With so many technological advancements in the last decade, the business world has transitioned into a ground where customers' most sensitive information is stored, shared and accessed through the cloud. It’s important for companies to safeguard this data, which is why cybersecurity should be of utmost importance in your organization. Findings have shown that cybercrime accounts for over US$400 billion annual costs for our global economy. According to estimates by the Center for Strategic and International Studies, in 2013 alone, some 3,000 companies in the United States had their systems compromised by criminals.
Year on year emerging technologies come with exciting opportunities for business expansion – each new development presents another opportunity for cyber-predators to access and malevolently use your proprietary data.
In this technology-driven business society where gadgets, systems, and software change consistently it’s critical to have a prevention and safety plan in place to safeguard against massive cyber-attacks that can greatly hinder a business’ performance. Here are four key reasons that explain why investing in cybersecurity is peace of mind for your business and its future:
There is a danger that a business might trade at a disadvantage for months or even years as a result of a continuing, but undetected, security breach.
Here are four key reasons that explain why investing in cybersecurity is peace of mind for your business and its future:
1. The increase in mobile usage will increase exposure to attacks
Corporate mobile technology is relatively new but the rate of adoption is outstandingly high, which creates a plethora of opportunities for cyber-crime. Mobile devices are particularly vulnerable due to the following factors:
• Their newness to the market makes them fairly unprotected.
• Their small size makes them prone to get stranded in airports, terminals and big. cities increasing the potential for theft and eventual cyber-attack.
• Mobile malware which can easily embed itself via Wi-Fis.
Lastly, the human factor – insiders now have availability and access to company information 24/7 which in many cases can become a dangerous breach of privacy.
2. Boosts customer trust and brand awareness among clients/customers/investors
Having a trustworthy cybersecurity system and team is a strong selling point and a differentiating factor when it comes to customer/client acquisition and retention. Guaranteeing that all company stakeholders’ privacy and sensitive information is protected is priceless.
Not only will you provide an exceptional feature; you will create a buzz for your business – your customers will now do the sales for you via reviews, word of mouth and additional purchases and investments in your products or services.
It is still early in the game to come in as a first mover and build a strong brand loyalty for your firm while contributing to the safety of our global economy.
3. Not having cybersecurity comes at a high cost
Regardless of your industry, company size, product or service, cybersecurity is a crucial element in today’s business world. The cost of data breaches is higher than people expect. If a company does not have an operating cybersecurity department, they most likely have to or invest in a cyber insurance to create a safety net if breaches occur.
At the beginning of 2017, Forbes reported that Target had cyber insurance costs of U$100 million and cyber-theft losses of US450 million by April of this year – total losses for 2017 are projected to reach US$1 billion due to an unexpected cyber-attack.
Establishing a cybersecurity team and implementing an internal system is a wise investment that can save your firm millions of dollars and protect your brand of public embarrassment that will hinder its image and reputation permanently.
4. It exposes the company to regulatory actions
As of March 1st, 2017 the introduction of cybersecurity regulations became official various cities, including New York City - one of the world’s largest business capitals.
Being a victim of cyber security breaches can subject you to ongoing regulatory reviews forcing your business to comply with several audits, additional tax compliances, incident response plans, limits on access privileges and more. And it doesn’t end there, cybersecurity regulations come with enforced penalties with short deadlines. Penalties vary depending on the industry, and the incident.
Even more unsettling, being sanctioned to regulations can ruin your reputation among lenders, investors, and insurance companies. The negative effects will be reflected in inflated loan rates and insurance premiums.
The truth is that cybersecurity is more than a forward-thinking move at this point. It's becoming a company stable for any and all business owners that plan to stay on afloat in today’s economy. Building an internal cybersecurity team is a smart decision – it will give your company the leverage among competitors and your staff the opportunity to learn best practices to protect their own information as well as that of their clients.