You may think of real estate, stocks or the most recent technology startups when you think of smart investments. However, there’s another kind of investment that provides both immediate and long-term benefits cybersecurity. This vital investment safeguards businesses from costly cyberattacks and can help them avoid costly fines and losing trust from customers.
As digital transformation transforms the business operations of companies, they generate and manage an ever-increasing volume of data. This data needs to be managed across a variety of complex computing environments. These environments include cloud data centres, enterprise data centres, and a variety of connected devices, such as Internet of Things sensors and robotics. This added complexity creates a larger attack surface which makes it more difficult to safeguard critical information from loss and compromise.
In addition to the financial cost of data breaches, they could also harm a company’s reputation and cause long-term losses in sales. Recent research revealed that the cost for the data breach was $4 million. This is an enormous impact for any company. Regulations such as the California Consumer Privacy Act or the General Data Protection Regulation also impose steep penalties on companies who do not meet the strict standards for security.
In today’s world of competitiveness an effective cybersecurity posture is key to growth. A pound of prevention is worth a pound cure, and it’s far more economical how to use data room software to leverage your due diligence team to invest in preventative measures rather than spending money on cleanup and recovery following an incident. Implementing the right tools and technologies, companies can ensure that their data is safe in transit, rest, and in the middle. This includes installing encryption, focusing the human firewall, and performing regular deep-checks.
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