smart investments and strong data security
You might think of stocks, real estate or the most recent tech startups when you think of smart investments. But there is a different kind of investment that pays both in the short and long term: cybersecurity. This essential investment helps protect businesses from costly cyberattacks as well as can help them avoid costly penalties and loss of trust from customers.
As digital transformation transforms business operations, enterprises are creating and manipulating an ever-increasing amount of data that needs to be efficiently managed across complex computing environments. These environments include cloud, enterprise data centres and a variety of connected devices such as Internet of Things sensors and robotics. This increased complexity results in an greater attack surface, which makes crucial information more susceptible to exploitation and loss.
Aside from the financial costs Data breaches can also harm the image of a business and result in long-term losses in sales. A recent study revealed that the average cost of a data breach is around $4 million – a cost that is difficult for any business to absorb. In addition, regulations such as the California Consumer Privacy Act and the General Data Protection Regulation impose heavy penalties on businesses that don’t adhere to strict security standards.
In today’s highly competitive market an effective cybersecurity strategy is vital to achieving growth. It’s more cost-effective and efficient to invest in preventative measures instead of paying for the cleanup and recovery following an incident. By implementing 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 performing regular deep-checks.