When you think due diligence checklist of smart investments, you might imagine stocks, real estate or the latest technology startups. However, there is another kind of investment that pays both in the immediate and the long-term cybersecurity. This vital investment safeguards businesses from costly cyberattacks and helps them avoid expensive penalties and loss of confidence from customers.
As digital transformation transforms the business operations of companies, they generate and manage an ever-increasing volume of data. This data must be handled across complex computing environments. These environments include cloud as well as enterprise data centers and a range of connected devices such as Internet of Things sensors and robotics. This increased complexity results in an greater attack surface, which makes crucial information more susceptible to compromise and loss.
In addition to the financial cost Data breaches can also harm a company’s reputation and cause long-term losses in sales. A recent study found that the average cost of a data breach is around $4 million – an impact that is difficult for any company to absorb. Additionally, regulations such as the California Consumer Privacy Act and the General Data Protection Regulation impose steep fines on companies that fail to meet the strict security requirements.
In today’s market that is highly competitive security is a must. is crucial to success. A penny of prevention is worth a pound cure, and it’s more cost-effective to invest in preventative measures rather than spending money on cleanup and recovery after a breach. Implementing the right tools and technologies, businesses can ensure that their information is secure during transit, rest, and in the middle. This means installing encryption, focusing the human firewall, and performing regular deep-checks.
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