Businesses need to prioritize cybersecurity to keep their customer base and business run safely.
In the future, cyberthreats are estimated to increase. Cybercrime costs worldwide are predicted to grow by 15% per year over the next five years, reaching $10.5 trillion per year by 2025. This means that cybersecurity is likely to be more prioritized by companies in order to stay safe in the digital landscape, according to Cybersecurity Ventures.
Last year’s saw an increase of high-profile cyberattacks on companies, healthcare services, schools, government agencies and critical infrastructure. Together with these happenings, media coverage increased and made the public aware of the damage an attack can cause on a company or organization. Today consumers are more aware of cybercrime then ever before and if a business is hit by a cyberattack, most consumers know that their data can be stolen, exploited and misused. It is common that companies increase consumer prices after an attack to compensate for their losses, which we mentioned in an earlier blogpost. Due to this, it is likely that a company falling victim to a cyberattack also will lose customers, have a harder time making them share necessary private data in the future and suffers reputational damage, according to Forbes.
Since the future will involve an increased number of threats, companies need to prioritize cybersecurity to stay safe and make sure their customers data is not breached.
Important to make consumers feel safe
Personal data is becoming more and more essential for companies’ daily operations, which at the same time makes them more vulnerable to cyberattacks. They are collecting a constantly increasing amount of customer data and rely on it to perform their services. Furthermore, they want to increase knowledge about their customers to become more successful in their marketing strategies.
A study from Deloitte shows that consumers are experiencing a growing level of security breaches, especially regarding frauds and that there is also a certain degree of skepticism and cynicism among consumers when it comes to companies’ motives and practices around the protection and use of personal data.
It is considered important for businesses to prioritize cybersecurity to keep their customer base and operations running smoothly. In order to do so, it is essential for businesses to stay aware of the increasing awareness among consumers and to meet their concerns. Some solutions can be to establish security and customer data protection and to communicate to consumers how their data is kept safe for many parts of the world, this is also becoming increasingly incorporated into legal requirements. Companies are recommended to work with prevention strategies, cybersecurity experts and tools, reputation management and public relations and other costs, according to the study from Deloitte.
Online activities will continue to increase
In the future our online activity is estimated to increase, we will communicate, work and pursues many of our necessary daily services and products online. The e-commerce industry is expected to grow by almost $11 trillion between 2021 and 2025, reporting Shopify.
During the pandemic many companies started to offer their products and service online to a higher extent than before. It was also common that companies switched to new digital environments for internal communication. The trend towards digitization started to increase rapidly.
This digital landscape allows for criminals to exploit new opportunities and for companies to allocating more resources to cybersecurity. A study from Foundry communication shows that almost all information security officers in the US are creating a budget increase or level funding in 2022 when it comes to cybersecurity. The study shows that they expect their security budget to increase during upcoming years.