Cybersecurity is limitless because no matter how secure you think you might be, hackers are forever working on breaching every new security system. 2018 saw quite a few massive breaches of top companies wherein personal information of millions of people around the globe was compromised. When data breaches occur, companies tend to lose existing and new customers, clients, and vendors or at least make them apprehensive about using their site or app. The time has come where it is simply imperative that businesses invest in cybersecurity on a larger scale.
The most common cybersecurity attacks originate from spam, malware, and viruses leading to information leaks, identity theft, or even destruction of data or devices. But a considerable amount of data breaches come from voluntary sharing of personal information by people who are not aware of the dangers of cyber predators.
Why should a business invest in cybersecurity?
Whether it’s B2B or B2C, cybersecurity is important to protect the personal data collected by the company regarding customers. When running a business, sensitive data would be shared between the company and its clients and vendors. And for companies with complex operations, cybersecurity plays an even more important role.
Cybersecurity is not just for banks and financial institutions. Though companies may not require such a high level of security, an adequate level needs to be maintained. However, e-commerce platforms need to be more wary of fraudsters. As transactions are carried out on the site, with many sites offering to store credit card or debit card information, such confidential data must be protected as the company will be responsible for any breach.
A business should ideally take care of three main things: protecting critical assets, monitoring threats and keeping track of changes to the risk profile.
How should a business invest in cybersecurity?
Cybersecurity is not just about protecting your information, but also the people you interact with such as your customers. There are two main avenues that a company should look at:
A business needs to be equipped with the right technology to keep company information secure and protected against falling into the wrong hands. Adequate protocols should be in place to routinely check the security status and make upgrades as and when required.
Employee awareness is key towards investing in cybersecurity. They should be educated on how to avoid such traps and tricks that cyber thieves use. They should be trained to watch out for scams and know how to protect company data. Regular meetings on cyber theft, fraud, scams, etc., can help keep employees abreast of the latest information.
The key to building trusted B2C and B2B relationships is making cybersecurity top priority. The question then is how to select the best software or cybersecurity company for you.
The first thing to do is research. This will help you get an overall picture of the available options. Depending on the needs of your business operations, you can find something that will suit your requirements. For example, a B2B operation would require more security for payment information and clients’ contact information.
If you’re looking to protect data in large amounts, then it might be a good idea to ask around. Check with others on which company they prefer and what benefits each one offers. Though Google does its best to give you the top ranking results, it’s a good idea to check with people such as your colleagues.
Where does cybersecurity currently stand in the market?
A study conducted by Comparitech showed that Japan topped the list among the world’s most cyber-secure countries, while some of the least cyber secure countries included Algeria, Indonesia, Vietnam, and Tanzania. Even the most secure countries could do with some significant improvements to their current cybersecurity measures.
2018 was a record year for cybersecurity investment. Investors dumped heavy amounts of money into U.S. cybersecurity as well as other countries like China, the U.K., and Israel. Strategic Cyber Ventures reported that average deal sizes and venture capital investments involving cybersecurity firms both reached record highs last year.
Such high investments could be attributed to venture capital markets being flushed with funds along with the cybersecurity market seeing money from huge funds that were formed over the years.
It was also noted that Cybersecurity businesses with IPOs in 2018 did considerably better than businesses in 2017. Mergers and acquisitions activity in the cybersecurity space was also strong in 2018.
It’s safe to say that cybersecurity problems aren’t going away. 2019 is likely to see massive high-profile breaches just like 2018. But businesses need to continue to do all they can to protect their confidential information and protect the interests of their customers as well. Over and above, you should invest in cybersecurity to protect your company’s future and your brand.