When you think about smart investments, you could think of stocks, real estate or the latest technology startups. However, there is another kind of investment that pays both in the short and long term: cybersecurity. This investment is essential to safeguard businesses from costly cyberattacks. It also helps companies avoid costly fines and losing the trust of customers.
As digital transformation transforms business operations, companies are creating and manipulating an ever-growing volume of data that requires effective management across complex computing environments. These environments frequently span cloud as well as enterprise data centers and numerous connected https://24tradeway.com/maximize-investment-success-with-the-ultimate-due-diligence-checklist/ devices including Internet of Things sensors and robots. This added complexity creates a larger attack surface, making it harder to safeguard critical information from theft and compromise.
In addition to the financial consequences of data breaches, they could also harm a company’s reputation and cause long-term losses in sales. Recent research has revealed that the cost for an incident involving data was $4 million. This is a massive impact on any business. In addition, regulations like the California Consumer Privacy Act and the General Data Protection Regulation impose severe penalties on companies that fail to meet the strict security requirements.
In today’s world of competitiveness having a solid cybersecurity strategy is key to growth. A preventative pound is worth a pound of cure, and it’s far more efficient to invest in preventative measures rather than spending money on cleanup and recovery after an incident. With the right tools and technologies, companies can ensure that their information is safe in transit, rest, and in the middle. This includes installing encryption, focusing the human firewall, as well as performing regular deep-checks.