It’s discernible to everyone that more and more people are now connected to the internet today. The cyber-world is becoming a new reality for this generation. Generally, in a society, if the population increases, the rate of crimes see an increment too. It’s evident that, with a huge number of users, the rate of cybercrime and cyber attacks are skyrocketing to the top. In fact, the cyber security threat to each individual as well as an institution is more at present than at any other time in the past. This info alone should suffice the necessity for any cybersecurity investments. However, let’s dig deeper and find out some more reasons to decide why businesses should invest in cybersecurity right now.
A report from BBC says the rate of cybercrimes has reached such a level that ransomware payments are claimed by insurers and insurance companies cover them! The decision to invest in cybersecurity is backed up by a lot of reasons, let’s take a look at a few.
In an article by Forbes magazine it was estimated that the big data market will jump from $42B in 2018 to $103 in 2027. Even though the physical security of an establishment is taken seriously most of the time, the issue of cybersecurity is often overlooked. So, it doesn’t come as a surprise when 9 out of 10 global businesses admit that they have suffered some kind of security breach. These breaches are often to steal valuable data.
For example, a massive cyberattack at T-Mobile has resulted in a leak of personal information for more than 40 million customers. The CEO of T-Mobile had to write and explain to the customers to appease the situation. From giant organizations to SMBs, data is the new king. And if data breaches can occur in giants like Facebook or T-Mobile, who’s ensuring the data security for your enterprise? Taking a decision to invest in cybersecurity today will benefit the safety of this precious data in the future for sure.
A lot of the small and medium-sized businesses have no or negligible amount of investments in cybersecurity. They are in the situation mostly because they have a tight budget the adjustments are made in the cybersecurity sector. However, experts argue that if an organization can invest in cybersecurity in a calculative and timely manner, it increases their profit and productivity to a large extent!
If businesses invest in Cybersecurity tools today, they could now avoid a potential large scale cyber attack in the future which might catch them off-guard and make them pay a fortune in retributions after an attack.
That’s how an investment in cybersecurity could in fact result in profit, even though at first glance it might look like an expense.
Believe it or not, cybersecurity is directly related to productivity. Mostly because we are in an era where every type of business is now dependent on the internet in one way or another. Now, in case of a cyberattack, the natural flow of business is surely interrupted. In case of a data breach, until the whole situation is assessed regular workflow simply can not be resumed. If the scenario is worse and there is a ransomware attack, surely all the PCs affected by it will be locked and unusable.
So, the cost of business income disruption and lost productivity due to a lack of cybersecurity is clearly visible. And the solution clearly is to invest in cybersecurity.
Additionally, investing in your employees, helping them bolster their cyber knowledge by attending online and offline cybersecurity courses help boost overall productivity. It’s undeniably true that when workers feel like their range of abilities is being upgraded and the business is putting resources into their learning, they feel more leaned to improve at their positions.
Step into the shoes of a customer and ask yourself, for if there is more than one choice for a certain product or service, which one would you choose? The one which had previous incidents of cybersecurity-related issues or the one which is clear of any such incident? Companies spend millions of dollars just to create brand awareness and customer trust.
When clients realize that a business site is secure and it has a history of ensuring client information with determination, they are inclined to make purchases from it. Today, more and more people are getting extremely mindful and wary with regard to their information protection and security. Therefore, organizations that have incorporated strong network protection and IT support arrangements into their environments, are bound to improve sales in the long run as customers feel safer to make transactions there.
These are our top-pick to answer the question that why businesses should invest in cybersecurity. Can you think of any other reasons? Do let us know in the comment section. We regularly post cybersecurity updates and articles on our blog site, subscribe to get early notifications. Keep connected on our Facebook and LinkedIn page for continuous updates as well.