Why Should Companies Invest in Cybersecurity?

The modern era brings modern problems. Organizations and businesses need to take care of new emerging cyber threats in order not to fall. Just by being online, its mere presence brings a risk of being attacked by hackers. That’s why many companies are starting to protect themselves.

Why Is It Important to Invest in Cybersecurity?

There are many risks, threats and other reasons why every company should hire a cybersecurity service. This helps reduce the potential financial losses, data breaches or information loss.

Cyberthreats Are Increasing

The most important reason why organizations and companies should invest in cybersecurity is due to the number of threats increasing. As technology advances, new ways of destabilizing systems are developed by hackers, being more and more sophisticated.

Even if cybersecurity has been advancing too, it’s important not to think the company is safe, and keep reinforcing its security. The danger of an attack is always present, and it could happen at any moment.

Security strategies and policies that can control threats such as phishing, malware and viruses are vital to succeed.

Complying With Regulations

While the main reason is indeed because of the rise of new threats, companies still have to comply with certain regulations. There are many regulatory standards related to cybersecurity that every organization has to follow.

The General Data Protection Regulation (also known as GDPR), SOX and HIPAA are the most renowned ones among other ones. Significant fines and penalties can be applied to the company if they don’t protect their data against theft or loss.

Worth Its Cost-Benefit

Most cybersecurity services tend to be expensive and its policies can cost a lot of money to a company. But the truth is, that in the long term it pays off and will potentially make the business save money.

Being attacked by a hacker is even more costly than any cybersecurity service. Companies not only will lose their money, but also their data, income, reputation and many other problems that could ruin them forever.

Enhances Productivity and Attracts Investors

Cybersecurity not only brings protections, but also value to companies. This means that when a business shows a secure image, it is more likely to gain new clients and investors. More products will be sold if customers can perceive that their data is protected and secure.

Data recovery and contingency plans are the most successful ways to ensure that any data breach incident is avoided.

Reduces Risks for Remote Workers

A notorious increase of cyberattacks has been detected since the past few years, especially 2020 during remote work shifts in 2020. Most of these attacks come from unsafe personal connections compared to the ones from the office.

This must be added to the risks of using online tools such as Zoom or Slack, which are known for their lacking security measures. In order to ensure the employees’ safety, there are some steps that can be taken.

First of all, setting up remote-work security policies is a priority. Acquiring and securing VPNs services is also recommended, while every personal device should be regulated. Adding security measures such as authenticators and authorizations can greatly help too.

What’s the Average Cost of a Cyberattack?

Different analysts and researchers came to the conclusion that the average large companies of North America lose $1.3 millions per cyberattack.

It’s estimated that the amount companies have to spend per data breach is around $145 and $158. Sometimes, it can even reach $355 when it comes to health card information.

Those are not small sums of money, and explain why many of the less bigger companies have to shut down months after an attack. Many of the factors that contribute to these costs are compliance penalties, court fees, investigations, loss of physical devices and many more.

Other Practices to Reinforce Cybersecurity

While hiring a cybersecurity service is vital in order to protect data from breaches or losses, there are other ways and tips to employ. This needs to be taken as complementary steps, not replacing a security service.

Using Anti-Malware Programs

A good, common and healthy practice for organizations, its employees and society in general is using anti-malware programs. These services protect devices from any unwanted virus, malware or issue.

Since most of them are automated for detection and prevention, there’s no need to be an expert in order to use them. They receive constant updates, helping them to stay on top against new attacks or menaces.

Using Strong and Secure Passwords

Using strong, complex and long passwords is crucial for avoiding any risk and making it harder for cybercriminals. Most hackers manage to break into software and provoke data breaches due to weak passwords.

For example, trying to hack a 12-character password takes 62 trillion times more than a 6-character one.

Security experts recommend organizations to tell their employees to use numbers, symbols and varying letter cases to increase complexity. Avoiding using the same password for different accounts is also a must. Others also say that it should be changed after a few months.

Use Every Authenticator Available

Multifactor authenticators is the next step of password security. Sometimes a strong password isn’t enough. MFA is very easy to set up and can prevent almost any attack and unwanted logins. There are many types of authenticators, codes, facial recognition, pin codes and more.

They add a pre-step to the login access, most of the time being a one-time code. While some applications are not suited with their own authenticator, it’s possible to download third-party ones, like the Google one.

Create Frequent Backups

Companies should do frequent backups of their files, servers or any important sensitive data in case of loss. This way any threat damage is minimized, and the issue isn’t that bad if there’s an existing extra copy.

Conclusion

There are many reasons why a company should invest in security. With new and more modern ways of attacking via hacking, it’s impossible to be fully prepared. But damage can be reduced or avoided by hiring a proper service.

Also, taking several measures such as using stronger passwords, authenticators or anti-malware software can aid the company.