Why cybersecurity should be the top priority of all companies
Cybersecurity is more important than ever before. As companies leverage IT infrastructure to perform the most simple to the most complex tasks, a security incident can bring the whole house of cards tumbling down.
According to a study conducted by Hitachi ID in collaboration with Pulse, as much as 70% of CIOs surveyed stated that their long-term IT priorities had changed since the beginning of the year. Today, cybersecurity is a top priority for companies across industries.
Approximately half of the CIOs were increasing their security budgets, while 89% stated they're focused on cybersecurity. Another 43% were concentrating on identity and access management.
If you still haven’t made cybersecurity a priority, there’s a pretty good chance of one or more of the following happening to your organization:
1. Compliance violations and fines
If you don't make cybersecurity a priority in the current threat landscape, you open yourself up for security incidents like a data breach. Whenever the unthinkable happens, you can expect to be at the receiving end of hefty fines for compliance violations.
For example, depending on the industry and the location of your customers, businesses have to contend with Europe’s General Data Protection Regulation (GDPR), the US’ Health Insurance Portability and Accountability Act (HIPAA), California Consumer Privacy Act (CCPA), and plenty of other regulatory bodies.
2. Damage to reputation and brand value
Even if you’re a small business owner, you must take cybersecurity seriously. Data breaches have far-reaching consequences that go beyond compliance violation fees.
Whenever a company falls victim to a data breach, they make the headlines. This has a rippling effect that has the potential to damage your reputation and brand value. In this scenario, you risk losing not only your customers but also threaten to hurt your relationships with vendors and third-party partners.
3. Theft of trade secrets
While the theft of sensitive customer data is expected, another malicious activity on the rise is the theft of trade secrets. Losing your valuable corporate assets like intellectual property to corporate espionage, state-sponsored attacks, and ransomware attacks add another dimension and cause for concern.
Keeping trade secrets safe is critical to its economic value. As a result, enterprises must go above and beyond to maintain secrecy.
4. Loss of a competitive advantage
When the secret’s out, you lose your competitive advantage. Before you know it, your rivals will build and sell similar products that are the same or an improved version of your offering.
Your customers will also lose faith in you. Whenever their sensitive information is stolen and sold on the dark web, you also risk being at the receiving end of class action lawsuits. Furthermore, security events have a direct impact on stock market share prices.
5. Loss of productivity and revenue
Every cyber attack is different. For example, ransomware attacks can lock your whole system and take hours, days, or even weeks to resolve and get back online. This can have a considerable impact on employee productivity, operational efficiency, and in the end, your bottom line. A social engineering attack can go on for months before they actually breach the system.
All of the above make it vital for companies to take cybersecurity seriously and make it a business priority. When enterprise security doesn’t receive the attention it deserves, you essentially open yourself up to a world of trouble.
When you make cybersecurity a top priority:
- You’ll have a comprehensive cybersecurity plan
- You’ll have clear command and control to respond to a data breach
- You’ll implement regular security awareness programs to mitigate human error
- Your security protocols will be supported by robust encryption
- You’ll engage an ethical hacking service to identify and respond to vulnerabilities missed by your in-house security team
To learn more about building an efficient and effective cybersecurity program within your organization, schedule a commitment-free consultation now.