How Cyber Security Saves You Money - Cybersecurity & Data Management

How Cyber Security Saves You Money

Cyber security. It’s a solution to a relatively new problem. A problem that seems out of a heist movie, that only Andy Garcia has to deal with. That idea is proved false by a study from Accenture, that reports that cyber crime in 2018 cost individual businesses on average $13 million, which is 12% more than the previous year. The reality in 2019 is that cyber crime is a growing problem. It does not only affect Andy Garcia, and it’s our job to figure out how to deal with it as best we can.

Enter cyber security. It’s like flossing – no one really wants to do it, but we do because we know that all those nights of flossing, in the long run, will prevent the large, expensive visits to the dentist that loom over those with bad dental hygiene. So how is cyber security like flossing? It is hard to see the difference when everything is alright because the service itself is preventative. It seems like a waste of money until it’s too late. Hoya Corporation, a Japanese manufacturer, recently learned just this when 100 of their computers were attacked in February of 2019. A malware attack intended on stealing the company’s ID’s and passwords, with plans to later use the computers for crypto currency mining. It left the corporation with 3 days of their factories running at 60% productivity.

In your minds right now you are thinking, “When would that ever be me?” A survey conducted by PricewaterCoopers suggests that most of us are much more underprepared than we may realize. So how can we fix it?

Well, there is good news. Increasing your cyber security profile will help prevent attacks like the one on Hoya, as well as prevent large penalties for non-compliance with HIPAA, PCI, and others, and can also increase your revenue for your business. How? Simple. If your customers trust you, they will buy from you. By increasing your cyber security profile, and showing your customers that you are, your customers will gain more trust in your business and be more loyal to you for protecting their information, i.e. they will stay with you and buy more from you.

Wants some suggestions on how to increase your cyber security profile?

  1. Start by securing your own office. Update your computers’ software and change your passwords frequently. Don’t use the same passwords for personal and business accounts. Allow only necessary access of employees to secure systems like customer records. Train your employees on how to spot phishing emails.
  2. Protect your email.  Not only is phishing a problem, but hackers can also compromise your emails while in-transit. Protect your emails with secure email certificates and document signing.
  3. Add a SSL/TLS to your website.  A SSL/TLS is one of the things that you can do to show your customers that you are secure. A secure sockets layer or transport layer security certificate will show that your website’s connection to your client’s computer is encrypted and safe. An SSL can also improve your website’s SEO, leading to more traffic to your website and more revenue for your business.
  4. Backup your data. A backup is the key to a quick recovery when you are attacked, which in turn will save your business from losing hundreds of thousands of dollars.
  5. Keep an eye on your services. One of the best things that you can do for your business is to have a team to watch your data, whether that be in-house or out-sourced. Your team can detect the problems before it’s too late, saving you the money that would have been spent on recovery, rebuilding, and even ransoms.