Why Invest in Cybersecurity

In recent years, many high-profile data breach cases have made the headlines. Companies like Yahoo!, Uber, and Target have faced security threats that exposed possibly millions of Americans’ private information like usernames, passwords, social security numbers and credit card numbers. As hackers and cybercriminals develop new ways to access sensitive systems and information, even the largest companies in the world must stay vigilant about security vulnerabilities. Information security analysts, or cybersecurity specialists, are more in demand than ever, and here’s why.

Hackers Are Getting Smarter

Hackers find new ways to access data every day. The role of an information security analyst is to identify security risks before hackers do. They then develop and implement new preventative security controls for defending against cyberattacks. As hackers’ skills become more sophisticated, a growing number of cybersecurity specialists are needed to develop and implement advanced security solutions.

Cybercrime Is Expensive

One reason the cybersecurity field is growing is that most businesses simply can’t afford a data breach. According to IBM, data breaches cost businesses an average of $3.62 million—a number that can put many companies out of business. The number of data breaches and the cost of cybercrime worldwide have also rapidly increased: the total cost in 2021 is expected to be double that of 2015. When a company’s future is on the line, it can’t afford to not hire the best information security analysts to defend its information.

Everything Is Automated

As companies’ processes become automated, more of their infrastructure is rooted in technology. Every automated system is created by code that can be accessed when cybercriminals break in. Thus, the more processes that are done digitally, the more opportunities hackers get to steal private information.

Vulnerabilities Are Everywhere

Hackers aren’t just targeting computers, websites, and servers; any technology based in code offers an opportunity in. From airplane systems and car alarms to power grids and security systems, more products and systems than ever before are at risk for takeover by cybercrooks. Businesses need the best online security professionals to identify and mitigate security threats for every technological innovation.

Benefits of Investing in Cybersecurity

Profit

If companies invested in Cyber Security tools and methods, they would not only save money that could be used for other business ventures, but it would prevent huge amounts of funds being paid in retributions after an attack occurs.

An Investing News Network article, “Why is Cybersecurity Important?” by Melissa Pistilli included important cyber security statistics. For instance, “According to a 2020 research report by IBM, a single data breach event could cost an organization US$3.86 million”.

Customer and Business Retention

Companies are more likely to be considered trustworthy when customers and business partners know that their data and information is safe, they are more likely to be loyal to an organization. Customer and business retention will also increase the overall revenue a company creates.

Productivity

According to the article, “The Costs and Benefits of Investigating in Cybersecurity” by Pentest Magazine, productivity is lost due to lack of cyber security. For instance, Business is interrupted when data breaches occur. Employees are unable to address current work or invest in new business ventures when they most stop to rectify a cyber security issues or information is blocked and accessible due to an investigation.

Small Enterprises are the Most Vulnerable

While similar cyber security threats are present in organizations; every company is different. Cyber security investments will depend on the size of the company, the type of data a company has, the amount of personnel who has access to the data, the presence of an in-house security team and the type of pf security equipment involved. This is important information that cyber security professionals needs to know to safeguard their network.

Small businesses are attractive targets for cybercriminals because they usually lack the cybersecurity precautions of larger organizations. Forty-three percent of all cyberattacks target small businesses, and the consequences of these breaches can be extremely costly, from lost productivity to company reputation. In fact, 60% of all small business’s victims of a data breach permanently close their doors within six months of the attack.

A new study found that 47% of businesses with fewer than 50 employees do not have a dedicated cybersecurity budget. And only 18% of companies with more than 250 employees have a dedicated cybersecurity budget.

Yet, there is little to no increase in cybersecurity budget by small businesses

The continuous transformation plus the constant changes in software force companies to keep their security policies and processes continuously updated to avoid information vulnerabilities. At CSG Technologies, we have expert professionals in the field of Cybersecurity, with the skills to keep up to date on trends and apply them correctly and effectively to the operation of customers to minimize the risks that may arise.

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