You might think of real estate, stocks or the newest technology startups when you think of smart investments. There’s a different kind of investment with both immediate and long-term advantages cybersecurity. This investment is essential to protect businesses from costly cyberattacks and helps to avoid costly fines as well as losing customers’ trust.
As digital transformation transforms business operations, companies are creating data, manipulating and storing an ever-growing amount of data that must be managed effectively across complex computing environments. These environments include cloud, enterprise data centres and a variety of connected devices like Internet of Things sensors and robotics. This increased complexity results in a greater risk of attack which makes it more difficult to safeguard critical information from compromise and loss.
Aside from the financial costs Data breaches can also damage a company’s reputation and optimizing operations through integrated solutions cause long-term losses in sales. A recent study found that the average cost of the data breach is $4 million, which is difficult for any company to take on. Regulations such as the California Consumer Privacy Act or the General Data Protection Regulation also impose steep penalties on companies who do not adhere to the strict security standards.
In today’s booming economy an effective cybersecurity posture is key to growth. It’s more cost-effective and efficient to invest into preventative measures, rather than paying for cleanup and recovery after an incident. Implementing the right tools and technologies, companies can ensure that their information is safe in transit, rest and in the middle. This includes using encryption, focusing on the human firewall, and executing regular deep-checks.
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