Cybersecurity has been a primary concern for businesses worldwide for several years now. However, with the COVID-19 pandemic outbreak and work from home becoming the new normal, data security resilience has become paramount. With employees reporting to work using their home internet connection, organizations are battling to manage sensitive customer information.
And everyone needs to understand that the data security at any organization is as strong as its weakest link. And they could be risking sensitive information if their employees were to use outdated devices or security systems. This could impact your business in more ways than you believe. However, if you are still unsure how a data leak could impact your business, read on to find out.
Protects Sensitive Data
According to a report on Gartner, the information security market would reach a whopping $170.4 billion by the year 2022. And this is because customers worldwide are experiencing a growing concern about the data that businesses collect, process, and store about them. While data collection has significantly contributed to the personalization of services and better customer experience.
It has also opened avenues for identity theft and compromise on sensitive information. Investing in a network security monitoring solution enables organizations to prevent sensitive data from being compromised and ensures that the valuable information is accessible only to the authorized personnel.
Avoids Ransomware Attacks
According to a report published in Fintech News, the average ransomware payment in 2020 was 33 percent higher than the amount paid in 2019. Another significant research highlights that over 18.2 percent of all the ransomware attacks are aimed at the US as it is one of the few countries with the highest number of internet-connected populations.
For those unaware, ransomware is when harmful software infects your system and takes control over it. If your computer is under a ransomware attack, you would see a message where the attackers would demand a ransom to re-grant access to your computer and its data. This popular money-making tactic finds its way into users’ computers, usually through unsuspecting links in emails.
Keep a Track of Possible Threats
To function as an organization, you need to comply with numerous rules and regulations of the government. When you invest in the right security solution, you prevent your business from having a data breach that would break the compliance norms that you need to adhere to as an organization. Besides that, the right tool would also help you stay up-to-date with your network security and prevent malicious attacks. As hackers constantly update their ways to find their way into computers, it would help to stay ahead of the game by building awareness and vigilance on data security.
Builds Trust
Your customers trust their data with you, and as a reliable brand, the onus is upon you to protect the data and thus build customer loyalty. When you invest in the right network security solution, you do not just mitigate risk, but you also build the trust of your users. Besides that, it protects your business from legal fallouts and does not leave your reputation at stake for security threats. Remember, the success of a business lies in the confidence that the customers have in a brand!
If you are a small business, it makes sense that you are questioning the expenses on security solutions. However, remember that you should rather see this as an investment instead of an expense as it would become the building blocks of your organization!
