You might think of real estate, stocks, or the latest technology startups when you think of smart investments. However, there’s a different kind of investment that pays both immediate and long-term rewards cybersecurity. This investment is crucial to protect businesses from costly cyberattacks, and can help them avoid costly fines and losing confidence from customers.
As digital transformation transforms the business operations of businesses, they produce and manage an ever-growing volume of data. This data must be managed across complex computing environments. These environments typically span cloud as well as enterprise data centers and numerous connected devices including Internet of Things sensors and robots. This complexity increases the risk of an increased attack surface, making critical data more vulnerable to being hacked and lost.
In addition to the financial burdens of data breaches, they could affect a company’s reputation and cause long-term losses in sales. Recent research has revealed that the average cost for a data breach was around $4 million. This is an enormous impact for any company. Regulations such as the California Consumer Privacy Act or the General Data Protection Regulation also impose steep penalties selecting the best due diligence software for seamless collaboration on companies who do not adhere to the highest security standards.
In today’s highly competitive market having a solid cybersecurity strategy is vital to growth. A preventative pound is worth a pound of cure, and it’s far more efficient to invest in preventative measures rather than the cost of cleaning up and recovering following a breach. By implementing the right technology and tools, companies can ensure their information is secure while in transit, at rest and in between by implementing encryption and focussing on the human firewall and conducting regular deep checks.