With the monumental shift in the economy due to the global pandemic, more and more enterprises are transitioning to technologies that are more centered online. As a result, customers’ most sensitive information is now being uploaded, stored, and accessed through the cloud.
As an enterprise draws more valuable data, it becomes more exposed to an even greater risk of data leaks and cyberattacks. A study made by the Ponemon Institute showed a 61 percent increase in cyberattacks to companies of all sizes and industries in the last few years.
Since most companies today rely on digital technology, it is crucial to incorporate cybersecurity into your corporate DNA. Here’s why you should start investing in cybersecurity today.
1. It gives assurance to your customers and investors.
Generally speaking, a business will only attract funding if you can prove to your investors that their money is safe to invest with you. Likewise, customers will only consider your products and services if you can guarantee that their sensitive information, such as credit card numbers, will be safe and secured.
Furthermore, once your company gets involved in cybersecurity breaches, it will undoubtedly be detrimental to the value of your business. When customers avoid your products and services because they fear their accounts could be vulnerable to cyber threats, it can jeopardize millions in revenue. In comparison, an enterprise that can guarantee its stakeholders’ data protection is already ahead of the competition. Not many competitors focus on ensuring the safety of their customer and investor data, which gives you a unique selling proposition.
2. It will support your enterprise growth.
Investing in data protection measures goes a long way in supporting company growth. A data-centered business with data being a core business asset needs to be protected as it is more exposed to cyberattacks. A company impacted negatively by a breach will be less profitable as it will be wasting money dealing with system restoration and appeasing customers.
Hence, cybersecurity is an investment that sees a return by allowing the business to be profitable instead of reinvesting profits to damage control. It might not be a prominent contributor to the growth of an enterprise, but in today’s digital-centric world, it is a determining factor of whether a company will stay in business or not.
3. It will save you from the cost of a cyber breach.
Investing in cybersecurity is an additional cost and is expensive. However, it provides long-term cost savings as cyber breaches are even more costly—operational disruptions, loss of revenue, lawsuits, and reputational damage are just some of the possible repercussions if a data breach happens.
When your business gets breached, the losses you will incur will go beyond money. And should you ever recover financially, it will be even harder to recover from the reputational loss.
As your enterprise grows, your cyberattack will automatically scale up, thus the need to invest more in cybersecurity. In addition, cybersecurity will educate you on how to handle large volumes of data you collect as your company grows. Given that the employees are the firsthand handlers of customer data, your biggest insider threats are untrained employees. They need to be kept up-to-date on protecting customer information to ensure that it does not accidentally land in wrongful hands.
Company data such as accounting files are now processed quicker via automated accounting and are easily accessible to employees, making it easier for a data breach.
One effective way to keep your sensitive data protected is by training employees in cybersecurity. As simple as an employee clicking what appears to be a harmless email could potentially open the doors to a complex phishing attack. Hence, employees should be part of the solution and be engaged in exercising data protection practices at all times.
4. Cyber attacks are likely to increase.
The European Union Agency for Cybersecurity stated in a report that cyberattacks are rising and are becoming more widespread, targeted, and undetected in today’s global economy. In addition, attackers are now doing personalized cyberattacks, using advanced methods and techniques to breach confidential and sensitive data.
It is best to stay informed with the latest happenings in the cybersecurity world to safeguard your data. By doing so, you will be more agile in implementing security policies and controls that address both developing and known threats.
5. It will help in securing the future of your enterprise.
Preemptive programs are critical in avoiding massive problems down the road, which is why building a future-ready enterprise starts with effective cybersecurity protocols.
The bottom line is, by implementing data protection policies, an enterprise can avoid a breach. From regularly updating software and training employees on the ins and outs of email phishing campaigns, there are many effective ways of preventing a cyberattack. All it takes is to realize the importance of investing in cybersecurity.