Why Cyber Security is More Important Than Ever
August 21, 2020 (Investorideas.com Newswire) The year 2020 is the year that everything went online. Basically, the whole world operated for months on the internet, making cyber security more important than ever. Even though most businesses have returned to normal operations, many of those normal operation now revolve solely around the internet. Industries that were once all in large office buildings now consist mainly of people who work from home.
Excellent cybersecurity is essential in keeping your personal information safe and not shared with the world.
The easiest way to lose customers is to have a data breach. We all remember the Christmas where Target had a massive data breach and thousands of card numbers and personal information was stolen. Many people stopped shopping at Target because they no longer felt safe giving their credit card to pay for their items, afraid it would once again be stolen.
While knowing that someone has your payment information or identity is unsettling, it is even more of a hassle if they actually use that information for their gain. Although most banks will reimburse if you have fraudulent charges, some require proof and can make getting your money back difficult.
Changing your card numbers and having your accounts frozen during the change is more than just annoying. If your entire identity is stolen, you will need to get a new social security number and have your credit monitored to ensure no credit cards were opened or used in your name.
Knowing what kind of protections, a company has in place is also essential when you are investing. Putting your money into a large company who does not have proper security in place, that can lead to a breach, is an added risk because of the loss of shares in the company after a breach happens. Knowing how each company handles their security is an important thing to research before making your investment.
Another possibility is to change the course of your investment and consider investing in cyber security. With cybercrime on the rise, these companies are growing and changing rapidly in order to keep up with the constant online threats. Because of these growing threats, investing in cyber security companies can be a very lucrative investment on your part.
Securing Our Systems
We often think about cyber security as just keeping our payment information safe. Every financial institution has an online app or website that lets you log into your account, transfer money, and even make deposits. The security there has to be extremely high to ensure none of that information gets out.
Bigger than both of these things, though, is the fact that cyber security also has to protect our government. A government data breach could wind up as a national security emergency. While hackers in the country can be dangerous, other countries getting our information could be devastating.
Why Investing Can be Difficult
The nature of cyber security in and of itself is a very adversarial topic. We are talking about bad guys who are out to start war, and they are extremely smart. Usually smarter than the good guys, making it hard to track and prevent them from attacking.
The problem with investing in cyber security is that the companies and products are constantly changing. It is not as black and white as investing in a company where you are strictly looking at their financials and growth rate. With cyber security you need to look beyond the product that is on the market today and look ahead to how the company is going to grow and evolve.
What worked today to keep the bad guys out may not work tomorrow. They have to have a team that is easily able to adapt to the ever-changing environment and push forward, even before they know where they are going.
Investing can be difficult too because of the nature of their work. When you look at a large retail company to invest in, you can see their plans, their goals, their processes, and basically how they run the business before you make your decision. With cyber security, it is a lot more tight lipped and hush hushed. And rightfully so. These companies have to be extremely careful about the information they are giving out on how they plan to keep the innerwebs a safe place to conduct business. They never know exactly who it is they are presenting to, so giving away key details could hurt them instead of helping them. Especially when it comes to the companies who work with the government details. The security in place there has to remain under lock and key.
There has never been a more important time in history for cyber security. With the majority of businesses going largely remote, the need for cyber security is exploding. Keeping our business, private data, and government business secure is the most important thing we can do.
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