In the current scenario, any company should be present in the digital world, either to simplify processes or to attract more and new customers. However, online business presence brings risks because it increases the attack surface and exposes businesses to cyber-attacks.

A recent Kaspersky report shows that 50% of small and medium-sized Colombian companies find it difficult to make investments to improve cybersecurity, even though they are aware of its importance.

The average annual cost of a cyber-attack can represent economic and reputational losses of up to the U.S. $155,000.

We share some reasons why to invest in cybersecurity to reduce risks and potential financial losses.

The growth of cyber threats

As technologies advance, so do how cybercriminals attack, becoming more sophisticated. Advances in cybersecurity should not lead us to believe that information is safe; the danger on the network will always be present and will be on the rise. Companies need to have a cybersecurity strategy that allows them to implement security policies and controls that address both emerging and known threats (phishing, ransomware, etc.).

Cost savings

Although introducing a specific cybersecurity policy can be expensive, in the long run, it saves costs by having prevented potential cyber-attacks, the resolution of these is usually quite costly. Having a cybersecurity partner for your company will not exempt you from cyber attacks, however, it will help you to prevent attacks from succeeding.

Some of the consequences of being a victim of a cyber attack are the following: reputational damage, loss of income, possible lawsuits, work interruptions, intellectual property theft, among others.

Help your business grow – Productivity

There are many ways in which cybersecurity can offer added value. If your company gives a secure image, it will attract investors. Similarly, customers will buy products or services if they perceive that their data will be protected from potential threats. To provide this image to investors and potential customers, you need to ensure the integrity, availability, and confidentiality of your data.

The possibility of having a data recovery and contingency plan in case of incidents will be key to avoid impacting the organization’s performance, in addition, they will make up for production costs.

Compliance

This is perhaps the most important reason for organizations to invest in cybersecurity. Companies have to comply with several regulatory standards that pertain to information security, some of them are; the General Data Protection Regulation (GDPR), SOX, HIPAA, among others.

Companies have to follow these regulations to ensure the security of the digital assets they own, if they do not protect them against theft, misuse, or loss, they may incur significant fines and penalties.

Increasing employee protection

Implementing cybersecurity protocols and controls will protect employees who work remotely by securing sensitive information and eliminating the risks of them being vulnerable to adware, malware, and phishing attempts.

Training plan

Hand in hand with the previous point, it is essential to invest in a training plan for staff on how to protect the information, how to classify it, what to avoid, or how to detect possible risks, since part of the attacks on organizations is aimed at employees, looking for human error, induced by deception, to open an email with a virus or enter an unsecured link that ends up generating a vulnerability at the enterprise level. Thus, training and educating the members of the organizations is vital to avoid business risks.

The continuous transformation plus the constant changes in software force companies to keep their security policies and processes continuously updated to avoid information vulnerabilities. At Etek, we have expert professionals in the field of Cybersecurity, with the skills to keep up to date on trends and apply them correctly and effectively to the operation of customers to minimize the risks that may arise.

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