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Why You Should Invest in Your Company’s Cyber Security

The MarketWatch News Department was not involved in the creation of this content.

Apr 19, 2020 (WiredRelease via COMTEX) — In the US, the amount of money lost due to cybercrimes was an estimated $1.3 billion back in 2019. One of the main challenges in dealing with cybercrimes is scalability. If a criminal wanted to break into a hundred houses, he’d have to hit them one at a time. But a criminal exploiting a weakness in outdated Windows machines can hit a hundred companies within minutes, copying files, stealing documents, and causing widespread damage in a short window of time.

That reality makes it easier for a few bad actors to cause a lot of damage to a lot of companies, and hackers are getting smarter by the day. They are always finding out new ways to strike and new ways to break into systems. On top of that, there is a problem in the corporate culture surrounding cyber security. The leading cause of data breaches in the world is still email, and “123456” is still one of the world’s most used passwords.

It’s safe to say that the problem of cybercrime is both due to hackers being crafty and to companies being ill-prepared to handle different types of attacks. Here are some reasons why you should consider investing the money necessary to make sure your company has strong cyber security measures in place.

It saves you money

Often, the money you have to spend to improve your cyber security is only a small fraction of what suffering a cyber-attack will cost you. Hackers rarely steal money directly from business bank accounts, but they are able to steal information and ask for ransoms in exchange for the information not being leaked, or in exchange for returning files that are crucial for your company’s operation.

Should a leak happen, your company may also be held responsible for not properly securing the data, which can lead to very costly lawsuits.

It helps protect your reputation

Customer trust in all industries follows the same rule: it’s hard to earn it, and it’s easy to lose it. Even if your company suffers a minor breach, and the financial consequences are small, that will not protect you from the hammer of public opinion. Once your customers don’t feel safe sharing their data with you, that ship has sailed. No amount of promises and reassurances will ever completely earn their trust back.

Your competitors will, of course, capitalize on that and welcome everyone who chooses to jump ship from your business with open arms.

It protects your personal information

Hackers aren’t always out for money. Sometimes they are entirely happy just causing chaos and making people feel ashamed and frustrated. Think back to every email you and your coworkers have ever sent — how big would be the damage if they were all published online in full?

At best such a stunt would give your competitors a lot of information into your company and your clients. At worst it could become a PR nightmare that ruins your company. The effects can be similarly negative if hackers manage to steal the social media accounts of executives in your company.

It’s becoming more important

The internet isn’t just connecting computers and mobile phones anymore. With the expansion of the IoT (the Internet of Things), everything from fridges to cars and pacemakers now have some sort of internet connection. That makes interacting with those aspects of our lives more convenient, but it also raises a large number of security concerns. If you aren’t on top of the latest technology trends, this cyber security firm has a list of the security threats you should look out for in 2020.

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