When you think about smart investments, you may think of real estate, stocks or the newest technology startups. There’s a different kind of investment that offers immediate and long term advantages cybersecurity. This investment is essential to protect businesses from costly cyberattacks. It also helps to avoid costly fines as well as losing customers’ trust.
As digital transformation transforms business operations of businesses, they produce and manage an ever-growing amount of data. This data needs to be managed across a variety of complex computing environments. These environments include cloud, enterprise data centres and a myriad of connected devices like Internet of Things sensors and robotics. This increased complexity results in an increased attack surface, making critical data more vulnerable to compromise and loss.
In addition to the financial burdens of data breaches, they could also damage a company’s reputation and cause long-term losses in sales. A recent study has revealed that the average cost of an incident involving data breaches is $4 million – a cost that is difficult for any organization 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 adhere to strict security standards.
In today’s highly competitive marketplace having a solid cybersecurity posture is crucial to success. A penny of prevention is worth a pound cure, and it’s far more efficient to invest in preventative measures than paying for cleanup and recovery after an incident. By implementing the appropriate tools and technologies, businesses can ensure their information is safe during transit, at rest and in between by implementing encryption by making sure that the human firewall is in place and regularly conducting deep checks.