Business executives quickly have to learn to prioritize in order to help their company grow. There are only so many resources available and so many hours in the day, so some sacrifices have to be made while the business is being built. Unfortunately, some companies dont make the best decisions when prioritizing and allocating resources. There are some areas of the business that seem like a chore or an unnecessary expenditure, and many businesses skimp out in these areasoften resulting in problems down the line. Cyber security is one pressing issue that no one wants to deal with, but its something that businesses in every industry should be concerned about. Unfortunately, many companies are so laser-focused on innovation that they dont put any resources into protecting the sensitive data they collect and store. How does this affect the business and its big data innovations down the road?
Prioritizing Innovation Leaves Vulnerabilities
Innovation is fun. Innovation is what sets businesses apart from their competitors, makes them industry leaders, and helps them to attract further funding. Cyber security is not fun. Its an expenditure that doesnt have an immediate return on investment (ROI)and the ROI may never be obvious. However, cyber security is an absolute necessity these days, as more companies invest in IoT technology, collect sensitive data, and data breaches become even more common.
One example of prioritizing innovation over security is in the smart home industry. Leaders in the field were so concerned about getting their products to market, that they neglected to properly ensure the homes would be secure and difficult to hack. Researchers from the University of Michigan were able to break into Samsungs SmartThings smart home system with relative ease, and get the PIN to the homes front door. Finding several vulnerabilities in the systems security, researchers said they wouldnt be comfortable using the systems for anything requiring real security, such as a homes lock.
Cyber Security Breaches and Their Effect
Incredibly, many businesses who have experienced a data breach still dont take cyber security seriously. A KPMG study showed that although 80% of the businesses surveyed had experienced a data breach in the last two years, under 50% had invested in cyber security, even after the breach. When you consider all the ways consumers trust businesses with their information: mobile payments, stored payments, email addresses, shipping addresses, its surprising that businesses are still inclined to focus on innovation over security. Risk management is simply not the area executives are told to invest company dollars in. Some companies wonder why anyone would want to steal their data, but the truth is that any business can be a targetand most will be at some point.
How Cyber Security Protects Innovation
Cyber security is about more than just protecting the data of a businesss customers. It can also protect the trade secrets and big data insights that give startups a competitive edge. While its true that investing resources in cyber security does leave less capital for innovation, tight cyber security plays a major role in ensuring that innovations stay innovative. Instead of tacking on security measures after a new product is introduced, more comprehensive security is achieved when companies develop the security alongside the new product. This helps businesses stay agile in cyber security, vital with the fast pace of cyber crime that evolves every day.
Industries That Prioritize Data Security
The only industries that truly stay on top of cyber security innovation and investment in security are the industries that have a bigger stake in the outcome of a breach, mainly healthcare organizations. Thanks to laws like the Health Insurance Portability and Accountability Act (HIPAA), businesses are held legally responsible for patient data that is exposed during a breach. Because of this, the industry is always racing to be one step ahead of cyber criminals, while other industries lag far behind. Despite this, new innovations and technology continue to emerge from this field, showing that it is possible to value both innovation and security.
Cyber Security: A Key Component in Future Innovation
Data breaches arent going to go away. While it may not be possible to prevent every breach, businesses need to be doing more to keep those breaches to a minimum. Cyber criminals are only going to evolve their methods and become more sophisticated as businesses focus on innovation and get left behind in cyber security. Its a trend that needs to change if were going to protect the incredible amount of personal information we have on the Internet, and keep innovations safe from malicious attacks.