The increasingly connected business environment – combined with the growing sophistication of cyber criminals – means that businesses risk a significant reputational and financial hit as the result of a security breach.
While the number of attacks being carried out has grown modestly, the cost of these attacks has spiked considerably. Recent research from the FBI found that cost of cyberattacks has grown 64% on the previous year, hitting $6.9bn, despite just a 7% increase in the number of attacks over the same period.
Given these losses, investing in sophisticated cybersecurity solutions appears to be the most financially responsible approach a business can take.
While many businesses are prioritizing cybersecurity as a result of the growing threat, many will struggle to understand how to allocate their budget smartly and how to forecast and track the ROI on their cybersecurity spend.
Organizations have also historically found it difficult to determine which elements of their cybersecurity strategy should be outsourced and which should be managed in-house, as well as what should be considered essential to their approach, how third-party risk should be managed and whether they should manage their risk via insurance.
With such potential for confusion and the costs of a suboptimal approach so high, there are some key considerations for businesses that will prove vital.
Understand that Cybersecurity is an Investment
The costs of cyberattacks have reached a point that attempting to make significant savings when it comes to cybersecurity is likely to prove a false economy.
Businesses should be willing to invest in working with reliable and credible partners with an extensive track record in preventing attacks and mitigating the harm of a breach should it occur.
The surge in losses caused by attacks underlines the clear business case for building the strongest cybersecurity posture possible.
Build an Understanding of the Cost
While it’s possible to look at the costs of breaches and determine that cybersecurity is a worthwhile investment, businesses can also gain a more detailed understanding of the value of their investment based on their exact circumstances.
For companies looking to gain insight into the cost of defending against attacks – and ensuring this spend is sensible and proportionate – it’s possible to assess the typical cost of a breach for businesses of their size and in their industry, as well as how much they are spending on cyber risk as a proportion of their overall risk budget. Businesses can also forecast their total spend with reference to any potential future changes to the organization.
Invest in Employee Awareness Training
Alongside understanding how to achieve a return on allocating their cybersecurity budget sensibly, there’s a strong financial case for investing in staff training to minimize the chance of a breach.
A more informed workforce is an important first line of defense against costly breaches, whether because employees are more aware of suspicious websites or better placed to identify and flag attempted phishing emails.
Combining these informed teams with the very latest tools and solutions while working with genuine experts can deliver powerful results for businesses, enabling them to the avoid the significant losses that cyber breaches can cause. At a time when the number of attacks is rising and the cost of these attacks has spiked significantly, such an approach will prove crucial.
Speak with our experts today to find out more.