Internet use has increased over the years as both individuals and businesses realize the potential of this technology. Despite the numerous plus points of the internet, it has come with some downsides like cyber crime. Before people started storing their data in the cloud and computers, companies only had to factor in natural disasters destroying storage warehouses or paper documents getting lost. Now organizations have to worry about getting hacked and losing all their data at the stroke of a keyboard. The increasing threat of cyber crime is what has made cyber security services essential investments for both private individuals and commercial entities.
As long as your enterprise uses computers and the internet, there is a risk of some type of cyber crime. Some SMB owners assume that because they don’t run huge conglomerates, they are safe from cyber criminals. In fact, SMEs are ripe targets for hackers often due to their lack of proper security. You may be questioning the wisdom of investing in cyber security services for your business. But this may happen only because you don’t understand the need for such expenses. So this guide provides useful information.
What Are Cyber Security Services?
Cyber criminals have evolved with time to keep up with the advanced devices and systems used by modern enterprises. Hackers have more intricate methods of getting through firewalls. Ransomware code is harder to trace now, and credit card theft gets more sophisticated by the day. The security measures that made businesses feel safe a few years ago can’t hold up to these techniques.
Cyber security services are designed to handle all sorts of threats that involve computer systems. Companies that provide cyber security hardware and software have experts whose responsibility is to make sure your business doesn’t end up in any compromising situation. Organizations use different types of systems depending on their operations. Cyber security services cater to the specific demands of an enterprise.
Who Needs Cyber Security Services the Most
Cyber security services are useful for any company or individual who uses computer systems. In today’s world, corporations allow their employees to use mobile devices to conduct business. Around 35% of SME professionals text daily for business. Your smartphone may contain hundreds of business contacts, not to mention your calendar and other private information. All this data is invaluable to hackers and identity thieves.
Business executives have to protect themselves as much as they do their entities. The private emails, photos, and videos of a CEO can do the same amount of damage as stolen company files when released to the public. The PR nightmare that accompanies such actions can take a while to fix. It is why cyber security services are crucial to private citizens as much as they are to businesses, nonprofits, and governments.
How Much is Usually Spent on Cyber Security Services
International Data Corporation estimates that organizations will spend an approximated $101.6 billion in 2020 on cyber security services, software, and hardware. Companies are willing to pay more to keep their data safe from cyber criminals with each passing day because threats never go away. However, the banking industry has some of the highest expenditures for cyber security services. An enterprise like JP Moran Chase, one of the largest in the industry, allocated half a billion dollars in 2016 for cyber security services, according to Forbes.
With the use of online platforms for banking and investment, companies in the sector hold copious amounts of customer data. An average business (about 1,000 employees) in the U.S. can spend $15 million to protect its information technology systems. So this budget goes towards various practices of fighting cyber crime.
- The biggest allocation, about 40%, goes towards protection against malware, worms, Trojans, and malicious code.
- Phishing and social engineering get approximately 14%.
- Web-based attacks eat up 12%.
- Around 16% goes to denial of services.
- Also, 10% for malicious insiders.
- Stolen devices take up 7%.
5 Reasons to Rely on Cyber Security Services
1. Cyber Security Services can Help You Create a Strong Product
Goods that incorporate information technology like automated cars, mobile apps, and next generation kitchen appliances are just as susceptible to attacks as your computer. Even with the best designs and production processes, such products can have a myriad of security loopholes that cyber criminals can exploit.
Cyber security professionals can apply the appropriate protections to ensure your products don’t fall victim to attacks.
2. Safeguarding Personal Information Can Gain You Customer Loyalty
The use of online credit processing means that most consumers provide personal information on the web. Internet criminals target this information for identity theft and ransom, among other malicious actions.
Customers won’t have trouble interacting with your online platform when you guarantee the safety of their data. Cyber security services give you that assurance.
3. They Increase Productivity
Employees can have a hard time concentrating on their responsibilities when they are constantly worried about cyber attacks. If your workers can’t log into particular web pages without double checking their connections, it can impede their productivity.
Cyber security services offer safe working environments for all your employees.
4. Protecting Your Profit
Cyber attacks can cause significant downtime, which can interfere with the profitability of an organization. Say a computer hack takes down your system and workers have to wait a whole day before everything is back to normal. That’s a day of revenue lost.
If you had hired cyber security services to protect against the threats in the first place, you would have saved the enterprise money.
5. The Protection of Your IT Systems Ties in with Your Company’s Reputation
Cyber attacks can ruin the confidence that consumers and other businesses have in an organization. It is worse when sensitive information is released for the public to see. Depending on how damaging the data is, your company may be dealing with a reputation crisis for years.
Cyber security services can ensure that your enterprise has the latest software and hardware to guard your systems against all forms of attacks. Consequently, this will keep your operations intact.
Cyber security has become a billion-dollar business due to the increased threats that organizations and individuals face daily. Noncompliance to cyber security can cost your company a huge chunk of its revenue in penalties and lost business.
Cyber security services provide your organization with the protection it needs against different kinds of cyber crimes. These can be malware attacks, phishing, and viruses.
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