![]() ![]() Investing in the right tools and personnel to protect your business from threats is the most cost-effective choice in the long run. These costs can add up quickly and will far exceed the cost of a cyber security budget. It may seem like investing in a cyber security budget is expensive, but when you look at the potential fallout from an attack, it can be much more affordable.Ī cyber attack could result in lost data and productivity, reputational damage, legal fees, compliance fines, and more. When deciding on the best way to protect your business from cyber attacks, it's essential to consider the cost of a security budget compared to the costs of dealing with the aftermath of an attack. But think about it this way: the money you would spend on strengthening cyber security is not as much as you would spend recovering from a cyber attack. However, staying one step ahead of hackers is an invaluable necessity for modern businesses - but with tight budgets and increasing online risks, business owners can feel like they have a difficult decision to weigh. Investing in cyber defence might feel like a formidable expense. Rethink your approach to budget constraints Without conducting regular cyber security audits and adequately addressing any issues identified, it becomes challenging to navigate the next steps of what you should do. Moreover, an audit can uncover any new steps your business needs to protect sensitive data from being compromised and where new investments in technology and personnel might be necessary. An audit can provide your company with vital information, such as identifying all existing threats, enabling more robust network monitoring practices, and determining how security measures hold up against industry standards. To truly protect your organisation, it is essential to go beyond the basic security measures and conduct thorough checks for potential vulnerabilities. Again, part of the issue here is approaching cyber security as a technology problem without accounting for people and processes. However, they may not cover other more sophisticated threats, such as social engineering attacks or zero-day exploits. Too many cyber security audits only cover basic areas, such as encryption and antivirus software. Still, these have missed details or failed to produce a viable strategy for boosting the cyber security posture. Some companies we speak with have previously paid cyber security businesses to conduct audits. Conduct a cyber security audit as a benchmark The leadership team must also find solutions for strengthening people and processes within the business. While this approach is correct, it should not be your only approach. Keep in mind that the problem we see with many of the leaders we speak with is that they have taken a technology-driven approach to solving the problem. In reality, cyber criminals view businesses of any size as viable targets.įocusing on strengthening cyber security should be a high priority for this year, if not your top priority. The fact that many large enterprises have had their names spotlighted on the news might give you the false sense that you need a large staff and customer count to become the target of a cyber attack. ![]()
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