Cybersecurity has become a prominent topic of conversation as a result of the ubiquity of technology and the importance of data. Exploring cybersecurity options and implementing best practices can help to fend off modern threats. Implementing thorough security processes can show customers that your business is, not only, prepared but less vulnerable to looming cyberattacks. Because data is now integral to how we operate as organizations and individuals, cybersecurity is essential to the well-being of your business.
A data breach can have a huge financial impact on businesses, and it can cause significant loss. IBM reported in 2019 that the cost of a data breach has increased by 12% over the 5 years prior. The report also found that in the long term that cost will typically carry into carry to the next few years.
Responding to breaches effectively can help to minimize the financial strain breaches cause companies. IBM determined that being able to identify a breach as soon as possible can reduce and eliminate the associated costs.
As consumers grow more vigilant about privacy, the quality of cybersecurity and internal controls can affect your customer retention. PWC found that only 25% consumers believe that companies “handle their sensitive personal data” responsibly. And 85% of customers said they will not do business when they have security concerns.
An effective way to manage customer concerns and win their trust is by giving customers control of how much information they’re sharing. Businesses should also communicate their comprehensive security practices in a simple and easy to understand fashion. Implementing clear security protocols shows customers that you are taking responsibility for their personal information. Strong security practices and transparency with customers increases trust which will enhance the customer experience and increase customer service.
The Internet of Things (IoT) means that more and more smart devices are connected to the internet and while that level of technology and innovation can be beneficial to businesses it can pose a threat to security. Cisco estimates that by 2021, there will be 27.1 billion devices connected to the internet. Just like computers, devices connected to the internet as part of the IoT network can be hacked too.
Data redundancies and encryption can help to strengthen protections of important data that is more vulnerable as a result of the IoT.
It’s important that companies act fast when implementing cybersecurity measures for the benefit of their business. Implementing a strong infrastructure dedicated to protecting data and preventing security threats is essential as threats grow in volume and frequency. But it’s important not to operate based on fear. Cybersecurity fatalism, the idea that everyone will inevitably be compromised, can harm trust between businesses and their customers. Faith in teams and people and security decisions can help rise to successful data and risk management.
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