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Today, many organizations face the problem of how to efficiently store and manage continually growing amounts of data regarding their clients, employees, and suppliers, and, above all, how to keep it protected. Although many companies use technology to run various processes, not all of them have adopted appropriate measures to achieve improved performance of their business.
Here are the 5 reasons why you should invest in cybersecurity and information systems:
1. Customer trust
The main goal of investing in cybersecurity is to protect customer data. According to Better Defend, data leaks are the biggest security threat of 2019. In case of the cyber attack, the company is responsible for the security breach and must pay compliance fines and court fees, and then lead a criminal investigation. In addition to this, you will also lose the trust of loyal customers in the process, which is even worse. And, as result, you will lose thousands of dollars in potential recurring and new sales and will end up spending even more acquiring new customers and regaining reputation.
Having a strong cybersecurity system is essential when it comes to client acquisition and retention. The PwC’s Global State of Information Security Survey 2018 states that “87% of global CEOs say they are investing in cybersecurity to build trust with customers.”
2. Information storage
Every organization should keep a log of its activities for regulatory and financial purposes. Such records also help find the cause of problems and ways to resolve them. That is when information systems come in handy. They store documents, communication records, operational data, and so on. The benefit of having an information system as compared to storing records manually is that the former can present real-time or archived data in a format best suited for a user and are adaptable to new or modified information requirements.
3. Operations management
The more efficient the processes in your company are, the more profitability it has. Information systems is a tool that helps improve productivity in business operations and allows you to run your company more efficiently. For instance, they can be used to offer better customer service or provide data about what your customers are buying, so that you can produce more of the popular items.
4. Reduced risk of threats and errors
Almost half of the small businesses experience a data breach at some point. Without a cybersecurity system in place, it is much easier for phishers of attackers to steal sensitive information about your customers or employees. If all the necessary data is stored in one information system, it is more convenient to apply required restrictions on what certain employees are allowed to access, which helps maintain sensitive data secure. Plus, there is less chance of possible human errors, which results in more accurate information.
5. Time efficiency
Information systems ease the process of decision making and simplify the delivery of the required information. Without an information system, it may take a lot of time for a company to choose the best course of action. Having an IS, you can make better decisions in a shorter time and provide all the necessary information. It also helps model the results of your decisions and run different scenarios to see which of the alternatives choices is the most beneficial.
As for a cybersecurity system, it can keep your computers running faster. Viruses that target your company’s computers slow them down, which makes working far less efficient for the employees. That is why investing in cybersecurity will make your computers run faster and your employees work more efficiently.
As you can see, regardless of the industry you work in, your company size, or the services you provide, it is crucial for your business to invest in cybersecurity and information systems. It will distinguish your company among competitors and make it more trustworthy for your clients and stakeholders.
Looking for further reading? Check out this article for an ultimate cyber security guide for business. It discusses identification theft, software threats and other types of cybercrime you should be aware of.