The benefits of investing in cyber security

Risk management is at the core of cyber security. Optimisingit.co.uk can bring a business a great deal more than just preventing data breaches and minimizing cyber threats. However, leaders who understand the full benefits and potential of cyber security can take advantage of it.

1. Protection from external threats

Cyber threats are created every year and cost businesses a fortune, exceeding $1 trillion by 2020. 

Cyber attacks are often carried out for financial gain, but the reasons behind them can be as varied as the perpetrators. Whether cyber criminals, hacktivists, or industrial spies, what they have in common is the sophistication, agility, and stealth of their attacks. 

Regularly-updated software, on the other hand, can help organizations detect and respond to the methods, devices, and entry points being exploited, including:

• IoT devices
• Attacks on cloud and remote services
• Fileless attacks
• Artificial Intelligence
• Supply chain attacks
• Social engineering
• Malware
• MitM (Man-in-the-Middle)
• Denial of service
• Attack on domain name systems
• SQL injection
• Threats that are persistent and advance
• Zero day exploits

See our recent post on the Top Cyber Security Threats Today to learn more about the types and sources of emerging threats.

2. Protecting against internal threats

Cyber security is weakest when it comes to the human factor. Whether it’s accidental, negligent, or malicious, insider threats can come from employees, third-party vendors, or even trusted partners. 

Furthermore, thanks to the exponential growth of remote work, personal devices used for business purposes, and even IoT devices in remote settings, these types of threats can slip under the radar until it’s too late.

3. Regulation compliance

Today, a number of regulatory bodies are setting standards for protecting organizations and customers from the increasing number of cyber threats[, including the secure transmission of sensitive information through methods such as e-faxing important documents. GDPR, HIPAA, PCI-DSS, and SOX are a few of these regulatory standards.

There is an opportunity for businesses in industries that are still under regulated to invest in cyber security and see compliance as more than a mere obligation.

4. Improved productivity

Cyber attacks and viruses can slow networks and personal devices to a crawl, making it virtually impossible for employees to work. Sites cannot function as a result. For businesses to operate as well.

You can drastically reduce violations and the downtime it takes to remedy breaches by implementing several cyber security measures such as improved firewalls, virus scanning, and automated backups. The training and education of employees can also help them identify potential phishing scams, suspicious links, and other nefarious criminal activities. 

5. Value and cost savings

A single cyberattack costs a small business in the U.S. an average of $25,612 according to the Hiscox Cyber Readiness Report 2021. When you consider that only about 40% of SMBs make a profit – the loss of data and the costs associated with recovering it, the downtime required to start up, and the hefty fines can be very costly. 

6. Brand reputation and trust

The reputation you earn is perhaps the best argument that you can make for the benefits of cyber security in business. And keep.

Customer retention is one of the most important aspects of business growth. The shortest path to repeat business, recommendations, and higher per-ticket sales is maintaining brand loyalty through a strong cyber security position.