of Not Having a Firewall
As a business owner, not considering a secure firewall for your company is like leaving the front door open – you're only going to invite criminals to walk in, and considering the stats – they likely will. So, what are the risks of not having a secure firewall? Let's find out.
If you do not have a secure firewall in place, any cybercriminals (even the ones who are terrible at their job) can just waltz into the IT network and get access to all of your information. “But, our company's just started, what could the cyber criminals possibly want with our data?”
Well, contrary to popular belief, any data is valuable, and cybercriminals know this fact, which is why the average data breach cost (per incident) is estimated to be around $4.2 million.
Once the cybercriminals have your data, they can leak it to the public, earn money by putting it on the Dark Web, or worse, they can hold on to your private data for a ransom. And the risks don't end there; it's not unheard of for cybercriminals to access sensitive data of businesses and simply delete it for fun, with all of your data lost, the only choice a business owner has is to close up shop or start all over again.
Bad Cyber 'Hygiene' Habits
Not having a secure firewall in place for your business will only lead to bad cyber hygiene habits by employees. This involves accessing the internet via Wi-Fi networks that are unprotected and failing to practice safeguards such as multi-factor authentication and VPNs that are in place when accessing files and other data on the network.
As a business owner, if you or your employees rely on good old human memory to manage your passwords, good luck remembering them. According to research, over 40% of companies end up “managing” their passwords with the help of sticky notes that are slapped at the sides of their computer.
We haven't even gone to the worst-case scenario for not having a secure firewall in place to protect your business network from security breaches. Network downtime occurs when malicious cybercriminals shut down an entire business network in exchange for a ransom.
While the financial damage caused by this assault can be devastating for any business, the loss of reputation that the company goes through can be catastrophic, which involves the loss of the customer's trust and morale, and is impossible to recover from.
While there are some limitations and compatibility issues, the fact remains that having a secure firewall is a necessary element in any company worth its salt. A secure firewall has multiple strengths that can benefit any business regardless of its size or niche, from robust anti-virus protection to reliable cyber security solutions.
If you want to learn more about secure firewalls, contact us today.
Posted in: Security