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Why Network Security is Important for Your Business?

Jun 11, 2024 | Solutions

In today’s AI powered world, safeguarding your sensitive information goes a long way beyond technical issues. It is the heart of your long-term business success.

Ignoring the need to secure your network against the potential threat is similar to leaving your home front door open and allowing a much higher risk to welcome in.

In this blog we will be discussing network security, its potential risk and its advantages along with exploring why network security is so crucial for your business. So, let’s get started.

Why is Network Security So Much Crucial?

Network security is the implementation of policies that can safeguard your company’s computer networks, data, and assets from unauthorized access, assaults, disruptions, or other perils.

It encompasses hardware and software, practices, and best practices intended to help you achieve the three goals of information security: preserving the confidentiality, integrity, and availability of your data and services on your network.

Network Security Real Life Threat Example

There are various types of threats which have the ability to hinder your whole business operations. According to the report, 1,075 ransomware attacks were reported in January, February, and March of 2024—an increase of 21% on the same period last year. The supply chain was a basic target of network security attacks, accounting for 21% of attacks.

You may have read about the hacking, by the North Korean government according to the FBI, of Sony Pictures‘ network in 2014. More recently, Russian hackers have been accused of tampering with voting systems in the 2016 U.S. presidential election and with Ukrainian businesses and governmental agencies.

In fact, cybercriminals keep searching for more vulnerabilities. If the networks are not secured, information about the organizations and individuals is not safe, or even our government will be exposed and used against us.

The 5 Considerable Components of Network Security

Access Control: These control and limit access to network resources, depending on the credentials of the user and the authentication. They form a very important aspect of ensuring authorized personnel or devices have access to the crucial data.

Firewall: Working like virtual barriers, firewalls inspect incoming and outgoing data for compliance with security standards, much like a security checkpoint at a gateway.

(IDS) Intrusion Detection System: They serve as keen monitors for your network and watch every little activity or suspicious activity going on, intervening where necessary to stop the threat.

Employee Training: Untrained employees are the single highest risk of network security breaches. They will, sometimes inadvertently, let in the bad actors or malware attacks.

Patch Management: Regular updates and patches for your software, and sometimes hardware, keep them safe from vulnerabilities being exploited.

6 Key Advantages of Network Security

The importance of network security would, therefore, be enormous considering that cybercrime has an estimated annual cost of about $10.5 trillion by 2025. Here are six key benefits of network security you should know about.

Securing Sensitive Data:

Businesses deal with a large amount of sensitive data, such as client information, financial data, and intellectual property. Encryption and access controls for network security ensure protection against unauthorized access and data breaches.

Maintaining Reputation and Customer Trust:

In an era where security incidents are frequently in the news and may cost you $4.45 million or more, establishing and maintaining customer trust is imperative. Effective network security helps to prevent security breaches by thus saving business reputations and maintaining customer confidence.

Regulatory Compliance:

For many industries, regulations stipulate the protection of sensitive data. Network security helps businesses comply with these regulations and save on potential financial losses through fines or legal action.

Preventing Financial Loss:

Large financial losses are one of the many outcomes of a cyber attack due to system downtime and data losses. The cost of recovery from a security breach can be financially painful. The implementation of network security will reduce the chances of occurrence of such losses.

Supporting Business Growth:

To sum up, effective network security allows businesses like yours to continue to function without the intrusion of cybersecurity threats. Continuity is vital to sustaining and growing the operations of your business in an ever-competitive marketplace.

Attracting and Retaining Talent:

Commitment to network security also helps to attract and retain employees who deal with sensitive information. To many professionals, the fact that a potential employer takes security services seriously can be a very important differentiator.

Conclusion

Network security is important to a business in the protection of data, resources, and operations. It guarantees the continued high performance of the networks, the privacy and security of data, intellectual property protection, and conformance to regulations. With good network security practices, a business will be easily on guard against security breaches and can minimize the damage that a security vulnerability can cause, helping to ensure a safe and reliable working environment.

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