Investing in cyber security is something most businesses do as a protective measure. However, when properly implemented, cyber security is about more than just minimising risk. In a time where cyber attacks and data theft are increasingly common, a cyber security investment could literally make or break your business, so it has never been more imperative to implement proper security measures.
Why you should prioritise cyber security investment
All businesses need cyber security, whether they’re handling sensitive financial data or basic customer information. However, proper security measures come at an expense most small businesses struggle to justify, which is why so many companies have unprotected data.
The main goal of any cyber security investment is the protection of sensitive or important data. However, the benefits of cyber security don’t stop there. Sensitive information is exchanged in all sectors, whether with customers, suppliers, or vendors. As a business, your priority should be to store that information safely to ensure the smooth running of your operation from the top to the bottom of the funnel.
Making cyber security a top priority is the key to retaining trusted business relationships, but that’s not all. Investing in cyber security will also:
- Help your business avoid fines for data breaches
- Prevent an essential service outage which could result in loss of business
- Ensure that business support systems are always available
- Protect private product formulas or recipes
- Protect your brand
Investing in cyber security means investing in the future of your business. Considering over 60% of hacked small and medium-sized businesses are forced to close within six months, can you afford not to invest in cyber security? You may not consider your business a target, but given that 50% of small companies experience at least one cyber attack, no company is safe.
Remember: Cyber security will not only make it difficult for hackers to penetrate your systems, but it will also create protocols to minimise the damage if the worst should happen.
How much will investing in cyber security cost?
Studies show that, on average, small to medium-sized organisations spend 5.6% of their overall IT budget on security and risk management. However, the £68 billion that organisations are investing in cyber security is far outweighed by the cost of data breaches.
The same research shows that there were 3.1 billion breached records in 2016, with each stolen record costing businesses an average of £120. This means that data breaches in the UK cost companies approximately £370 billion in total.
How to protect your business
Security is a primary concern for most businesses, but not all have the budget for the security measures they need. The key is to maximise your cyber security investment in a way that’s sustainable for your small business, which CBSIT can help with.
No two companies are the same, and each organisation will have different, complex security needs – therefore the cost of cyber security can vary. Luckily, we can help create a tailored solution that will protect and future-proof your entire organisation. Find out more about our protection services online or contact us today.