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Is cyber security a good investment

Is cyber security a good investment

Portia Linao Portia Linao
October 31, 2023, Post a comment

More and more companies are investing in cybersecurity.

But why?

Cybersecurity evolved tremendously, and it can do more things to your business than you can count. It has proven to be handy against cyber attacks that only aim to wreak havoc on businesses of all sizes and industries. And for that reason, investing in cyber security should be at the top of your to-do list in 2023 – if you haven’t gotten around it yet.

When IT security was still young, decision-makers consider it an unnecessary expense. And when they do implement cybersecurity, it’s mostly limited to data backups and access controls – which is only a portion of the security strategy typically implemented in a business that values data. The goal is to prevent outsiders, like hackers, from finding ways to get their hands on your networks. It could either be in the form of ransomware or corporate espionage.

Because of this, investing in cybersecurity is a must and not a should. It is one of the most critical aspects of an IT system. You must be proactive with your cybersecurity strategy to protect your data and fight cyber-attacks.

What is cybersecurity?

Cybersecurity is an ever-evolving field of technology that has become increasingly important in the digital age. It protects computer systems and networks from malicious attacks, breaches and other cyber-related risks. Cybersecurity experts are responsible for safeguarding data, preventing unauthorized access to networks and applications, and responding to any threats that may arise.

The scope of cybersecurity is vast. It encompasses a variety of disciplines, such as network security, software security, data protection and identity management. These fields work hand-in-hand to protect confidential data from being stolen or misused by malicious actors or hackers.

Every year, cybersecurity professionals develop new solutions and strategies to protect computer systems from attacks and ensure the safety of user data. With the increasing prevalence of connected devices in our lives, it's more important than ever for companies like yours to invest in robust cybersecurity measures.

But is cybersecurity a good investment for the long term?

Let’s find out!


Why is cybersecurity a good investment?

Protect your business.

One of the many things cybersecurity indirectly protects is revenue – the most vital thing for a business. 

When you invest in cybersecurity, not only will you get to use tools and develop strategies that will make your IT into a digital fortress, but also get to do cybersecurity training for your employees. And these benefits will make up for its worth in the long run.

Falling victim to cyberattacks is expensive. Depending on the gravity of the damage, you can cease operations which ultimately affects your daily sales along with customer complaints and penalties from regulators.

Cybercriminals often target unknowing employees.

Cyber threats are increasing and getting more devious by the day. And most of the time, they target unknowing employees using sneaky social engineering tactics, so you divulge confidential information – mostly your login credentials.

Cybersecurity isn’t limited to computer systems. You and your employees have as much responsibility to protect your IT network. Implementing bi-annual cyber security training for your employees, including your stakeholders, consultants, contractors, and even suppliers, can go a long way in protecting your network from these real threats.

Your employees are the weakest points in your cybersecurity. And cybercriminals know what they can use to their advantage. Only with the help of a good cybersecurity training session will you and your employees be able to spot malicious activities and effectively prevent business-destroying disasters.

Luckily, we offer a monthly security awareness training webinar to help as many people fight off cybercrimes and keep their data safe. Check out the available dates here and save your spot!

Cyberattacks are increasing.

Cyberattacks are increasing, and more are falling victim to them, especially in the healthcare and financial sectors, since they handle confidential user data more than any other industries. Many have suffered through data breaches and have lost millions in the process throughout the years. And it’s your responsibility (as a decision maker) to protect your customers and employees from these malicious activities without waiting for them to happen.

As technology grows, cyber crimes grow with it. Cybercriminals adapt to how businesses evolve with the internet. They create new schemes and develop more devious malware to extort your businesses with its most important asset – data.

Stay one step ahead of cyber threats with cybersecurity. With the help of security tools like antivirus software and firewall, you can detect malware on time and prevent it from infiltrating your computer system. But that’s just one of the many facets of cybersecurity. There are more intricate and proved to be highly useful for other industries.

Cost-effective solution.

Cybersecurity can be expensive from the get-go. But it does make up for its cost in the long run, considering that it will save you thousands (if not millions) in losses from a data breach. Although cybersecurity is not a 100% shield from all cyberattacks, it does help you detect and prevent them before they get their dirty hands on your data.

If you’re ever curious about the consequences of a cyber-attack, here are some of them:

  • Profit loss
  • Loss of business operations
  • Reputation damage
  • Loss of customer trust
  • Data loss
  • Work interruptions

Considering that these are only some of the consequences if you’re under a cyber-attack, the extra monthly cost of cybersecurity doesn’t seem to be an unnecessary expense now, does it?

Improve business productivity.

One of our favourite benefits of cybersecurity is it improves business productivity tenfold. 

If your business gives off a good reputation in your industry, you will attract more business along the way. And same goes for cybersecurity. Customers prefer to do business with a company that can protect their data from potential cyber threats and maintain service uptimes.

So, to deliver this demand, you will need to invest in a good cybersecurity solution that follows business-standard compliance to reduce the risk of data loss or downtime as much as possible. By doing this, you are ensuring that data confidentiality, integrity and availability gets maintained daily.

Implement a data recovery and business continuity plan in case of malware infestation. Implementing this will help you avoid downtime and data loss, which impacts your profits.

Regulatory standard compliance.

There are laws and regulations concerning user data security. In some countries, you'll need to comply with regulatory standards to protect company data – especially user or client information. One example is the General Data Protection Regulation or better known as GDPR.

As a business decision-maker, you must follow these regulations not only to protect your data from malicious hands but prevent costly penalties and fines coming your way that may or may not damage your business.

Invest in the right cybersecurity provider!

Choosing the right cybersecurity provider is essential if you want to make sure your digital assets are secure from cyberattacks. And with so many cyber security providers for Australian businesses out there, it can be difficult to decide which one is the best fit for your company. 

To help you choose the best cybersecurity provider, here are a few tips on what to look for before investing in this essential service.

First of all, you should consider which type of security measures your chosen provider offers and whether they meet your needs and goals. Along with supplying basic antivirus protection, the provider should also offer robust solutions like malware removal and prevention, firewalls, data encryption, data backup, monitoring and other advanced protections. 

Secondly, research each potential provider thoroughly, as some might charge more than others without giving you added value in terms of security measures or customer service. So, before you subscribe to a cybersecurity package, discuss with an expert first or talk to their past/current clients whether they walk the talk or not. 

Don’t be afraid to ask critical questions to your potential cybersecurity provider about how they can provide a strategic way to secure your data. Ask what protocols they follow and how it complies with Australia’s regulatory standards. 

Every business is unique in some respects. And your cybersecurity provider must cater to these requirements so you can have a strategy that supports your business needs and effectively protect your confidential data.


Summed up wisdom

The big question remains. Is cybersecurity a good investment?

The short answer is hell yes!

Cybersecurity is expensive initially but pays off on its own in the long run. Considering everything it can do for your business, it’s a worthy investment that will benefit you. And with hybrid work on the rise among the Australian workforce, there has never been a better time to invest in a cybersecurity strategy that will ensure the survival of your business amongst a sea of potential threats.

We've established that cybersecurity is a necessity and not a luxury. To achieve long-term success and the survival of your business, you will need the right people with the brains and guts to fight off hackers looking for ways to invade your IT infrastructure.

And who better to do that than your friendly neighbourhood IT guys from OSIT?

Get in touch with us today, and we’ll work on building your digital fortress!


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