Businesses competitive advantage is having successful cyber security actions.
Cyber Security Strategy – Infographic and Photo credit to cgi-group.co.uk
In an environment where companies have to compete on a global scale, is important having an experienced staff to address technology security concerns and be able to act proactively to emerging threats as well as respond quickly retroactive to specific incidents.
They have to have a robust cyber security strategy in place with robust features that includes incident response planning, breach remediation, and a communications strategy that provides transparency to both customers and the public writ large. Thus, we are seeing the next evolution in competitive advantage – the successful implementation and execution of cyber security actions.
Failure to implement proper cyber security mechanisms can impact businesses’ bottom lines due to lost consumer confidence and switching brands. Target saw its customer traffic drop considerably after its 2014 breach was publicized.
According to a 2014 source, 72% of businesses that suffer major data loss shut down within 24 months. Four such notable businesses that folded as a result of such cyber breaches are Code Spaces, Nirvanix, Mybizhomepage, and Impairment Resources, READ ARTICLE HERE