Cybersecurity has swiftly transitioned from being solely an IT issue to a commercial concern. Recent cyber-attacks, like those targeting Travelex and the SolarWinds hack, have shown that even the most resilient firms can suffer significant damage, resulting in public relations disasters for meticulously built brands. Therefore, prioritizing investment in cybersecurity training, advisory services, and appropriate IT support solutions will be critical in 2021.

In 2019, global enterprises ramped up spending on security solutions to approximately $124 billion, marking a 146% rise from 2010. Despite such hefty investment, nine out of ten large worldwide firms admitted to experiencing a security incident in 2019. March 2020 saw Marriot disclosing a security breach on its networks, exposing private information, including passport numbers, of millions of Marriot guests, and uncovering flaws in the online security system. Facebook and Instagram also reported compromised user credentials due to a security breach.

Businesses can shield themselves from various security threats, including ransomware, spyware, and adware, by investing in cybersecurity infrastructure, personnel certification, and IT solutions. Even the most well-equipped multinational corporations with top-notch security measures are vulnerable to breaches. What happens if you lack a reliable security solution?

In 2015, Indian businesses allocated less than 5% of their IT spend on security. However, with growing security concerns and expenses (IBM estimates the average cost of a data breach for Indian businesses was Rs. 12.8 crores in 2019), the cybersecurity solutions market in India has burgeoned, with Gartner predicting it to reach $2.2 billion in 2020.

Adware, a computer virus, ranks among the most common methods of infecting a computer system. Ransomware, another malicious software, prevents users from accessing their computer system. Spyware stealthily monitors you and your business activities while gathering valuable data. When you factor in social engineering, security breaches, and network security compromises, you have a potent mix.

However, by integrating cybersecurity and IT support, your company can gain a comprehensive edge in today’s complex threat landscape to stay secure.

Why is currently a good time to invest in cybersecurity and IT support?

1. The Dangers of Remote Work

The COVID-19 epidemic has ushered in a new world order, one in which nearly everyone employs remote labour. This has significantly enhanced the threat to sensitive data and the risk perimeter of enterprises.

2. Increased Productivity

A cyber-attack can cripple your company, making it impossible to operate if you lose access to your systems and networks. Therefore, investing in the right technical infrastructure to safeguard against cyber criminals and assaults is crucial.

To enhance productivity, invest in your staff by supporting their upskilling through cyber incident response online courses. This enables them to improve their overall cybersecurity knowledge. It’s widely acknowledged that when employees see their abilities being developed and the company investing in their education, they perform better in their roles.

3. Customer Confidence and Trust

Modern consumers are highly vigilant and cautious about data protection and security. They understand the significance of their sensitive data and the potential consequences of mishandling it. Consequently, businesses that integrate robust cybersecurity measures and IT support solutions into their daily operations tend to outperform others in the long run. Customers feel more confident conducting business with companies whose websites they perceive as secure and trust to diligently preserve consumer data.

4. Keeping the bottom line safe

Ultimately, it boils down to money and earnings for a firm. Investing in IT infrastructure, cybersecurity technologies, and personnel training can yield significant long-term savings. When a firm is attacked, it not only results in a loss of daily sales and operational disruptions but also often entails paying hefty sums in ransomware.

Moreover, cyber-attacks typically lead to regulatory fines and customer claims. Overall, any type of cyber assault or security breach can be a costly ordeal for a company. As attacks grow more complex each day, the cost of combating them escalates accordingly. Therefore, it makes sense to invest in reliable IT support solutions and promote a robust cybersecurity culture within the organization to prevent or mitigate the damage caused by cybercrime as much as possible.

5. Requirements for Compliance

Businesses, particularly those in critical infrastructure, must bolster their capacity to fulfil compliance obligations as awareness of data security grows and regulatory requirements become more intricate. Simply having effective cyber incident response plans is insufficient in many economies. Continuous scenario-based testing of these plans is now imperative to demonstrate genuine resilience. These regulations mandate organizations worldwide to evaluate their cybersecurity posture.

Conclusion

Cybercrime causes various losses, with financial losses being the primary metric to gauge the extent of a security breach. In India, 63% of respondents reported financial costs due to cyber assaults in 2019. The global economy is expected to incur a $6 trillion cost from cybercrime by the end of 2021, doubling from $3 trillion in 2015. However, cybercrime extends beyond financial losses, with 55% of organizations experiencing theft of intellectual property or sensitive data, 49% suffering reputational damage, and 47% facing business process disruption. Sony’s PlayStation Network (PSN) and PlayStation Store (PSStore) both experienced significant hacking incidents.

Businesses suffer substantial financial losses from cybercrime and encounter collateral damage, including loss of consumer trust, harm to brand image, and even customer loss. Moreover, cybercrime can adversely affect compliance and other factors.