When you think about smart investments, you could picture real estate, stocks or the newest technology startups. However, there’s another type of investment that offers both in the immediate and the long-term cybersecurity. This investment is essential to protect businesses from expensive cyberattacks, and it helps them avoid costly fines and losing the trust of their customers.
As digital transformation transforms the business processes of businesses, they produce and manage an ever-increasing volume of data. This data must be managed across a variety of complex computing environments. These environments are regularly spanning cloud, enterprise data centers and a host of connected devices, including Internet of Things sensors and robots. This increased complexity results in a more threatening attack surface which makes it difficult to safeguard critical information from loss or compromise.
In addition to the financial burdens of data breaches, they can affect a company’s reputation and lead to long-term sales losses. Recent research showed that the average cost of the data breach was $4 million. This is an enormous impact on any business. Regulations like the California Consumer Privacy Act or the General Data Protection Regulation also impose steep penalties on companies who fail to adhere to strict security standards.
In today’s highly competitive marketplace, a strong cybersecurity position is vital to achieving growth. A pound of prevention is worth a pound of cure, and it’s far more cost-effective to invest in preventative measures than spending money on cleanup and recovery after an incident. By implementing the proper tools and technologies, enterprises can ensure their information is safe during transit, in the middle and in the middle with the help of encryption and focussing on the human firewall and performing regular deep checks.
