Why Are Some Companies Investing Over $1 Billion in Cybersecurity Annually?

As companies continue to shift more of their operations online and modern technological advances, the risk of cyberattacks dramatically increases. To combat this, companies such as Bank of America are allocating more of their budgets toward cybersecurity.

For example, Bank of America CEO Brian Moynihan recently told CNBC’s “Squawk Box” that the company is spending over $1 billion annually on cybersecurity alone. He also mentioned how much Bank of America has increased cybersecurity spending since he accepted his position 11 years ago.

This comes as no surprise to experts in the cybersecurity field because it has become exponentially harder to keep up with modern technology. With more operations online, companies are more vulnerable than ever to cyberattacks. In this blog, we will cover the benefits of investing in cybersecurity!

Benefits of Investing in Cybersecurity

According to Microsoft’s data, the number of cyberattacks per week has risen from 20,000 to 600,000-700,000 in the past three years. Although such an exponential increase might seem rare, many other companies across America are experiencing similar upsurges in cyber-attacks. 

Cybersecurity allows you to have peace of mind while having your business protected. Cybersecurity offers services that provide measures and solutions to prevent cyber-attacks; cyber attacks are very dangerous for business and, as mentioned above, are more common everyday, and with AI involved, these attacks can happen to anyone. Here are some of the top benefits of investing in cybersecurity:

Provides Risk Assessments

Investing in cybersecurity allows companies to properly assess the risks they face from cyber-attacks. This helps them determine which areas need further protection while also allowing them to plan for any potential attacks.

Zyston offers their specialized cybersecurity assessment CyberCAST, which provides a quantitative security risk score along with comparative industry benchmarks, and both a strategic and tactical roadmap to improve that score’ to their clients.

Monthly Reports on Cybersecurity

Another great benefit of investing in cybersecurity is receiving monthly reports on potential cyber breaches. Companies need to be aware of any potential threats; these reports can help identify them quickly before becoming more serious. 

With extensive monthly reports on cybersecurity, client program managers, advisory services, and more, Zyston can protect companies from cyberattacks.

Protects Your Business and Information

Investing in cybersecurity helps protect your business and its data. Cyber breaches can devastate companies, including costs associated with restoring compromised systems and lost customers from damaging their reputations.

For example, one of the latest cyberattacks that prompted the U.S. government to urge private businesses to increase their cybersecurity was a ransom attack on Colonial Pipeline in early May. DarkSide’s ransomware attack on Colonial Pipeline caused the company’s system to become inoperable until the money was paid to the hackers. This resulted in a major oil shortage of gasoline across the Southeast United States and interfered with airlines nationally.

Provides Tailored Solutions for Your Needs

It’s important to invest in cybersecurity solutions that are tailored to your specific needs. Every company is unique and needs personalized solutions for its cybersecurity concerns. 

Zyston offers security services to companies of any size. In addition, they guarantee their clients that their services exceed specific measures, meeting the level of security recommended by the U.S. government for companies to prioritize promptly.

How to Invest in Cyber Security? Learn About Zyston!

Investing in cybersecurity is a must, and choosing the right solution is essential. But how do I start investing in it? The answer is by partnering with a cybersecurity company that understands your needs and can help you stay protected from cyber-attacks.

At Zyston, we provide tailored cybersecurity solutions for companies of all sizes. Our team of experts is experienced and knowledgeable in the latest security trends, technologies, and techniques. We provide our clients comprehensive security services and protect their systems and data. Contact us today to start protecting your business from cyber-attacks!