Why consider cybersecurity in your 2024 budget

We live in a digital era, where technology plays a fundamental role in people's lives and in companies' own operations. With the growing reliance on digital systems and data, cybersecurity has become a concern for organizations around the world.

But what are the impacts of not investing in the cybersecurity of your company's data? That's what we're going to clarify today. Check out the importance of investing in cybersecurity and brand protection, the risks that companies face by not protecting themselves adequately and some real examples of companies that have suffered significant damage due to a lack of security.

The importance of cybersecurity and brand protection

In today's digital world, where most companies operate online and store confidential information in digital systems, cybersecurity has become an essential aspect for business success and continuity.

Protecting customer data, financial information, intellectual property, and brand reputation is critical to maintaining customer trust and competitive position in the market.

The risks of not protecting yourself against cyber threats

Companies that neglect cybersecurity are subject to a series of risks and negative consequences. Some of the main risks include:

1. Damage to brand reputation

A security breach can result in the exposure of sensitive customer data, leading to a loss of trust and brand reputation. Cases of data breaches have been frequent in recent years and affected companies face a long road to regaining the trust of their customers.

2. Financial impact

A security breach can result in significant financial losses for a company. In addition to potential fines and regulatory penalties, companies may face remediation costs such as security investments, hiring forensic experts, and even litigation from affected customers.

3. Intellectual property theft

Companies that do not adequately protect their intellectual property are subject to cyberattacks aimed at stealing confidential information, such as trade secrets, research and development projects, and business strategies. The theft of this information can have a significant impact on a company's competitive advantage.

Main threats for brands today

Cyber threats are constantly evolving and have become increasingly sophisticated. Among the main types of threats that brands face, the following stand out:

Phishing attacks: Attempts to obtain sensitive information, such as passwords and credit card numbers, through fake emails or websites posing as trusted entities.

Ransomware: A type of malware that encrypts an organization's data and demands a ransom to unlock it.

Denial of Service (DDoS): An attempt to overload a system or network with excessive traffic, making it inaccessible.

Social engineering attacks: psychological manipulation to obtain confidential information or unauthorized access to systems.

Real examples of damaged companies

Several companies have suffered serious consequences due to cybersecurity breaches. A notable example is the cyber-attack on credit company Equifax in 2017, where personal information of over 147 million customers was compromised. The total cost of the incident, including fines, lawsuits, and security expenses, was estimated at around US$1.38 billion.

Another example is the cyberattack on website hosting and domain registration services company GoDaddy in 2020, where hackers gained access to customer accounts and modified DNS settings, affecting thousands of websites. This attack resulted in a significant loss of revenue and reputation for the company.

Brand Protection as a cybersecurity solution

Investing in cybersecurity and brand protection is no longer an option, but a necessity for companies that want to protect themselves against constantly evolving cyber threats. The risks of not protecting yourself adequately are serious and can result in significant financial and reputational damage.

Protecting customer data, financial information and intellectual property should be a top priority for any organization. Therefore, when planning your 2024 budget, it is essential to consider allocating resources to strengthen cybersecurity and protect your brand against cyber threats. 

Brand Protection, from ClearSale, is a threat intelligence and brand monitoring tool that provides continuous protection against cyber threats, such as phishing, fake social networks, data leaks, counterfeit products, and other scams. With this solution, your company reduces losses, preserves revenue and brand reputation. Learn more about Brand Protection and ensure cybersecurity for your company.