According to the Gartner, through 2026, 75% of organizations will exclude unmanaged, legacy, and cyber-physical systems from their zero trust strategies.
In May 2023, a ransomware gang exploited a zero-day vulnerability in Progress Software’s MOVEit Transfer protocol, compromising the security of over 2,000 organizations worldwide, including New York City’s public school system, British Airways, and BBC. The attack led to data theft from various sectors and prompted IBM to face legal action after its servers were breached. In response, the U.S. Securities and Exchange Commission (SEC) now requires public companies to disclose cybersecurity incidents within four days of discovery.
Breaches are happening to the best of the global organizations with the best security solutions. The question lies, what happens if you do not have a robust security solution?
From a cyber risk perspective and over the next 12 months, Indian organizations are most concerned around cloud-related threats (52%), attacks on connected devices (45%), hack-and-leak operations (36%) and software supply-chain compromise (35%).
There is a growing need for organizations to invest more in enterprise network security solutions to reduce cybersecurity risks and protect their business information.
Here are top 6 reasons to invest in IT Security now-
Investing in cybersecurity is not just a protective measure; it’s a strategic investment in your organization’s future, ensuring safety, compliance, and customer trust while preventing financial losses and operational disruptions.
1. Increasing Cyber Threats
Cyberthreats are constantly evolving, becoming more sophisticated and frequent. Attackers use advanced techniques like ransomware, phishing, and zero-day exploits to compromise security systems. Investing in cybersecurity provides robust protection against these threats, ensuring your organization remains secure and resilient.
2. Safeguarding Sensitive Data
Data breaches can result in significant financial losses, legal consequences, and reputational damage. Sensitive information, such as customer data, financial records, and intellectual property, must be protected. A strong cybersecurity framework prevents unauthorized access and data leaks, ensuring that your critical data remains safe and secure.
3. Regulatory Compliance
Governments and regulatory bodies worldwide enforce stringent data protection laws. Non-compliance with these regulations can lead to hefty fines and legal repercussions. Investing in cybersecurity helps ensure your organization meets regulatory requirements, avoiding potential legal issues. Compliance with these regulations demonstrates your commitment to data security and can protect your organization from severe penalties.
35% of the organizations felt the need for mandatory reporting of cyber risk management and governance.
4. Maintaining Customer Trust
Customers expect their personal information to be secure. A data breach can severely damage customer trust and loyalty, leading to lost business. By prioritizing cybersecurity, you demonstrate a commitment to protecting customer data, thereby maintaining, and enhancing customer confidence. Investing in cybersecurity measures reassures customers that their information is safe, fostering long-term trust and loyalty.
5. Preventing Financial Losses
Cyber-attacks can be financially devastating, causing direct theft of funds and significant costs associated with responding to breaches. These costs include legal fees, regulatory fines, and expenses related to reputational damage. Investing in cybersecurity is a proactive measure to prevent these financial setbacks. It protects your organization’s financial health by mitigating the risks associated with cyber threats and ensuring that your resources are not drained by unexpected security incidents.
Almost 50% of businesses who faced cyberattacks have estimated the loss anywhere between USD 1 million and USD 20 million in the last 3 years.
6. Ensuring Business Continuity
Cyber-attacks can disrupt business operations, leading to downtime and loss of productivity. In severe cases, attacks can bring operations to a complete halt. Implementing strong cybersecurity measures helps ensure business continuity by protecting against disruptions and enabling quick recovery from incidents.
This resilience is crucial for maintaining smooth operations and minimizing the impact of cyber incidents on your business. A robust cybersecurity strategy ensures that your organization can continue to operate effectively, even in the face of potential threats.
Other key reasons to invest in cybersecurity-
- Cyber Crime targets your most Mission Critical Systems: 65% of all cybercrimes reported by Indian companies occurred on E-Mail Server while a whopping 31% of the attacks were designed to take down the ERP system. Cybercrime targets your critical systems and applications to maximize business disruption.
- Cloud is More Vulnerable: With Cloud is increasingly becoming the choice of technology, Gartner reveals it is more vulnerable to cyber threats and attacks. Hence, while adopting Cloud based security models is optimum for business operations, organizations must focus on additional security measures to protect their data.
- Threats from within: As per PWC, employees are the top reasons for security threats arising within businesses, with current and past employees leading to a gigantic 60% of all security related incidents, with 22% being caused by consultants and service providers. While most of these incidents are inadvertent, a good security system can help in preventing such incidents.
Conclusion
The need for robust cybersecurity has never been greater. With the increasing frequency and sophistication of cyber-attacks, organizations must take proactive measures to protect their digital assets. Investing in cybersecurity not only safeguards your organization from potential threats but also ensures compliance with regulations, maintains customer trust, and protects against financial losses.
Now is the perfect time to prioritize cybersecurity and secure your organization’s future. Embee is a leading Cybersecurity solution provider in India. Contact us to get a robust Security system for your business.
