Cybersecurity has become a crucial factor for businesses of all sizes today. With the rapid advancement in technology, cybercriminals are also getting more advanced. This makes businesses with zero to low focus on cybersecurity easy targets. The consequences of this lack of focus can be the end of a company so it is vital to have focus on this area of the company right from the start. This article delves into the importance of cybersecurity for businesses today, highlighting key aspects that underscore its significance, such as the use of vCISOs.
Protecting sensitive information
One of the major reasons a business or a company must prioritize cybersecurity is to protect sensitive information and data. For online shops, this includes their customer’s data, and for other companies, intellectual property and similar types of business information. Low level security can lead to breaches that expose sensitive information, ultimately leading to different crimes committed against customers, the business, or both.
Financial implications
Another serious consequence of a security breach is the financial implications it can have on a business. Various studies in this area show that the average cost of a data breach can run into millions of dollars. This includes legal fees and long-term costs like loss of customers, reputational damage, and even regulatory fines. This alone is a major reason for a business to prioritize cybersecurity as the ultimate consequence would be bankruptcy.
Building customer trust
Consumers are more and more aware of the threats against cybersecurity. That means businesses that openly show their dedication to their customers’ online safety in many ways could gain a competitive edge. Consumers are more likely to engage with businesses that are trustworthy in terms of safeguarding their personal information. Ultimately, this could also lead to a higher sense of customer loyalty.
Compliance with regulations
The rise of online access to shopping and other services has forced governments to create different regulations to ensure the safety of both consumers and businesses. In Europe, the General Data Protection Regulation, also known as GDPR, protects the personal information of consumers and punishes businesses that do not comply with the regulation. Similarly, in the US, laws like the California Consumer Privacy Act require businesses to protect data.
The role of vCISO
For many small businesses and startups, the cost of hiring a full-time CISO is too high. This is where a vCISO can be a great alternative. The benefit of a vCISO is that they first and foremost can be hired part-time or on a project-to-project basis. This will keep the expense to a minimum where the business only pays for their active services.
The vCISO comes with expertise and experience from multiple businesses due to their freelance nature, making them a flexible solution for small business owners. This means that small businesses, startups, or other companies with a smaller budget, can get access to high-level security expertise for a fraction of the cost of hiring a full-time employee.
