Investment can sound like a scary word for those who are not tech-savvy, but when it comes to business cybersecurity, the added benefits greatly outweigh the costs. You’ve heard the horror stories: Yahoo with 3 billion accounts compromised, 1.1 billion of Aadhaar’s personal accounts made public, and 700 million users on LinkedIn’s information being sold on the Dark Web forum.
What if you could avoid all of this and instead invest in quality business cybersecurity to keep your company and your clients protected? Here are 8 reasons why you should invest in business cybersecurity:
1. Expensive Data Breaches
It’s been estimated that businesses that experience a data breach in 2023 will face up to $5 million from the damage alone. This doesn’t even include the cost of lost business revenue associated with the breach, which can be substantial. Investing in business cybersecurity will help you avoid these expensive costs and protect your company from financial ruin. Don’t put your business at risk willingly.
2. Compliance with Industry Regulations
Many industries have strict regulations when it comes to protecting customer data. And some don’t even know which compliance regulations apply to them. Here’s a general overview of which regulations each industry must follow:
- Banking: FFIEC, PCI-DSS
- Healthcare: HIPAA
- Education: FERPA
- Government: CJIS, NIST 800-171
You have an obligation to comply with these regulations and protect customer data by investing in cybersecurity solutions; otherwise, you risk noncompliance which comes with its own set of consequences.
3. You Have an Obligation to Protect Customer Data
When customers entrust your business with their sensitive data, they’re counting on you to keep everything safe and secure. As a business owner, you must protect your customers’ data by investing in business cybersecurity solutions that will defend against potential threats.
If letting them down isn’t enough, many companies have faced client lawsuits due to their mismanagement of customer data which piles up on top of the costs of a data breach.
4. Cybercriminals are Becoming More Sophisticated
A data breach is no longer a matter of if, but when. Cybercriminals are getting smarter and more sophisticated with their methods of attack and preparation has now become a necessity.
Between phishing attacks, ransomware, malware, and social engineering schemes targeting businesses of all sizes—it’s important to invest in solutions that can help you protect against these new threats.
5. Defending Against Cyber Attacks Saves You Time and Money
Your time contributes to your productivity so when a data breach takes it away, there’s a direct cost to your business. Investing in cybersecurity solutions will help you save time and money from data breaches by helping you identify potential threats quickly and take action against them before they cause any serious damage.
A breach isn’t a quick fix so the time you’d spend trying to fix it can now be spent on growing your business with business cybersecurity.
6. Cybersecurity is an Investment in Brand Trust
People are more aware of data breaches than ever before, so they’re understandably more discerning when it comes to trusting companies with their data. Investing in cybersecurity solutions is an investment in your company’s brand since customers are more likely to trust a company that takes its security seriously. Let your actions show that you’re committed to protecting your customers and their data.
7. Ensures Compliance with New Privacy Laws
With new privacy laws such as the California Consumer Privacy Act (CCPA) coming into effect, businesses must be prepared or face serious consequences—including fines of up to $2,500 per violation unintentionally or $7,500 intentionally. Investing in cybersecurity solutions is investing in your business’s future.
8. Protects Your Reputation
Data breaches can be catastrophic for a business’s reputation. Not only does it damage trust with customers, but it also paints your company in a negative light and could lead to lost business opportunities.
Your reputation is your company’s most valuable asset so investing in cybersecurity solutions will help you protect it and allow your business to stay one step ahead of potential data breaches.
How to Start Investing in Business Cybersecurity
Investing in cybersecurity solutions is a necessity for any modern business, but finding the right solution can be tricky.
Partnering with a trusted cyber-security provider can make all the difference when it comes to staying ahead of potential threats and protecting your data. Otherwise, you run the risk of not being able to respond quickly enough or even worse: becoming a victim of an attack.
Protect Your Businesses Assets with Telewire
Telewire is a trusted provider of cybersecurity solutions for businesses that provides comprehensive services to help you protect your data from attack. Our team of experts are certified in industry-leading security tools and can help you design, develop, and implement a full range of cyber-security solutions tailored to the specific needs of your business.
We care for your business just like it’s our own and offer security solutions that help you protect your data from cyber threats while ensuring compliance with industry standards and regulations.
If you’re looking for a trusted partner to help you protect your business from potential cyber attacks, Telewire is the right choice. Contact us today to schedule a free consultation and stay protected.