What Is Patching And Why Is It Important?

Do you know what a cyber security patch is or why it’s important?

Software is a trillion-dollar business. While most Americans use one or several types of software daily, not many people know the true meaning of cyber security. Oftentimes, we use suggested forms of security on our phones, tablets, and computers. Other times, we ignore those suggestions and continue with our day. However, especially when it comes to your business, having a basic understanding of cyber security is critical.

Software is extremely complicated and is prone to errors. When this happens, we need to be adamant about preventing further damage. This is where the cyber security patch comes into play. Patching means fixing errors when they appear. Allowing patches to be made could be a determining factor when it comes to your online security.

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Security Patch: What Is It & Why Is It Important In Cyber Security?

A 2017 study by Pew Research Center found that 14% of people never update their phone’s operating system. What’s more, less than half of users (42%) only do so when it’s easy. But software updates occur for a reason. Yet, many people hesitate to make changes because of a lack of trust or inconvenience. However, there are plenty of good reasons to make software updates right away.

What Is A Cyber Security Patch?

As mentioned above, patching means fixing. You might be familiar with the concept already if you have any kind of Windows, Apple, or Samsung device. Whenever you get a fresh notification informing you of a software update, that’s oftentimes considered a patch. For whatever reason, there may have been a coding error that needs to be corrected. Because of this fix, all users need to update their software to “patch” the mistake made in the original code.

This type of occurrence tends to happen when there’s a brand new update everyone’s excited about. Mistakes are possible, which means the software company needs to send another round of updates to the public when errors are caught to fix them. This means the public needs to respond and accept those updates to implement any coding changes that have been made. You can usually see what companies changed by reading the detailed report included with the update.

Making Updates To Devices Right Away Protects Your Data

Most companies use Microsoft, IBM, or Apple operating systems to conduct business on company devices. So it’s critical that you make updates to any professional devices right away as most contain sensitive information, passwords, banking and account data, and so much more. Not doing so can leave your devices vulnerable to an attack.

Furthermore, personal devices should also adhere to the update-your-software-ASAP rule. If you ever use your personal device for work, you run the same risk of falling victim to an attack without a timely update. Even having minimal information on your personal device, such as a work email account, could leave you vulnerable.

Applications & Network Equipment Also Need To Be Updated

In addition to software, many businesses use applications and network equipment to keep everyone connected. As an example, apps like Teams, Slack, Zoom, and other connectivity solutions require updates every now and then. You must accept patches to stay protected while using these applications.

Furthermore, network equipment like routers and switches used in-office or at home need to be updated regularly. As a business owner, it’s crucial that you make this step a regular part of your cyber security management’s responsibilities. If essential devices are hacked, you could be in for a long recovery period afterwards.

5 Shocking Statistics On The Impact A Cyberattack Has On Businesses

Take a look below at some of the most recent and surprising statistics regarding cyberattacks on businesses.

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1. Supply Chains Are Experiencing An Increase Of Cyber Attacks

The supply chain industry in the U.S. has had enough trouble remaining consistent and productive. However, adding insult to injury, they experienced a 42% increase in attacks in the first quarter of 2021. As a result, cyberattacks on the supply chain industry impacted nearly 7 million people.

2. Healthcare Takes Hits By Hackers

Healthcare is another industry that has seen a recent uptick in drastic shifts. From a heavy increase of patients to a lack of available healthcare workers, cyberattacks aren’t exactly at the top of healthcare professionals’ minds. However, more than 90% of healthcare organizations experienced at least one breach in the past three years. This matters because healthcare facilities often retain social security numbers, financial information, medical information, and so much more.

3. Time & Money Is Wasted When An Attack Occurs

Cyberattacks cost more time and financial assets than you may think. The average attack costs $3.86 million, while attacks on small businesses cost about $25,000. Furthermore, it takes about 280 days to locate and get the attack under control. 

For some larger businesses, a few million dollars might be recoverable over time. However, for small businesses, losing $25,000 can bury a business for good. It really is better to be safe than sorry regarding online security measures for small and large businesses.

4. The Cost Of A Breach For Businesses Per Minute

It may not seem like a lot at first glance, but a cybersecurity breach costs major businesses $25 every minute. Considering that it can take almost a year to completely contain an attack, those dollars add up fast.

5. Projected Costs For Businesses By 2022

Businesses are expected to spend $170.4 billion by 2022 on cyber security improvements. If you’re not confident for any reason about the safety of your information online, consider making a change before it’s too late.

Waterdog Computer Works Is Performance, Protection, & Piece Of Mind

When it comes to leaving the sensitive information of your business up to chance, you’re better off protected beforehand. Hackers don’t care about your business’s budget. They certainly don’t care about the well-being of your employees or any funds put aside to offer bonuses and donations. All they see is the money they can make taking advantage of your online insecurities. This is why we offer cyber security solutions at every entry point available.

Access everything you need to protect your business from cyberattacks – remote support, online bill pay, and so much more.