Data breaches and Cybersecurity will always keep on making headlines as associations and businesses all around the globe become victims of data theft and network intrusion. Some organizations and individuals have however continued to be hesitant about spending the amount required to improve data policies, practices and protection upgrading their systems of security. You might want to ask yourself, “Is the cost of a data breach comparable to that of investing in the modern-day cybersecurity?”
It is therefore important that we delve into the ‘hard evidence’ so that such organizations and individual can see why it is quite vital to invest in Cybersecurity. The problems that come with Cybersecurity can be averted if these associations and businesses are presented with these facts, or rather what we call, ‘hard evidence’. Here are the three major reasons why investing in cybersecurity is quite important.
- The Protection Cost.
Associations and businesses can always be reluctant to announce to the public their overall spending habits on cybersecurity. To make it even more difficult to track down such an investment, the organizational needs in as far as cyber security is concerned differs from organization to organization. For example, a restaurant might need less tight cybersecurity compared to any healthcare provider. This is because, when it comes to health care, lives are at stake and any kind of breach could be a hell lot more catastrophic than a restaurant.
- The Price of any form of breach.
One cannot challenge the fact that it costs a fortune in case of a breach of data. It is estimated that the typical cost of losing sensitive information to data breaching is roughly 4 billion dollars. Associations and businesses will spend from $145 to $160 per stolen record of data. It even goes higher and might cost double ($355) in case of a breach of health card information.
Usually, most of these costs of a data breach are channeled towards amicably solving the matter. This is because the affected businesses and associations must pay court fees and compliance fines, invest in the investigation and forensic processes as well as spending huge revenue to prevent theft of identity for employees and customers. It is true that business costs are directly impacted on by turnover of customers, therefore, such organizations have to spend a lot to acquire customers since the loss of data affects organizational reputation for a long time.
- The face-off.
When statistics are compared, it is evident that associations and businesses out here are spending a whole lot of money on cybersecurity that is not functional. With over 120 million records accessed by February 2019 and a cost of $150 per personal record according to the Identity Theft Resource center, organizations have lost quite a lot of money.
Simply put, it is important for every organization to get a use case for its cybersecurity answers. This is to prevent such an investment from being a non-functional tool. Associations and businesses can have physical firewalls, cutting edge cyber security offering, and a different monitoring software but this still will mean that they have failed in a key aspect called Data Protection. This is why it is important that they find an alternate line of defense in case all these other solutions fail. The alternate line of defense ensures that even in case of a breach, data is still kept safe. This means that the organization’s information can never be compromised by cybercriminals. Such a line of defense encrypts cloud storage, emails hence ensuring that no one can alter or access information – not even the security providers.