Cybersecurity costs . Data breaches do too.
You’re still not sure if you need security protection? Or you're worried that cybersecurity is too expensive? You’re not alone. Here are some reasons why cybersecurity is worthwhile. The truth may be that the high cost of NOT having a cybersecurity plan outweighs the expense.
Your business is worth protecting, and you’re actually losing valuable time and resources while you don't have a maturing cybersecurity plan. We work as both a defensive and an offensive security company, and we have seen this firsthand.
Below we detail the opportunity costs of avoiding a cybersecurity plan, and we review how automated cybersecurity can actually SAVE you time and money.
1. Cybersecurity Concerns Take Your Focus Away from Your Business
How much time and attention do you have to take from actually running your business, creating your product, or offering your service to deal with security needs? If security concerns were out of the way, how much more could you accomplish? With a cybersecurity plan in place, your business momentum would only increase. Perhaps you could dream more for the future.
The average cost of a business data breach in 2021 was $4.24 million, up from $3.86 million in 2020. This includes detection and escalation, notification, post breach response, and lost business time. That's a lot of time and energy. (Our stats are from IBM's 2021 report.)
2. Lost Business is the Biggest Loss in a Security Breach
Do you have a plan in the event of a breach? If your cybersecurity defenses didn't hold (or you didn't have any to begin with) and you are the victim of ransomware, a breach of confidential data, or any kind of cyber attack, your greatest cost, statistically, is lost business. Lost business accounts for 38% of all breach costs and is the single largest share of breach costs (IBM report). Cyber attack motivations vary, but the end result is unfortunately about the same -- havoc in your business.
Without a cyber defense or mitigation plan, you will spend precious time and resources on cleanup if and when you are impacted by a data breach.
The Case for Automated Cybersecurity
If and when a data breach does occur, those companies who have a fully deployed cybersecurity automation technology save an average of $3.81 million over those who do not (IBM report). We know, that's big -- we are still astounded by this number too.
Look for an automated cybersecurity solution that layers more services beyond a standard EDR, uses machine learning and AI to adapt to emerging threats, and incorporates threat hunting. (We suggest our Automated SOC, of course.)
How Much Does Cybersecurity Cost?
Many companies spend 6-14% of their IT budget on security. This may seem like a large number. But – when a security issue arises, or a breach finally does happen, or all your company data is being held for ransom by an attacker, you will see your budget differently. You will be glad you have a plan.
Don’t wait for a cybersecurity crisis or data breach to happen. Making a basic cybersecurity plan is not too expensive. You can get started today.
The cost to secure your network will usually SAVE you resources (time, people, financial), and provide more peace of mind, in the long term. It’s time to focus on prevention of cyber attacks.
We at StandardUser Cybersecurity are on a mission to share cybersecurity and cyber safety education with everyone, to make our world a better place. Are you with us? How can we help? Let us know today. Whatever your cybersecurity challenge, we can help you keep your business running. We are a defensive and offensive cybersecurity company, using over 30 years of experience with active commercial and government work and proven security methodologies. We also educate teams and professionals who want to build on their skills. We set the standard for cybersecurity excellence.