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In the 21st Century, cyber-attacks are a part of life. They are so common, and it’s estimated that 60 million Americans have been victims of identity theft. The United States is the most targeted country in the world for cyber theft. Unfortunately, in this day and age, investing in cybersecurity is not optional. Combining cybersecurity technologies and policies can protect you from a data breach.

Understanding the risks

Cyber threats come in many forms and can strike fast and leave a company in chaos. Threats like malware, phishing campaigns, ransomware, and human error can cause a data breach. Ransomware is becoming so common, due to its effectiveness in stealing millions from companies. In 2019, it was estimated that ransomware struck every 14 seconds and costed businesses 11.5 billion dollars. Without properly trained employees and technology controls, attackers can find avenues into a network and grab data instantaneously.

How much investment is needed?

Industry experts recommend that no less than 3% of a company’s total capital expenditures should go towards cybersecurity policies and technologies. Preventive measures should be treated as an investment for a business and should be adopted as early as possible. Secure software and network devices can be purchased with IT investments. Another good option is exploring cloud as a service (CaaS) to provide a robust and flexible platform for your business. Cloud services can transfer some risks away from business and allow a company to focus more on just policy. Cybersecurity does not have to be too expensive, and more and more IT companies are incorporating better security controls in technology.

Benefits of a sound security plan

Having a good security plan in your business will ensure profits and decrease cyber risks. Applying good controls to your network or platform will increase client and customer trust, as well as meet federal regulations. Some simple policies, like password management, or training customers to report suspicious emails can make all the difference in defending a network. Using a risk management framework with your security plan will allow decision-makers to prioritize corporate assets and data and focus protection on them. Cybersecurity doesn’t need to be too complexed but if you ask a company that has fallen victim to a data breach, they would do anything to go back and apply better cybersecurity in the first place.

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