When you think of smart investments, you might imagine stocks, real estate or the latest technology startups. However, there is another kind of investment that provides both immediate and long-term benefits cybersecurity. This essential investment helps protect companies from costly cyberattacks and can help them avoid costly fines and losing confidence from customers.
As digital transformation transforms business operations of companies, they generate, manipulate and store an ever-growing volume of data. This data must be controlled across complex computing environments. These environments typically span cloud data centers, enterprise data centers, and many connected devices, including Internet of Things sensors and robots. This increased complexity results smart investments and strong data security in a larger attack surface which makes it difficult to secure critical information from loss or compromise.
Apart from the financial burdens Data breaches can harm a company’s reputation and cause long-term losses in sales. A recent study revealed that the average cost of the data breach is $4 million, which is difficult for any organization to take on. Additionally, laws 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 competitive market an effective cybersecurity strategy is vital to achieving growth. It’s more cost-effective to invest into preventative measures rather than pay for cleanup and recovery after a breach. Utilizing the appropriate tools and technologies, businesses can ensure that their data is safe in transit, rest and in the middle. This includes implementing encryption, focusing the human firewall, and conducting regular deep-checks.