With the advancements in technology coming in left and right, cyber risks are constantly looming over the head of financial leaders.
As they say, prevention is better than cure, so to navigate around the risks posed by cyber threats, spanning from data breaches to ransomware attacks, financial leaders must take the initiative to build on a good cybersecurity plan--not only to counter possible problems and protect the organisation's assets, but to save money and time in the long run.
A.M. Aditya of Singapore-based technology company Xaltius shared in an interview with Philippine Daily Inquirer the ways a good cybersecurity plan can help financial leaders to save money and time.
Safeguard intellectual property
Intellectual property (IP) is often a company’s most valuable asset. Efficient cybersecurity measures, such as firewalls, intrusion detection systems and employee training, help protect your IP from theft or espionage. Avoiding IP theft can save you the costs of redeveloping or reacquiring valuable assets.
Maintain reputation and customer trust
A data breach or security incident can damage your brand reputation and erode customer trust. The cost of rebuilding trust and regaining customers’ confidence can be substantial. An efficient cybersecurity plan helps maintain your reputation and keeps customers loyal, saving you the expense of rebuilding your brand.
Reduce downtime
Cyberattacks can lead to system downtime, which can be costly for businesses. The longer your operations are offline, the more money you lose. By implementing cybersecurity solutions that detect and prevent attacks in real time, you can minimize downtime and its financial impact.
Prevent ransomware payments
Ransomware attacks can paralyze your business and in some cases, organizations end up paying hefty ransom to regain access to their data. With a robust backup and recovery strategy and proactive cybersecurity measures, you can avoid paying ransom demands, saving you a significant sum of money.
Minimise costly remediation
Dealing with the aftermath of a cyber incident can be expensive. This includes expenses for investigating the breach, restoring compromised systems and legal fees. An efficient cybersecurity plan can help you minimize these remediation costs by preventing breaches in the first place.
