You may think of stocks, real estate or the most up-to-date tech startups when you think of smart investments. However, there’s a different type of investment that offers both immediate and long-term rewards: cybersecurity. This crucial investment protects businesses from costly cyberattacks and helps them avoid costly fines and the loss of trust from customers.
As digital transformation transforms the business operations of companies, they generate and manage an ever-growing amount of data. This data must be managed across complex computing environments. These environments include cloud data centres, enterprise data centres as well as a variety of connected devices, such as Internet of Things sensors and robotics. This increased complexity results in an increased attack surface, making important information more susceptible to exploitation and loss.
In addition to the financial costs, data breaches can damage the image of a business and cause long-term losses in sales. A recent study revealed that the average cost of the data breach is $4 million, which is difficult for any business to take on. In addition, regulations like the California Consumer Privacy Act and the General Data Protection Regulation impose steep fines on companies that don’t meet strict security standards.
In today’s highly competitive market an effective cybersecurity strategy is essential to grow. A preventative pound is worth a pound cure, and it’s far more economical to invest in preventative measures rather than paying for cleanup and recovery after a breach. Implementing the right tools and technology, companies can ensure that their information is safe in transit, rest, and in the middle. This includes using encryption, focusing on the human firewall, and performing regular deep-checks.