Overcoming the budget challenge for cybersecurity spending
Updated: Oct 31, 2019
Why has ransomeware been so effective? Because recovering your data does not have a price tag. If we approach the "potential" of a breach with that same priority as we "react" to a breach, the "it's not in the budget" argument goes away. We will find the money.
It's not about having an open checkbook. It's about targeting your spending where it provides the most protection.
When we answer these 3 important questions, we begin to understand the real impact of a breach. This will help create buy-in for necessary spending. In addition, it makes decisions, implementation and adoption much easier.
How much is at risk of being lost?
Do the math. Quantifying a loss can include fines/penalties, loss of revenue, costs of recovery, repair, replacement etc. Simply calculate the revenue loss each day that your systems are down, your business is offline, you can't deliver your product or send an invoice etc. When you think about the daily impact of being down the losses can add up quickly.
What is the long-term impact of a loss?
Loss of revenue is relatively simple to calculate. What is often overlooked is the potential longer-term loss of trust, loss of reputation, loss of brand etc. Long-term impact will begin to affect all your stakeholders...your employees, your customers, your investors etc. When you have to start facing them reputation and brand will erode. This can increase the loss by multiple times and over time can have a major impact to the bottom line.
Is it worth protecting?
After working through the first to questions, this becomes an easy answer. You quickly realize the ROI of cyber breach prevention. Employees and customers all have invested in your success. If you ask them, I think they would say your business is worth protecting. They are depending on you. Don’t ignore spending and don't take shortcuts that can create blindspots and added risks. Protecting your business costs much less than having to recover and rebuild it.
Cyber threats are not going away. The bad actors are silent, persistent, tricky and have proven successful. Cybersecurity has a lot of moving parts. How do you know where to spend your money and if you are doing it right? We understand the challenge.
We have a 3-Step Cybersecurity Methodology that makes "doing it right" simple. We are committed to helping you win the cyber battle and protecting what you have worked so hard to build.