You may think of stocks, real estate or the newest technology startups when you think of smart investments. However, there’s another kind of investment that provides both immediate and long-term rewards cybersecurity. This crucial investment protects businesses from costly cyberattacks as well as helps them avoid costly fines and the loss of trust from customers.
As digital transformation transforms business operations, enterprises are creating data, manipulating and storing an ever-growing amount of data which must be effectively managed across complex computing environments. These environments are routinely spanning cloud, enterprise data centers and numerous connected devices including Internet of Things sensors and robots. This complexity adds greater attack surface, which makes critical information more vulnerable to being hacked and lost.
Aside from the financial costs Data breaches can harm an organization’s reputation and result in long-term loss in sales. Recent research showed that the cost for a data breach was around $4 million. This is a significant impact on any organization. Additionally, regulations such as the California Consumer Privacy Act and the General Data Protection Regulation impose steep fines on companies that don’t adhere to strict security standards.
In today’s booming economy having a solid cybersecurity strategy is essential to achieving growth. It’s more cost-effective and efficient to invest into preventative measures rather than pay for cleanup and recovery after a breach. With the right tools and technology, companies can ensure that their data is secure during transit, rest and even in the middle. This means creating encryption, focusing on the human firewall, and conducting regular deep-checks.
