3 reasons why your company should invest in cyber security
In a business world were digitization and customers’ privacy are key, safeguarding data has become a real must. Facebook, Ticketmaster, Adidas, Orange… the image of these companies was severely damaged after a security breach became public knowledge. Here are 3 key reasons that explain why investing in cyber security means peace of mind for your business and its future.
1. Not having cyber security will cost you a lot more than doing nothing
When a safetey breach occurs, your company will be forced to invest in a safety net anyway. Establishing a cybersecurity department is a solid investment that not only will protect your firm from paying high fines, but it will also save your company from damaging its reputation and losing clients.
We’ve listed a number factors that will influence the total of costs, caused by a security breach:
- Operational costs
A security incident can delay, disrupt or even shut down your business operations. For a retail company that would mean that you suffer from sales losses, for a service company it is a barrier to provide good customer support.
A security breach is the result of poor security or a poorly executed policy. This means that a company should focus on investments in time, people and money. You will have to replace some hardware or software, invest in more experts and so much more.
- The value of your business
If your company was engaged in an acquisition or merger, a data breach could be detrimental to the value of your business. For example, the value of Yahoo plummeted after the publication a data leak. The result? The acquistion by Verizon came on the verge.
According to the European GDPR legislation, the Data Protection Authority (DPA) will establish whether or not your company took enough action to prevent a security breach. If the outcome is negative, your company can be fined. That fine can add up to 10 million euros or 2% of the global turnover.
- Public opinion
If people no longer want to use your services or want to buy your products, your turnover, profit, share price and brand reputation are at risk.
2. Increases trust and brand awareness among clients and investors
Like we’ve mentioned before: not safeguarding your data might lead to a damaged reputation. But being able to guarantee that the data of your clients are protected, that’s priceless. You can even market this into a unique selling propostion and really get the word out that consumers can trust you with their data. A big advantage of choosing for this strategy is that it’s still early in the game: There aren’t a lot of competitors who focus on guaranteeing the safety of their customers’s data. This can also help to attract investors for your company.
3. The increase in mobile usage will also increase your exposure
Just when you thought you’ve protected your entire organisation – here comes the mobile technology! Corporate mobile applications are becoming very popular, but are much more vulnarable to cyber attacks. So can mobile malware embed itself quite easily via Wi-Fi. One of the most popular tactics among hackers is using rooters: Rooters request root acces to a smartphone or use exploits to obtain root acces, thereby gaining control of the device to spy on the user and steal information.
Let’s be honest, that was pretty convincing right? If you want to find out more about the importance of internet security, policies, practices, related technology, regulations, skills and so much more, then you should certainly pay us a visit at the Belgian Cyber Security Convention on October 25 at the Lamot Congres Centre in Mechelen.
Cludts, D. (2018, June 14). Nieuws. Opgehaald van www.techzine.be: https://www.techzine.be/nieuws/14451/orange-verliest-persoonlijke-klantgegevens-bij-datalek.html
Ismail, N. (2017, September 12). News. Opgehaald van www.information-age.com: https://www.information-age.com/mobile-cyber-attacks-dramatic-increase-2-123468486/
Page, M. (2017). Our expertise. Opgehaald van www.michaelpage.com: https://www.michaelpage.com/our-expertise/information-technology-recruitment/why-companies-need-invest-cybersecurity
Security. (2017, June 13). Opgehaald van www.webwereld.nl: https://webwereld.nl/security/99258-hoeveel-een-datalek-je-kost
workforce360. (2017, May 3). Opgehaald van www.randstad.be: https://www.randstad.be/nl/workforce360/detail/s/news/1bfad95d-0f7b-4cfc-8df9-9accee33cf2a/privacy:-hoge-boetes-bij-gegevenslek-of-privacyinbreuk