There are many areas of a company that requires your attention. You make plans and invest in them to ensure that the needs in these areas are adequately met for the company to benefit. However, cybersecurity mostly fails to make it to company plans and strategies. This leaves a vacuum and opens up your company for cyberattacks, which can end up being costly.
Cyberattacks are deliberate and malicious attempts by cybercriminals to breach the information systems of individuals, businesses, or organizations. These attacks have been on a steady rise in the recent past, making it crucial for companies to protect themselves. Research data indicates that up to 61% of small and medium-sized companies in the USA have in the last few years. These attacks can cause a lot of harm to your company’s reputation, in addition to losing important company and client data.
Look at these five reasons why you should seriously consider investing in your company’s cybersecurity.
- Cyberattacks Incidents Keep on Rising
As the world gets more and more connected through technological advances, cybercriminals, on the other hand, are also devising new ways to infiltrate these systems. Cybercriminals are always looking for vulnerabilities in your digital assets and, therefore, there’s the need to protect them. Surprisingly, attacks don’t always come from outside the company. Inside attacks are also on the rise.
The reality is the cyberspace is built on physical hardware systems and devices, and human beings operate it. With connectivity through the Internet of Things (IoT) and artificial intelligence (AI), cyberspace becomes even more vulnerable. You can engage the services of cybersecurity experts to help you invest properly in your company’s information security. Some companies deal with hardware offering general purpose HSM or hardware security modules, while others deal with cloud-based cybersecurity services.
- Not Investing Might Cost You Heavily
When there’s a safety breach in your company, you’ll need to invest in increasing security then. This includes things like patching or an emergency security investment that you hadn’t planned for. Having security in place is an excellent investment that will save you from paying the high cost of not having protection in place. You’ll also prevent damaging your company’s reputation and losing clients in the process.
Look at some of the costs you save by investing in proper security for your company.
- Operational costs from disruptions or possible business shutdowns
- Costs of recovering data and security patching
- Your company’s value
- Possible fines if regulators establish that your company failed to take enough measures to prevent a cyberattack
- The reputation of your company
- Data is Among the Globe’s Biggest Resource
The current estimates by research indicate that data revenue could increase to USD$103 billion by 2027, up from USD$42 billion in 2018. This makes data one of the most valuable commodities available. As a result, it’s highly likely that data will count as intellectual property in the valuation of a business portfolio in the future.
Having this in mind, you must invest adequately in your company’s cybersecurity as it means that attackers are prowling to make the susceptible data available. To keep your data safe, ensure to put proper measures and to train your employees on cybersecurity. Human error, both intentional and unintentional, counts for many data breaches. At least you need to make sure your employees are not ignorant of the issue. Create a company cybersecurity policy and measures and stick to them religiously.
- To Increase Brand Trust and Awareness
Like mentioned before, the cost of a data breach can lead to a severely damaged reputation. However, if you can guarantee your investors and clients that their data is safe has no price tag. You can also utilize this in your marketing strategy and let your customers know that their information is very secure with you.
Guaranteed customer security in this day is vital in creating trust with your company’s audience. You can even use this to market your products and services and stand out as a company that cares about security. This sort of initiative for your company can also help attract investors.
- You Can Safely Incorporate Mobile Services
Increased mobile device usage can expose your company to new threats. For example, malware can easily embed itself on mobile applications through Wi-Fi. However, when your company has invested in proper security measures, even mobile devices will be protected, ensuring that they’re not the weak points. These include controlled access to company mobile devices.
Final Thoughts
These are only some of the reasons why investing in cybersecurity in your company is paramount. First, it saves you having an emergency need to invest in cybersecurity measures to remedy a problem that has already hurt the company. Secondly, it can help keep your company’s reputation intact. It’s better to invest now rather than later. When it comes to cyberattacks, there’s no undoing the damage once it’s been done.