The importance of data security cannot be overemphasized considering the high rate of data breaches and cyberattacks these days. Technology is growing at a very fast pace and while this is great, it is increasing the vulnerability of businesses. Over the last few years, there has been a massive increase in data security threats.
Every business owner needs to invest in data security to avoid security breaches. This post will show you five reasons why your business should invest in data security.
Alarming Cybersecurity Statistics you Should Know
Before we discuss why you should invest in data security, let’s check out some alarming cybersecurity statistics. These statistics will further buttress the importance of data security to your business.
- Only about 5% of company folders are well protected.
- About 78% of company executives lack confidence in the cybersecurity posture of their companies.
- Cybercrime will cost about $10.5 trillion globally every year from 2025.
- On average, the cost of data breaches in the US has hit $8.64 million, which is an all-time high.
From these statistics, you can see some reasons why you need to focus more on data security. The next section will beam light on the important reasons why every business should invest in data security.
Reasons Why Your Business Should Invest in Data Security
Here are five important reasons why you should invest in data security:
Prevent data breaches
It is no secret that data breaches can damage your business reputation. Because of this, firms must protect their data by implementing strong security measures. This principle is so important that privacy has become a key aspect of legal business requirements.
Every organization must work on reducing how many security incidents can lead to privacy breaches. This way, they can avoid losing the trust of their customers and trade partners. Also, they do not have to face civil suits or penalties that result from data breaches.
Build customer loyalty
When businesses experience data breaches or data loss, it has ripple negative effects on their brand. One such effect is losing valuable clients. Customers can only remain loyal to companies that ensure that their sensitive data is protected.
Invest in data security so that you can assure your customers of the security of their personal information. Doing this helps them build trust in your brand and motivates them to increase their investment.
Save money and time
According to experts, you spend at least seven months analyzing and identifying cyberattacks when they occur. You would also spend thousands of dollars on upgrading your systems or replacing them completely.
This is a perfect case of “prevention is better than cure.” Why go through all the stress when you can invest in data security now?
Satisfy compliance requirements
Investing in data security ensures that your business satisfies specific compliance requirements. Without this, you can face several issues including paying large fines, and several years in jail. Asides from this, you can also lose valuable business relationships if you don’t comply with contractual privacy protection requirements.
Prevent losses
Data breaches can cause your firm to lose critical client information and financial transaction data. This puts your business relationships at stake making you lose significant contracts. You can prevent all these losses by investing in data security.
Why Wait Any Longer?
Data security has become an essential aspect of running a business in today’s fast-paced world. This post has shown you five important reasons why you should invest in data security at your business. Want to get started? Reach out to Adept Consulting today.