When you think about smart investments, you might think of stocks, real estate or the latest technology startups. However, there’s another type of investment that offers both choosing a data room software vendor immediate and long-term benefits cybersecurity. This essential investment helps protect businesses from costly cyberattacks as well as can help them avoid costly fines and losing trust from their customers.
As digital transformation transforms the business processes of companies, they generate and manage an ever-growing amount of data. The data needs to be managed across complex computing environments. These environments are routinely spanning cloud and enterprise data centers as well as many connected devices like Internet of Things sensors and robots. This increased complexity creates an increased attack surface, making critical data more vulnerable to loss and compromise.
In addition to the financial consequences of data breaches, they can also damage a company’s reputation and cause long-term sales losses. A recent study showed that the average cost of a data breach is around $4 million, which is hard for any organization to take on. In addition, regulations like the California Consumer Privacy Act and the General Data Protection Regulation impose steep fines on companies that don’t meet strict security standards.
In today’s highly competitive market having a solid cybersecurity strategy is key to growth. A one pound of prevention is worth a pound of cure, and it’s more efficient to invest in preventative measures instead of having to pay for cleanup and recovery after a breach. With the right tools and technologies, businesses can ensure that their data is secure while in transit, at rest, and in the middle. This includes creating encryption, focusing on the human firewall, and performing regular deep-checks.