By Caterpillar | Posted: May 20, 2022
Whether you work in construction, agriculture, government or another industry, you likely operate partially online. The massive increase in business activities happening on the internet puts your data at risk in a new way — cyberattacks.
While you secured old-school folders and filing cabinets with a key or lock, your online data needs the same sort of protection. That's where cybersecurity comes in. Business cybersecurity protects your data and the employees who use your systems. When you have a comprehensive plan in place, everyone on your team can have peace of mind.
According to the National Law Review, a leading legal journal, the Internet Crime Complaint Center dealt with 791,790 cybercrime complaints in 2020, with businesses reporting losses of more than $4.1 billion as a result.
While all businesses are vulnerable to cyberattacks, some industries are more susceptible than others. The construction industry is in the top three sectors with the highest number of ransom attacks.
While those numbers should already stop you in your tracks, you should also know that they represent a 69% increase in cybercrimes from 2019. Clearly, cyberattacks are a rapidly escalating issue facing an increasing number of companies.
When your data is at risk, you have to put money toward a wide range of processes, from identifying hackers to reducing harm wherever possible. Plus, your data can include sensitive information about your clients and employees. When this data is released, there's a potential for a negative impact on your reputation, and even lawsuits — something every business wants to avoid.
These risks are present in all types of industries, like government, construction and agriculture. The bottom line is that cybercrime is harmful, so it's best to address your cybersecurity risks before they happen. Proper cybersecurity measures can protect your business from potential threats.
At Caterpillar, we have tech experts collaborating to secure our systems and protect customer data, but there are still more security measures to consider. Cybersecurity is still a fairly new concept, and it can be a little challenging when you're not a tech expert. When you want to design a security strategy, you want to think about the possible threats, such as:
Since cybersecurity is so critical, even smaller companies should commit a percentage of their information technology (IT) budget to cyberattack protection to avoid becoming a target. Using the following cybersecurity measures can help small businesses fend off potential threats:
Cybersecurity practices should be a part of every business. At Caterpillar, we prioritize data protection in our company and for our customers.
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