Why invest in cybersecurity?
Home > Tech > Expert Contributor

Why invest in cybersecurity?

Photo by:   Israel Gutierrez
Share it!
By Angel Israel Gutierrez - A3Sec
CTO

STORY INLINE POST

The concept of cybersecurity has burst into our lives in different ways and on a different scale for everyone, but it has become a constant. Gone are the days when we used only antivirus and firewalls, gone are the days when we only thought that large companies and those with a lot of money in digital assets were the ones who should invest in cybersecurity.

Every time we face a constant in the digital transformation of our lives, we see more organizations and resources based on technology, a change measured in leaps and bounds, facing new challenges and a broader technological position. This means that the impacts in terms of security can bring losses in different ways: economic, reputational, confidence, even a high possibility of ending the operation of a business.

The next leap is the most significant; the massification of smartphones, those devices connected to the internet where we have a large amount of sensitive data, from the management of our bank accounts to our social networks, email — in short, our digital assets. It is here where cybersecurity began to permeate the vast majority of the population. Security on the physical plane was no longer enough:cyberspace, the so-called data highway, had to be protected, including the digital identity of individuals and organizations.

A systems department was no longer sufficient to deal with the problems of attempted attacks, even those that were successful. Companies that had already suffered an attack on their information understood why it was necessary to have experts, either internally or externally, in cybersecurity. A recent study by IBM presents us with a compelling statistic: the average cost of a data breach is US$4.35 million.

For many companies, especially small or medium-sized businesses, one of the first factors they stop to think about is how much they should invest in cybersecurity. At A3Sec, we have an answer for that and, in most cases, it is very easy to determine: Invest in cybersecurity to the extent that the information you handle begins to have more value. Do you handle sensitive customer data or your savings or investment resources? Are you a critical operation department, such as generators, power distributors, or air traffic controllers? What would happen if that information and the operation of your company or institution was  compromised?

In terms of cybersecurity we can apply a very classic phrase: it is better to have it and not need to use it, than not to have it and need to use it. Which scenario applies to  your company? And here is a truism: There is no infallible cybersecurity system, it will simply help to eliminate breaches and attacks, although from our way of working, we give considerable weight to the prevention of attacks, so the detection and reaction will be the easiest to implement.

There always comes a time when organizations will need to invest in cybersecurity. We must choose the right moment because if it is too late, it could also be too late to repair the damage, which is more costly than an early investment.

As I mentioned earlier, the attack surface has become relevant, just take into account the large number of people who had to migrate to work from home, with each connection becoming a possible window for cybercriminals.  Protecting all computers in a corporate context is much different from having to protect each device connected from different points. Here, we see how complex the issue of prevention, detection and reaction to cyberattacks has become.

And this is just the beginning, we are entering the era of the 5G network, internet of things, wearables and remote management. Gradually, processes are moving to the cloud, digitization is exponential and with it the probability of suffering a cyber attack is imminent; there is no infallible strategy, but there are ways to anticipate the attackers, study and be able to read their movements.

Investing in cybersecurity works on two levels: the first and most obvious is to protect the data of your company, your customers and operations, but also investing in cybersecurity can shield you from reputational issues.During 2022, we saw many cases where the cyber attack itself did not cause major damage to the company in terms of operation, but when the problem became known, the damage to the reputation of companies was very significant. A very specific case was the most recent attack on Uber. In itself, the attack did not affect Uber’s operation, but when the way in which it occurred became known, the company's image began to be affected, even its value on the stock market fell and it lost US$2. 4 billion.

Another constant when evaluating cybersecurity strategies is to decide whether to create a new department in the company, adjust an existing one or hire an external team to provide the service, this will respond to the specific needs of each case. In our experience, having the support of experts in the field will always be a plus for your company, whether they are in charge of the entire service or advise your group and are dedicated to the protection of your data.

Protecting your data, your operations, your customers' data and protecting your corporate image — what is your reason for investing in cybersecurity?

Photo by:   Israel Gutierrez

You May Like

Most popular

Newsletter