Don’t put yourself at risk
A recent security survey revealed that an alarming 41% of businesses have made cuts to their security budget. In that same survey 51% of participants admitted to noticing a drastic increase in phishing attempts.
IT and Cyber Security are not a wise place to make cuts right now. It is often difficult for management to weigh the benefits vs. the risks. IT spending isn’t like your marketing budget
where you can quickly identify the ROI. It is far easier to estimate the return on a marketing campaign than the exposure to risk of a Cyber Security breach!
When IT and Security budgets are concerned Managers seldom factor in the potential financial cost to the business should a breach occur. If the financial impact from a security breach is significant, and we argue that it is, why would you willingly expose yourself to an average ransom of $ 84,000 (average cost of a US breach in 2019) ?
A recent study showed that over 30% of US businesses can expect to experience a cyber security breach this year. If you simply multiply the averages ($ 84,000 x 33%) there are real figures you can include in your budget.
The average amount of downtime from a security breach is 16.2 days. Don’t take the risk.
Take the time to determine the potential cost to your business from a security breach.
Some items that should be factored in are:
- Business Downtime
- Unprocessed Invoices and Payables
- Revenue Loss from reputation demise and canceled orders
- Overtime from IT staff scrambling to fix the problem
- Outside Consulting Services
- Data Recovery Services
- Ransom
These are only some of the items that must be included, but other potential costs such as fines for compliance violations and those associated with contract breaches can be onerous!
Times have changed. We are operating in territory we have only read about in the history books and that history didn’t include Cyber criminals! Today’s cyber criminals have replaced yesterday’s pirates. We are all looking forward to the economy humming along again.
To help you reduce your security costs, we created the N2Net Security Bundle. We combined our most popular products into one package.
- End Point Detection and Response
- Security Awareness Training
- Password Manager
- Spam Filtering
Start saving money on your IT Security. Learn more about our Next Generation Security Bundle by clicking here
