Globalization Trends Necessitate Business Investments in Cybersecurity

As we become increasingly connected through the utilization of digital technologies, it is now more important than ever for businesses to invest in their cybersecurity infrastructure. This is mainly because the ever present risk of cyberattacks becomes even more intense the larger an organization becomes – and the more they expand into new global markets. In other words, the longer and more complex your supply chains or project workflows, the greater the risk of accruing weak points.   With these concerns in mind, organizations naturally need to put systems in place to keep their business data safe – referring to both internal documents as well as sensitive customer and staff records. Thankfully, implementing dynamic, multifaceted cybersecurity protocols isn’t as expensive as you think.

In fact, maintaining a proactive approach to cybersecurity for your business has been proven to be far less cost-intensive than maintaining a reactive ‘damage control’ approach.  From implementing simple solutions like password protected PDF files, regular password changes and reviews by management to installing firewalls and robust cybersecurity systems, there are countless ways that global businesses can stay ahead of cybercriminals in a business landscape that continues to expand globally.

Let’s take a look at just some of the reasons that cybersecurity is so vital in the age of globalization.

Negating Remote Working Risks

Globalization allows businesses to tap into labor markets around the world. This not only allows companies to source the very best employees, but the ability to draw from an international talent pool may also provide business owners with all the opportunity they need to establish their enterprise in new international markets. Grow a big enough team in one international location and you can justify opening a new company headquarters. However, when you’re building an international team of workers or even working with international freelancers, it’s not always possible for your staff to meet in person on a regular basis.

Remote working is the answer for many businesses but of course this model does increase your company’s cyber risks as well.   This transition to remote work over the past few years has been a driving force of cybersecurity investments across the globe. With the right systems and protocols in place, global teams can continue working without interruption.

Enhancing Company Productivity

And speaking of working without interruption, one key characteristic of virtually all the most heavily publicized data breaches over the last decade is that they disrupted regular workflows of their affected organization. Should a business come under attack from cybercriminals, it’s safe to assume that that company’s systems will become compromised and its employees will often be unable to access their network, online tools and everything else they need to maintain productivity.

In a worst case scenario, a hack could result in company operations grinding to a halt, which may in turn affect profit margins and business performance monitoring. In this regard, cybersecurity investments are innately investments in your company’s operational efficiency and longevity. More robust cybersecurity protocols means less risk of

Boosting Tech Literacy

Staff cyber training and cyber awareness courses have been called one of the most effective and low-cost cybersecurity initiatives for companies to invest in – and for good reason. In most cases, all it takes for your business to fall victim to a cyberattack is for a single employee to absent-mindedly click on one errant link. You’d be surprised by how effective it can be to just alert staff to the risks of clicking on links or inserting USB drives from unknown sources.

As globalization trends walk hand-in-hand with digital transformation strategizing for many businesses, the majority of enterprises are already investing in staff training for the incorporation of digital technologies in company workflows. So if you’re already investing in digital transformation staff training, why not just add in some cybersecurity training too?

Ensuring Industry Compliance

With cybersecurity becoming a growing concern for governments all over the world, there are fittingly many countries that have now implemented cyber policies and operational laws relating to data security that all industries must follow. These laws have mostly been put in place to protect consumer data – a prime concern for consumer lawmakers around the world.  In recent years, governing industry-specific bodies have also begun to invest in the development of cyber compliance requirements.

As business data analytics becomes a growing investment for globalizing businesses, many regulatory industry bodies have enacted policies that ensure organizations are legally required to invest in systems for safely managing and storing data. Maintaining security measures like access protocols (i.e. passwords, account authorization, multi-factor authentication) and timely software/system updates are foundational to all effective data management protocols.    As cybersecurity laws become just as intrinsic as copyright laws, businesses that fail to meet country-specific compliance requirements could be hit with hefty fines. Failing to ensure compliance could also prevent a company from trading in particular markets.

Building Consumer Trust

Finally, for businesses operating in multiple locations around the world, having solid cybersecurity protocols in place will naturally also influence consumer and partner trust. When individuals or businesses are sharing personal data with an organization and/or conducting transactions online, they deserve to know that the information they share is going to stay secure. And as more businesses globally fall victim to data breaches, consumer privacy has rightfully become a growing concern amongst tech-savvy customers.

For business owners looking to invest in cyber protocols, building trust will not only help to keep your existing customers happy but will also help your organization grow as time goes on. It must be said, however, that putting these systems in place is only step one. Business owners should also take the time to let their customers, providers and suppliers know that they’ve both met compliance standards and have also gone above and beyond to keep their clients’ and customers’ important information safe and secure.

Invest In Cybersecurity For Your Business

In the current business landscape, it is more important than ever to keep your business protected from cyberattacks. Having a workforce that spans different countries, dealing with suppliers around the world, selling to customers internationally and working with different laws in different locations, means businesses nowadays must invest in cybersecurity.  As every business is different, it’s important to analyze the different facets of your company to see what solutions will work best. Once you have conducted your research, you can go ahead and implement a cybersecurity system that will help to keep your business protected moving forward.