In 2019, global enterprises spent around $124 billion on security solutions, a 146 per cent increase from 2010. Despite such significant spending, nine out of ten large worldwide firms have admitted to experiencing a security incident in 2019. In March 2020, Marriot announced a security breach on its networks that exposed private information, including passport numbers, of millions of Marriot guests, revealing flaws in the online security system. Facebook and Instagram both reported that their user credentials had been compromised as a result of a security breach.

Cyber security has fast progressed from an IT issue to a commercial one. Recent cyber-attacks, such as those on Travelex and the SolarWinds hack, have demonstrated that even the most steadfast of firms may be harmed, resulting in public relations disasters for brands that have been painstakingly constructed over time. In 2021, investing in cyber security training, cyber security advice services, and the correct IT support solutions will be critical.

Businesses may protect themselves from a wide range of security threats, including ransomware, spyware, and adware, by investing in cyber security infrastructure, cyber security certification for personnel, and IT solutions. Even the best-equipped multinational corporations with the best security measures are subject to breaches. What happens if you don’t have a reliable security solution in place?

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

Adware is a computer virus that is one of the most frequent techniques of infecting a computer system with a virus. Ransomware is malicious software that prevents users from accessing their computer system, whereas adware is a computer virus that prevents users from accessing their computer system. Spyware monitors you and your business actions while collecting valuable data. When you add social engineering, security breaches, and network security compromises to the mix, you have a dangerous concoction.

However, by combining cyber security and IT support, your company may obtain a comprehensive advantage in today’s complicated threat landscape when it comes to remaining safe.

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

1. The Dangers of Remote Work

The COVID 19 epidemic has ushered in the 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 has the potential to bring your company to its knees. You can’t do business if you can’t get into your own systems networks. As a result, it’s critical to invest in the correct technical infrastructure to safeguard you against cybercriminals and assaults.

Investing in your staff, assisting them in upskilling through cyber incident response online courses, and allowing them to improve their overall knowledge of cybersecurity will help raise productivity. It is a well-known truth that when employees believe their abilities are being developed and the company is investing in their education, they are more likely to perform better in their employment.

3. Customer Confidence and Trust

Customers are more inclined to make purchases/buy services when they believe a business’s website is secure and the company has a track record of diligently preserving consumer data. When it comes to data protection and security, today’s consumers are very alert and careful. They recognise the significance of their sensitive data and the consequences that can result if it is mishandled. As a result, companies that have integrated good cybersecurity and IT support solutions into their everyday operations often do better in the long run since customers feel comfortable doing business with them.

4. Keeping the bottom line safe

It all comes down to money and earnings for a firm at the end of the day. Spending money on IT infrastructure, cyber security technologies, and personnel cybersecurity training can save a company a lot of money in the long term. When a firm is attacked, it not only results in a loss of daily sales and a halt in operations, but it also frequently results in the payment of large sums of money in ransomware.

Furthermore, a cyber-attack is frequently followed by regulatory fines and customer claims. Overall, cyber assaults or security breaches of any kind may be a highly costly proposition for any company. As assaults become more complicated every day, the cost of fighting with them rises in lockstep. As a result, it makes a lot of sense to invest in reliable IT support solutions and foster a healthy cybersecurity culture within the organisation to prevent or at least mitigate the damage caused by cybercrime as much as possible.

5. Requirements for Compliance

Businesses, particularly those in critical infrastructure, must become more skilled at meeting compliance obligations as data security awareness grows and regulatory requirements get more complex every day. In many economies, having effective cyber incident response plans is no longer enough; continuous scenario-based testing of those plans is also required to demonstrate actual resilience. These rules make it necessary for organisations all around the world to assess where they stand in terms of cyber security.

Multiple losses emerge from cybercrime: financial losses are the most common metric used to assess the scope of a security breach. In India, 63 per cent of all respondents said that cyber assaults cost them money in 2019. Cybercrime is expected to cost the global economy $6 trillion by the end of 2021, up from $3 trillion in 2015. However, cybercrime causes far more harm than just financial losses, with 55 per cent of organisations experiencing theft of intellectual property/sensitive data, 49 per cent suffering reputational damage, and 47 per cent experiencing business process disruption. Sony’s PlayStation Network (PSN) and PlayStation Store (PSStore) were both heavily hacked.

Cybercrime is costly to businesses and can result in significant financial losses as well as collateral damage such as a loss of consumer trust, brand image, and even customers, as well as a negative influence on compliance and other factors.