Consequences of not investing in cybersecurity

Implementing cybersecurity solutions has now become an indispensable requirement for companies. Digitization has made data and information collection and storage easier, but it has also made them more vulnerable to theft if not properly protected. This is why cybersecurity solutions have become essential for any company operating on the internet and in the cloud.

However, there is still a lack of awareness regarding the importance of investing in cybersecurity. Often, this is because there is uncertainty about the type of security needed or the specific threats that a company's IT infrastructure is vulnerable to. Conversely, some companies are not afraid to invest a significant amount of money in cybersecurity. However, it's well known that sometimes less is more, and implementing every available cybersecurity solution on the market doesn't necessarily make you more secure. These solutions vary depending on the characteristics of the infrastructure and the company's needs. Therefore, if you lack technical knowledge in cybersecurity, it's important to consult with a specialist who can audit your system and provide guidance, ensuring you invest just what is necessary.

Consequences of the lack of investment in cybersecurity by companies.

Cyberattack = Theft and loss of confidential data

One of the most valuable assets for cybercriminals is confidential information and sensitive company data, as they can demand ransom payments for their recovery. If the company refuses to comply with this extortion, cybercriminals threaten to make this information public.

For customer or user data to become public domain is a serious problem for the company, not only due to the cybersecurity issue it has demonstrated but also because it puts its customers or users at risk, compromising their personal security.

Some of the specific measures to prevent data theft, which is often carried out through phishing or ransomware attacks, include implementing anti-phishing solutions, robust antivirus, and firewalls.

Cyberattack = Disruption of business activity

Some time ago, on our blog, we discussed what it means to have your team stopped for 8 hours due to a cyberattack. But what if it's a week or more? Depending on the severity of the cyberattack, a company can have its operations halted for minutes, days, or even weeks. Depending on the type of business, this can result in delays in order delivery, inability to serve customers, financial losses in revenue, delays with suppliers, and more.

For example, at Hospital Clínic, which was the most serious recently, it resulted in the cancellation of surgeries and the postponement of operations. This is a very serious matter, especially when it affects people's health.

Furthermore, once the cyberattack is over and operations are restored, it can take weeks to regain the same level of normalcy as before the cyberattack. The effects of an attack are difficult and slow to resolve.

Cyberattack = Damage to reputation and brand image

When there is a cybersecurity issue in a company, the reputation and brand image are affected. This is due to a loss of trust on the part of users or customers, suppliers, collaborators, partners, investors, etc.

When a company publicly announces that it has had a cybersecurity issue, it causes many potential customers to think twice before engaging with the company. Reputation and brand image are very valuable and important assets for any company, and when they are affected, it leads to many consequences. Building a reputation is very difficult, but it can be lost very quickly.

When a company has security measures in place, it's important to communicate this from a marketing perspective because it provides reassurance to customers, letting them know that you are operating with all the necessary precautions. Additionally, in the event of a cyberattack, they will be aware that everything possible was done to defend against it, and your reputation won't be as severely impacted

Cyberattack = Financial losses

Not long ago, we discussed how much a cyberattack costs businesses. The price of a cyberattack can be up to 20,000 euros for just a ransomware attack. However, this cost will vary depending on the type of attack and can reach hundreds or even millions of euros. This cost not only includes the ransom typically demanded by cybercriminals for information recovery but also other factors that we detailed in this article.

Ciberataque = Sanciones y consecuencias legales

The responsibility of companies to protect their data and information is enshrined in the GDPR (General Data Protection Regulation) by law. Failure to meet any of the obligations established within the Data Protection Law may be grounds for sanctions or legal consequences that can have a negative impact on your business

Allocating a portion of the annual budget to cybersecurity and investing in cybersecurity solutions is of utmost importance to prevent all the aforementioned consequences, which can even lead to the closure of the company in some instances.

Don't know what cybersecurity solutions you need? What is the actual level of security in your IT infrastructure? Don't have a cybersecurity department? Contact us, and we'll assist you with whatever you need