With cyberattacks becoming more commonplace by the day, businesses in Canada are facing even more devastating consequences. IBM reports that the average cost of a data breach in 2021 was 4.24 million USD (5.44 million CAD), the highest it’s been in the 17-year history of the study. Essentially, investing in cybersecurity measures to protect your business from cyber risks is no longer just an option but a necessity.
It’s not only the larger companies that should keep up with new and existing threats, however. Smaller businesses shouldn’t skimp on cybersecurity investments either, especially because they often have fewer resources to protect themselves against cyberthreats.
Whether you’re a multinational company or a startup, investing in cybersecurity adds value to your business in the following ways.
1. Reduces financial impact of cyberattacks
Cyberattacks can cost your business thousands of dollars in both direct and indirect costs. If you suffer from a data breach, you may have to pay for your customers’ credit monitoring services, as well as any legal fees associated with the breach. You may also incur costs due to downtime or data loss. Worst of all, you may lose opportunities, such as keeping your clients or expanding your customer base.
A comprehensive cybersecurity strategy can protect your business from these financial losses, as it can mitigate the effects of a breach, if not prevent a cyberattack altogether.
2. Protects and empowers employees
Your employees are one of your most valuable assets, and they can be put at risk if a cyberattack occurs. Their data can be compromised, or they may even lose their job if the attack is particularly devastating. By strengthening your cybersecurity, your employees can focus on their work without worrying about their cyber safety.
In addition, providing employees with the tools and training they need to stay safe online improves their skills. For example, educating employees on cybersecurity best practices enables them to become better at spotting and avoiding potential threats, which can further help you secure your data.
3. Improves business agility
Investing in cybersecurity can improve agility, allowing your organization to quickly adapt to the changes in the business landscape. Specifically, it enables you to have secure systems that make it possible for your organization to configure work setups with a comfortable degree of flexibility.
The pandemic underlined the importance of agility, and businesses that were able to set up secure remote working arrangements were the first ones to resume operations and minimize the effects of economic lockdowns. And with remote and hybrid working expected to remain viable setups post-pandemic, investing in cybersecurity is paramount in making sure that both the employees working in the office and those working remotely are protected.
4. Drives growth without adding risk
Scalability is critical for business growth. However, the more devices, apps, or vendors a company integrates into its systems, the more vulnerable it becomes to cyberattacks. Without investing in the appropriate cybersecurity solutions, it is impossible for businesses to manage expansion without additional risks.
The more devices, apps, or vendors a company integrates into its systems, the more vulnerable it becomes to cyberattacks.
By contrast, a system designed with cybersecurity in mind will allow you to expand into new markets without the increased risk of cyberattacks. A robust cybersecurity posture can even protect your bottom line as your company grows.
5. Solidifies brand reputation
A cyberattack can ruin your business's reputation, which can lead to customers taking their business elsewhere. Cybersecurity measures can help protect your reputation by preventing cyberattacks from happening in the first place.
You can also leverage cybersecurity to gain a competitive advantage. Highly secure payment channels, impenetrable customer databases, and an impeccable cybersecurity track record can be what sets you apart from the competition. Demonstrating commitment to keeping your data safe can also make your business more attractive to investors, customers, and other stakeholders.
Investing in cybersecurity is key to maintaining business profitability. Learn more about the importance of having critical cybersecurity measures in place by reading our FREE eBook, ‘Data breaches: A definitive guide for business owners’. You can also schedule a consultation with our XBASE Technologies experts to get started on keeping your business safe from cyberattacks.