Business security

4 Reasons Why Security Should Be At The Top Of Your Business Wish List

Data breaches, phishing attacks, and privacy concerns have become an unfortunate daily reality—and no business is immune to potential risks. In today’s digital world, digital security should be at the top of every company’s wish list. Let’s dive into four reasons why you need to prioritize security:

1. The Cost of a Breach is Unbearable

According to the Ponemon Institute, the average cost of a data breach in 2019 was $3.92 million. Depending on where and who your data breach affects, the cost can skyrocket—not to mention the long-term implications on customer trust and loyalty. Implementing strong security measures can help in recognizing, preventing, and responding to security breaches.

2. There’s a Real Threat of Exploration

Just as hackers look for vulnerabilites in your company’s physical security, they’re equally interested in the digital realm. Not only can hackers steal valuable, private customer data, there’s potential for them to hold your data for ransom. On top of that, failing to comply with cyber security industry standards can result in hefty fines from regulatory bodies.

3. Customer Loyalty Depends On Security

Building trust and loyalty with your customers is paramount to success, and in the digital age, security is key. Having strong risk management and data protection measures in place shows customers that you’re committed to protecting their data. Creating a cyber security plan and strategy lets customers know they can trust you with their data, and can be a great selling point when trying to acquire new customers.

4. Security Assists With Business Continuity

In the event of an unexpected data breach or natural disaster, businesses need to be prepared with a DRP (Disaster Recovery Plan) in order to maintain customer trust and prevent financial losses. A strong security system can provide your business with protection and allow for flexibility to adapt and rebound quickly.

Having the right cyber security system is one of the most critical investments for businesses today. Digital security should be at the top of every business’s wish list — the cost of not doing so is too high.