Cybersecurity – Investment vs. Cost Center

Cybersecurity - Investment vs. Cost Center

Over the recent decade, cybersecurity has become a significant threat across many industries, with different types of malware discovered almost daily. The rate of risk is challenging to keep up with. Unfortunately, many companies, big and small, are not ready for the risks that develop every day. We firmly believe that cybersecurity is one of the greatest investments that a company could ever have. Seeing it as merely a cost can end up costing a business more than they ever thought possible.

It’s time for more digital transformation related to increasing the cybersecurity needed for everyone to move forward in successful venturing.

As you do your own research, you will note that some of the greatest risks in cybersecurity happen to small to medium-sized businesses. The typical financial impacts for small to medium businesses can be:

1. Malware and viruses

There is a mass amount of people using their creativity on the wrong side of the coin. Every day there are new malware and viruses developed to attack technological equipment and companies. Malware and viruses are powerful tools to help gain access to small business owners.

2. Attacks that are targeted

There is sophistication used in cybersecurity attacks. Criminals don’t just waste their time throwing a dart in the dark and hoping something works. No, criminal minds think in strategy and targeted methods. That is why cybersecurity at the highest level (that can be afforded) is so important. It is your own targeted effect to be a wall between criminal minds and your business’s success.

3. A breach of non-computing but connected devices

Yes, non-computing devices that may be connected to different networks are also up for attack. All fronts need to be investigated and covered as needed.

4. Wrong use of its resources

Employees themselves mostly do this. This happens by trying to fix a technological problem on their own. Unfortunately, opening the door to various types of malware attacks. That is why it’s so important for “technological open doors” that employees are trained on the protocol for fixing an IT problem.

5. Loss of data

This is one of the greatest cybersecurity hacks that can be extremely costly to any given company. Having all of your data swiped from all of your devices. This is what hackers are after. They are after media and data that they can use for whatever purposes they have set in order.

If you have been stressing yourself out trying to figure out if cybersecurity is worth it and what you should do to improve it, here are some thoughts to consider.

1. For long-term success in cybersecurity, you have to think about it as a triad which is “process, platform, and the people.” Having these three elements work together makes for more long-term success in cybersecurity. The processes need to be clearly laid out and understood. The platform needs to be next level in ever-evolving. The people need to understand both of the elements just mentioned and teach employees how to use them efficiently. When all of these work together in harmony, this is where cybersecurity becomes a dynamic investment and not just an extra cost.

2. Don’t hesitate to get executive leadership or support on board. They may have access or knowledge to the best platform and security practices. This can save time and money. This can also alert executive leadership and support the fact that threats need to be shored up.

3. Education is key. Sometimes within a company, you have to show people why a new implementation or move is important. Everybody has heard of cybersecurity, but how many people know how imperative it is? Showing in detail what could be at risk in the company to employees can help everybody get on the same page quicker and be positively involved in the process. This helps everyone see that this is an investment and not just some random precautions that were decided to be taken.

Investing in this way is actually reducing risk and loss. At this point in our history is so ever important that we make cybersecurity a larger part of our spending pie. To have healthy growth in business means to protect what we already have from being taken from us. That’s why cybersecurity is not a cost center but an investment.

Cybersecurity is typically up top importance in industries like finance, government, telecoms, and it really needs to be important in every type of industry at any level.

After reading this post, take some time to evaluate what of what was mentioned. Has it caused deep motivation in you to make cybersecurity one of your greatest investments going forward? Think about your own business and your business’s very particular assets that you could potentially lose by not ramping up your cybersecurity game.

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