Cybersecurity: Why It’s a No-Brainer to Incorporate it into Your Company

Businesses spend a lot of time thinking about how to protect their data, as well as the company’s hardware and software from attack or infiltration by hackers. In fact, cybersecurity is now the top concern for CIOs , with over 80% reporting that it would be one of their greatest priorities in 2019  (for example). And yet many businesses are still making a critical mistake in not incorporating cybersecurity into their company’s vision, mission statement or overall knowledge base.

The lack of cybersecurity incorporation goes so far as to trick many employees into thinking that it is not even necessary if they do not actively work in the field. While this may be true for some companies (and certainly preferable), it ignores the fact that there is often a great deal of value in many businesses’ data. If this data were to be stolen, the company would need to spend a lot more money and resources protecting it than they may have thought was necessary.

Client Trust

The first step to avoiding such a costly mistake is incorporating cybersecurity into your business model as not only part of your data and hardware safety, but as a value proposition to customers and clients. If you do not, it is almost inevitable that your competition will – and they may very quickly take over the market with their superior security measures.

To give you some more perspective on this issue, let’s look at the following question: how much would it cost for your company to completely lose all of its data?

Reduce Cost

Let’s assume that your average business is worth around $10 million  (this number may vary for your specific industry; it may be more or less). If you were to take into account the cost of lost customer goodwill, revenue, productivity and any legal penalties you might incur as a result of the loss, you would quickly see that losing your data can cost exponentially more than what it takes to keep it secure.

The question then becomes how to best incorporate cybersecurity into your business model – and the answer is simple: make sure everyone working for you knows exactly what needs to be done in terms of security measures. As soon as your employees are made aware of the dangers your business faces, they can begin taking the necessary steps to protect your company’s data.

It is always better to come into any issue with a plan than it is to run around looking for one; by incorporating cybersecurity early on in your business planning stages, you can create a clear path towards protecting your company’s data.

And if you are looking for an added bonus, incorporating cybersecurity measures carefully but quickly will help secure your client’s trust .

The article continues with a comparison of insurance rates and how it relates to cybersecurity – the above information is what is given as background knowledge only. The author also provides tips on which types of cybersecurity measures to include (in this case, by industry).