When you think of intelligent investments, you may think of real estate, stocks or the latest tech startups. Another type of investment that offers immediate and long term benefits: cybersecurity. This vital investment safeguards businesses from costly cyberattacks as well as assists them in avoiding costly penalties and losing trust from their customers.
As digital transformation transforms business operations of enterprises, they create, manipulate and store an ever-growing amount of information. The data has to be managed across a variety of complex computing environments. These environments include cloud as well as enterprise data centers and a myriad of connected devices such as Internet of Things sensors and robotics. This increased complexity creates a larger attack surface, making it harder to safeguard critical information from theft and compromise.
In addition to the financial cost Data breaches can harm an organization’s reputation and lead to long-term losses in sales. Recent research has revealed that the average cost of the data breach was $4 million. This is a huge impact on any company. In addition, regulations like the California Consumer Privacy Act and the General Data Protection Regulation impose harsh penalties on companies who do not meet the strictest security standards.
In today’s competitive economy an effective cybersecurity posture is essential to achieving growth. A penny of prevention is worth a pound cure, and it’s far more cost-effective to invest in preventative measures instead of the smart investments and strong data security cost of cleaning up and recovering following an incident. Utilizing the appropriate tools and technology, enterprises can ensure that their data is safe in transit, rest and even in the middle. This means using encryption, focusing on the human firewall, and performing regular deep-checks.