The internet has changed a lot about how the world operates. Most of these changes have been for the better, but not all of them have been positive. Cybercriminals have realized that they can target people and organizations from virtually anywhere in the world, from behind a computer screen. “In 2014, cybercrime costs totaled to $575 billion, and the average company lost $15 million to online attacks.”
Fortunately, there are many companies who work hard to protect their customers from cyberattacks. This means that businesses no longer have to spend as much time and money protecting themselves from hackers and other security threats. These days, it is estimated that “around 80% of all security budgets are spent on detection and response.” This allows these companies to focus more time and money on developing their business in other areas.
As a result, many businesses and organizations are rushing to hire cybersecurity experts in order to keep up with the increasing security threats all around them, while others create or buy new software programs designed specifically for protecting against cyberattacks.
Protect Your Bottom Line
Allowing unauthorized access to private data isn’t just a customer concern, it’s also a risk for any business. According to Cisco, one data breach can cost an average of $3.5 million dollars. Forrester Research estimates that cyberattacks cost the US economy over $100 billion a year. Trend Micro claims that nearly 80% of those cases could have been prevented with simple security measures.
Investing in cybersecurity will help you attract new customers. At a time when consumers have more choices than ever, loyalty is a rare commodity. According to the Global Consumer Decision Making survey, ninety-seven percent of global consumers say they’re willing to switch brands for a better customer experience. When a company provides outstanding customer service and experiences, it can set itself apart.
Cybersecurity investments help drive revenue growth. In addition to attracting new customers and retaining existing ones, you can also improve your bottom line through cybersecurity investments. According to the Cybersecurity Jobs Report 2017-2027: A strategic analysis of opportunities for governments and industry, “Cyber-security workers play a key role in the development and implementation of business strategies that drive innovation and revenue.” By investing in cybersecurity, you can help grow your company revenues.
Finally, cybersecurity investments help prevent damage from cyber attacks. While it is impossible to guarantee data security 100% of the time, a properly implemented cybersecurity plan can minimize the risk of successful cyber attacks. Because so many other companies are focused on maintaining data security, it is becoming necessary for businesses to demonstrate that they can also prevent data breaches. Implementing a good cybersecurity plan will help your business stand out in the marketplace.
Increase In Customer Trust
The number one reason companies should invest in cybersecurity is an increase in customer trust. As consumers, we prefer to do business with businesses that put our best interests first and take steps to ensure our data is safe from unauthorized access or misuse.
According to a recent study, particularly in the financial industry, nearly 60% of consumers stated that knowing their personal data was safe would influence their decision on where they bank. The same research found 55% of customers will go with a provider who offers greater security than the rest. While this is an issue for all industries, it is especially the case in banking.
However, it is not just about trust. If customer data is breached, the cost of rectifying this type of incident can be enormous. The Ponemon Institute’s 2013 Cost of Data Breach Study calculated that companies with greater than 1 million customers and a third-party breach pay an average of $6.5M USD for each customer record breached. However, the same study found that companies who invest in cybersecurity infrastructure spent an average of $5.9M USD to protect each customer record. These statistics indicate that investing in cybersecurity can help organizations save money on data breaches and run more efficiently.
In addition, research conducted by Gartner found that among executives surveyed, 16% stated that their company had made a decision to invest in cybersecurity based on the amount of money saved by avoiding data breaches. The same report found an additional 14% had shifted funds towards cybersecurity when they were unable to balance their current security operations with business demands.
The cost of not investing in cybersecurity is high and can be seen at both an individual business level and at a national level.
Boost Business Productivity
While cybersecurity can often seem like a daunting task, there are many benefits to adopting this technology that could have a positive effect on the workplace. A strong network security infrastructure can allow for better collaboration and communication between workers, allowing them to share ideas and resources more easily. These collaborative workspaces are expected to become even more integral to businesses in 2021.
For any business, the threat of cyber-attack and data breaches is imminent – especially with how much we depend on technology and computers. Cybercriminals are becoming increasingly sophisticated and finding new ways to access and steal information. Every day, new viruses and malware are released into cyberspace which can be used to exploit vulnerabilities in computer systems, networks, and even devices .
For companies that do not take proper security measures and protect their data, cybercriminals can wreak havoc on a business. They could: steal valuable information such as intellectual property or financial documents; disrupt business operations by crashing their network or paralyzing their website; steal client and employee information – including Social Security Numbers, Credit/Debit Card numbers, Driver’s License Numbers, Passwords, etc.; demoralize employees resulting in a decrease in productivity.
To avoid these costly security issues, it is important for companies to create a security plan and follow it. At the foundation of this plan should be an effective big data analytics-based system to detect cyberthreats . Through real-time analysis, businesses can gain a more complete picture of what is going on in their environment and respond accordingly. This also decreases organizational risk while maximizing the return on investment. If a company is not able to detect these threats, their business will likely suffer.
Increase Awareness of Employees
A strong cybersecurity strategy can also help boost employee morale. Cybersecurity experts take pride in their work and enjoy being able to solve problems and fix issues as they arise, allowing for a piece of mind that many other professions don’t allow. A strong cybersecurity strategy can help communication between employees, improve workspace collaborative tools, and increase trust in customers which all benefits the company overall.
Employee training in cybersecurity is one of the most important ways a company can protect itself from advanced attacks. In fact, according to the “SANS Survey 2016”, it is estimated that companies that do not train employees about cybersecurity save an average of $1.2 million per year in remediation costs.
While it is important for companies to invest resources into training their employees in cybersecurity, it is estimated that around 70 percent of current employees are not trained in cybersecurity even though they regularly access computers with sensitive or personal information. Furthermore, it is also estimated that 59 percent of current employees do not understand their company’s strategy regarding cybersecurity. This causes a significant gap between the need for training and the actual training that is being provided.
In order to increase those investments, companies can measure the benefits of those investments in terms of cost savings both on an operational level as well as a regulatory level in order to motivate senior management and employees to invest in cybersecurity training.
Digital Protection To Remote Workers
By 2020, the number of employees working remotely is projected to be 1.7 billion (37 percent of the global workforce). If this prediction comes true, then companies must take steps to ensure that remote workers are protected from cyberattacks. The security protocols required for remote workers will vary depending on their job function and where they are located.
Businesses must implement stringent policy controls and technical tools to respond to cyber threats. However, even the most robust protection may not be enough to prevent a breach or data loss if employees are sending sensitive information outside of approved protocols. According to the Osterman Research survey below, employees often fail to follow IT best practices when working remotely.
These risks are especially concerning because the workforce is increasingly mobile. Employees are more likely to access corporate information through their personal devices, which they can use to email, store documents and work collaboratively with business partners outside the office. As a result, cybersecurity threats — including phishing attacks, malware infections and data breaches — have become even more prevalent.
When it comes to protecting company data, the benefits of investing in cybersecurity are clear. With statistics showing that over half of companies will fall victim to cyber crime, ensuring that your business is protected against threats should be top priority. Yet, when asked by Network World about what they consider to be their “biggest cyber threat,” many businesses answer “my employees.”
Employees can be a business’ greatest cyber asset and greatest cyber threat. That’s why it is just as important to provide training and education that instills good security habits in employees as it is to invest in state-of-the-art cybersecurity software and hardware. Investing in both helps create a more secure workplace that protects company data and builds a better business. Stay tuned into Bayshore Interactives Blog for more information on cybersecurity.