Why Strong Cyber Security is Worth the Money

Cyber security is a crucial element of the digital age. You may not notice it, but cyber-attacks happen every day to companies and individuals alike. Cyber security involves implementing security at every stage of the network life cycle – from creation to maintenance and covers everything from government networks to personal computers. Cyber security will typically involve protection from viruses, malware, ransomware, data theft, or loss through hacking. Strong and reliable cyber security will usually cost money for the services. Here is some information on why the investment is completely worth it.

Protect Your Personal Information

Data transmission and storage security are imperative in modern enterprises. A strong cyber security system will provide protection from identity theft, financial loss, customer data loss, or impacts on business operations. It prevents data or information from falling into the wrong hands. Your personal information needs to be safe at all times and a strong cyber security platform will help you achieve this.

Protects More Than Just You

What many people fail to realize about hacking and data theft is that once your information gets hacked, it is typically easier to also hack those in your household. Stolen data often ends up being sold online on the dark web. Anyone’s information is worth something, no matter their age or occupation. Credit card numbers and security codes can be used to create clone cards for making fraudulent transactions. Social Security numbers, home addresses, full names, dates of birth, and other personally identifiable information can be used in identity theft. For example, the buyer can apply for loans or credit cards under the victim’s name and file fraudulent tax returns.

Prevention is Cheaper Than Recovery

The costs associated with identity theft, hacking, and ransomware can vary extremely, but it is always a cost you do not want to have. Identity fraud scams cost victims $43 billion and traditional identity fraud cost victims $13 billion, according to a 2021 study by Javelin Strategy & Research. Additionally, the average loss for a victim of identity theft is $1,100, according to the Javelin study. Prevention can include a specific system or platform that helps you protect your information. Prevention can also be practicing smart cyber security habits like having strong passwords, and not saving your info in unsecured places.

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