Cybersecurity issues are becoming a day-to-day struggle for businesses. Cyber Security Investments can bring change and make a difference in the business.
Recent trends, side effects of a global pandemic, and cybersecurity statistics reveal a huge increase in hacked and breached data from sources that are increasingly common in the workplace, like mobile and IoT devices. On top of this, COVID-19 has ramped up remote workforces, making inroads for cyber-attacks.
These recent events and the below cybersecurity statistics and figures considered, here are some industry trends and also predictions to watch for in 2021 and beyond.
- Remote workers will continue to be a target for cybercriminals.
- As a side effect of remote workforces, cloud breaches will increase.
- The cybersecurity skills gap will remain an issue.
- As a result of 5G increasing the bandwidth of connected devices, IoT devices will become more vulnerable to cyber-attacks.
68% of business leaders feel their cybersecurity risks are increasing.
A recent report by the Ponemon Institute indicated that 61% of small and medium-sized businesses in the US faced cyberattacks in the last few years. Even so, many small businesses tend to overlook the cybersecurity aspect of their operations
Now the question is should you worry even if you are not in the US or UK or any other western world where data sovereignty is the highest priority. The answer is absolute YES.
Let me put it like this, do you try to stay healthy by default or worry only when you fall sick. Obviously, all of us love to stay healthy. Similarly, all organizations should start practicing cybersecurity measures, and NOW is high time before it gets too late.
Below stated are two main reasons why cybersecurity investments are important for your company.
- Hackers are not going to sit idle with the exponential or rather parabolic growth of technological advancements, the world has become more interconnected than ever before. And do you think it’s only the good side that’s gaining from this? The hackers are getting advanced as well. Since most modern business relies highly on technology there’s a need to incorporate cybersecurity to the corporate DNA.
- It’s a Strategic Investment
Implementing Cyber Security is a costly affair [unless you Zeron], to say the least as it builds trust and trust is costly. However, it enables your long-term savings as breaches are even costlier. It’s similar to have a Mediclaim card with yearly investments. Let’s see some of the repercussions of a breach to your organization.
- Loss of Business Revenue.
- Disruptions in Operations.
- Intellectual Property Theft.
- Loss in Reputation.
- Legal Suits.
A simple calculation,
Case I
You are investing 500$ per month for 1 year in cybersecurity.
Total Investment – 500 x 12 = 6000 $
[90% assurance that you have got your back covered up]
Case II
You are investing 0$ per month for 1 year in cybersecurity.
Total investment – 0 x 12 = 0$
However, you are unaware that you are data is flowing out of your organization daily with a cumulative value of let’s say 500$ per month.
You in this case are actually making a loss of 6000 $ in revenue + another 60% of it for future business. A total of approx. 10,000$ which increases exponentially with time.
Here Case I is a strategic investment for future business as it builds trust whereas Case II is a loss from all sides.
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