When you think about smart investments, you ensuring compliance in an ever-changing tech landscape could think of real estate, stocks or the latest technology startups. However, there is another kind of investment that pays both immediate and long-term benefits cybersecurity. This investment is essential to protect businesses from costly cyberattacks. It also helps businesses avoid costly fines and losing customers‘ trust.
As digital transformation transforms business operations, businesses are creating and manipulating an ever-growing amount of data that must be managed effectively across complex computing environments. These environments are regularly spanning cloud as well as enterprise data centers and many connected devices including Internet of Things sensors and robots. This complexity adds greater attack surface, which makes crucial information more susceptible to loss and compromise.
In addition to the financial cost of data breaches, they could affect a company’s reputation and result in long-term sales losses. A recent study showed that the average cost of a data breach is $4 million – an impact that is difficult for any organization to take on. Regulations like the California Consumer Privacy Act or the General Data Protection Regulation also have severe penalties for companies who do not meet strict security standards.
In today’s highly competitive marketplace, a strong cybersecurity position is crucial to success. It’s cheaper to invest into preventative measures rather than pay for cleanup and recovery after the event of a security breach. Utilizing the appropriate tools and technology, enterprises can ensure that their data is secure during transit, rest, and in the middle. This means installing encryption, focusing the human firewall, and executing regular deep-checks.