According to Security, the average cost of a cyberattack is 4.35 Million USD. Many owners find cybersecurity to be a difficult expense to justify as it doesn’t yield increased profits. However, cybersecurity derives it’s value as an investment that prevent your business from losing money.
Cyber threats are a growing concern for organizations of all sizes. In 2018, the City of Atlanta was subject to one of these attacks. No organization or business is too large or too small to be a target of a cyber attack. The repercussion of a “hack” causes impact not only the business, but potentially any entity associated with the afflicted organization. Beyond substantial financial losses, a breach has the capacity to cause irreparable harm to a company’s reputation or directly compromise customer or employee data. Preventing these outcomes is why your organization should invest in high quality cybersecurity.
What's Perfect Security?
Having recently spoken with a business owner who experienced an attack, dealing with a cyberattack creates much more work for your team that distracts from more productive business intents. You might be wondering what perfect security looks like then? Unfortunately, perfect doesn’t exist. Although perfect security is impossible, I’ve included a checklist from Optimal IdM that you can check out to ensure you’re as close as can be.
As for what makes this investment worth it, there are a few thoughts to be had there:
Protecting Customer & Employee Data
You worked hard to earn your customer’s business, trust, and loyalty – so why risk losing that to poor cybersecurity? When it comes to protecting data, invest in robust cybersecurity measures to safeguard sensitive information like customer payment details, employee records, and intellectual property. Not only will your customers thank you, but breaching that trust could lead to loss of business and legal liabilities. However, with strong defenses, organizations can avoid leaked data getting into the hands of cybercriminals who may misuse or sell the information.
Maintaining Customer Trust and Loyalty
Customers expect their data to be handled with care. As mentioned earlier, losing that trust could cost a customer that you’ve put significant time into earning & retaining. Unfortunately, suffering from a breach could mean losing this hard earned trust. When it comes to a business relationship, trust is the most important thing you must retain in order to grow. The clear direct outcome is that people may take their business elsewhere if they cannot trust you, but you must also consider the additional costs associated with generating new business to replace that which was lost.
Meeting Compliance Requirements
Depending on your industry, there are cybersecurity compliance standards your company may need to meet, such as HIPAA in healthcare. Staying compliant demonstrates responsibility and reduces legal risks. As we work in a digital age where more and more of what we do is online, staying compliant is one of the first steps you can take towards minimizing security risks.
