What Makes Cybersecurity A Good Investment For Businesses?
Whether you are surfing the internet, using social media, or shopping on the internet, it has become essential to have security measures in place that can protect the integrity of your data. As far as businesses are concerned, digital security or cyber security is becoming more and more important for them. Because of the various technological advancements in the last decade, the business world has made a shift towards the internet where the most valuable asset, information, is stored.
Having a presence in the digital is helpful in attracting more customers, however, it also brings certain risks with it, especially the risk of increased cyber-attacks. To tackle this problem, investing in cybersecurity is becoming essential for businesses to stay protected against cyber attackers. However, businesses are still reluctant to make investments in cybersecurity and improve, even after knowing its importance. For this reason, we will be highlighting the importance of cybersecurity and why it is a good investment for businesses:
Cyber Attacks Are On The Rise
The first reason why cybersecurity is a good investment for businesses is that cyber-attacks are on the rise. Every industry out there, healthcare, financial, retail, corporate, etc is being affected by cyber attacks. What’s more surprising is that even government departments are also becoming victims of cyber attacks. In 2019, the US Defense Agency suffered a data breach that was discovered in 2020.
As the digital population increases, cyber crimes are also increasing. As more and more people start to use the internet, it becomes a wider market for cyber attackers to attack people. Along with the increase in the digital population, the emergence of new technologies and gadgets has further paved the way for cyber attacks. Although manufacturers are trying their best to prevent cyber attacks, cybercriminals are quickly adapting and devising new strategies to exploit the digital world.
In such times, it is imperative for businesses to invest in cybersecurity and prevent their most-valuable asset, data.
Helps To Save Money In The Long Run
Some might argue that cybersecurity is an expensive investment and it is better not to spend such huge amounts on it but the reality is that, in the long run, a cyber security strategy helps you to save a lot of costs. By preventing a lot of potential cyber-attacks and data breaches, cybersecurity can help to save a lot of money that might otherwise be lost because of data breaches, not to mention reputational damages, loss of income, potential lawsuits, operation disruption, and intellectual property theft.
It is estimated that a cyber attack can incur economic and reputational losses of up to $155,000 per year. Even a small network breach into the wireless network through 192.168.0.1 can cause serious problems.
Saves Time
Data breaches and cyber attacks can incur not only financial losses but also result in significant downtime and require a lot of time to be resolved. If a company decides to invest in cybersecurity, it wouldn’t have to worry about any downtime, operation disruption, or time wasted to resolve the problems because these problems wouldn’t even happen in the first place. Financial losses can be put up with but the time it takes to resolve the data breach and bring everything back to normal, cannot be valued.
Builds A Positive Security Reputation
Customers are becoming more and more tech-savvy. A customer considers various things before doing business with a company and one of such things is a company’s security reputation. It is not possible to be successful in this age of tough competition without having a good security reputation.
Customers are becoming smarter and they take data security and privacy seriously. They would read user reviews and search on the internet to make sure that a company or business hasn’t been a victim of a data breach before sharing their personal information. Customers don’t even buy a wireless router without reading its reviews on the internet and finding whether its admin panel i.e 192.168.1.1 is secure enough or not.
The security reputation and security levels of a company are related to its reputation. A company that would neglect its security levels would have to face serious consequences. Customers trust and prefer to do business with those companies that highlight their security levels & practices and show customers that cybersecurity is their top priority.
Compliance With Cybersecurity Regulations
Investing in cybersecurity means that you are also complying with various cybersecurity regulations. Businesses are expected to protect customers' data and prevent data breaches. Non-compliance with cybersecurity regulations can lead to hefty fines and severe penalties including losing your business license and being labeled as non-compliant. Simply by investing in cybersecurity, businesses are not only able to protect their reputation, save time & money, and protect their data but also comply with various cybersecurity regulations.
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