Companies are focusing their strategy on the privacy of their customer’s data
- Security breaches can cost companies around the world an average of $3.86 million per incident. That’s why companies are avoiding this type of problem by protecting customer data.
- Spanish companies invest around €1.2 billion a year on cybersecurity. On average this represents 8.5% of their budgets. But this number is lower than in neighboring countries.
- Cybersecurity certifications like ISO 27001 drastically reduce the risk of incidents.
Information security has become a main concern for companies and users. According to an IBM Security study, security breaches can cost companies around the world an average of $3.86 million per incident.
According to the annual report published by Accenture, which analyzes the cost of cybercrime, the average annual cost a company exposes itself to as a result of incidents related with cybersecurity could currently amount to as much as 18 million dollars. According to Deloitte study: The CISO’s Concerns. The State of Cybersecurity in 2019, companies with lower turnover suffered more incidents, while larger companies generally had more preventative measures in place, leading to fewer incidents.
Providing companies with security certified tools is already a common strategy, as companies value their customers’ and providers’ data privacy. “We understand companies wanting to use our products are concerned with security and privacy. Which is why security is one of our top priorities,” notes Alejandro de Dios, Chief Legal Officer at Beabloo, a pioneering company in digital analytics technology that develops solutions to make physical spaces more intelligent.
Spanish companies invest around €1.2 billion a year on cybersecurity, which represents an average of 8.5% of their budgets. Although this figure is lower than in neighboring countries, Spanish businesses have become more aware of these issues in recent years. In fact, according to Vodafone’sCyber Ready Barometer, companies spent 84% more in 2020 .
Data security experts like data privacy and compliance expert Toni Martin confirm, “data protection is a top tech sector priority for users, the company, and providers.” Companies like Beabloo guarantee strict compliance with current legislation, such as the European General Data Protection Regulation (GDPR), for all their solutions. Beabloo also has ISO/IEC 27001:2013 certification, which means the data security management system associated with their Active Customer Intelligence Suite (ACIS) complies with current standards. All devices integrated with ACIS use anonymized data, so user privacy is respected at all times.”
Martin highlights that “the solutions undergo rigorous tests and controls to provide products and services that adhere strictly to the security and privacy rules.”
Data security: the key to building trust
Guaranteeing data security requires a series of preventative and reactive measures that safeguard and protect information based on guaranteeing the confidentiality, availability, and integrity of saved data. Despite the existence of international data processing standards, many companies hire dedicated consultants to optimize processes and train teams to ensure data protection.
One of the security advantages is that Spain, like the rest of Europe, has some of the most restrictive data protection laws in the world. This makes it very easy to adapt to more lenient measures in America, Asia, and Africa.
For tech company Beabloo, investing in security isn’t a hassle. Enric Quintero, Beabloo General Manager, explains, “while many companies still don’t recognize the threat of the online world, for us it’s a strategic area. We understand that protecting our clients’ and users’ data is a great way to demonstrate the reliability of our solutions are credibility of our projects.”
Thanks to the fact that many Spanish companies place importance on security measures, an OBS Business School study reports that only 7% of Internet users in Spain have suffered a privacy breach, which means cybersecurity investments are profitable. Spanish companies that invest more than 10% of their IT budgets on cybersecurity have an average of 0.63 incidents per year. However, organizations that invest less than 10% suffer 3.01 incidents per year.
“Investing in cybersecurity isn’t just about technical controls, you also need an efficient organization backed by a specialist team,” says Martin. But 30% of companies admit they aren’t prepared to face these incidents, and 72% don’t have ISO certifications in data security and business continuity, according to the Deloitte study.