Smart Investments and Strong Data Security

You may think of real estate, stocks or the most up-to-date technology startups when you think of smart investments. There is a different type of investment that offers immediate and long-term benefits: cybersecurity. This investment is crucial to protect businesses from expensive cyberattacks, and it helps them avoid costly fines and losing customers’ trust.

As digital transformation transforms business operations of companies, they generate and manage an ever-growing amount of data. The data needs to be controlled across complex computing environments. These environments include cloud data centres, enterprise data centres and a due diligence checklist myriad of connected devices such as Internet of Things sensors and robotics. This increased complexity results in a greater attack surface, making it harder to safeguard critical information from loss and compromise.

In addition to the financial burdens of data breaches, they can affect a company’s reputation and cause long-term sales losses. A recent study revealed that the average cost of a data breach is around $4 million – an impact that is hard for any organization to absorb. 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 standards for security.

In today’s competitive economy having a solid cybersecurity strategy is crucial to gaining traction. It’s more cost-effective and efficient to invest in preventative measures instead of paying for cleanup and restoration after the event of a security breach. Implementing the right tools and technologies, companies can ensure that their information is secure while in transit, at rest and in the middle. This includes installing encryption, focusing the human firewall, as well as performing regular deep-checks.