Cyber security is an important, underrated investment for any and all companies with a web presence. This post discusses the benefits of protecting company information with security services.
Thousands of companies in the U.S. employ some sort of cyber security features to protect their data. But is it working? Cyber crime is on the rise, and attacks are growing more common every day. How much is enough? How much risk is there really?
These are the types of questions posed by company executives when considering the investment of cyber security. It’s definitely an investment to consider. In fact, $73.7 billion was spent on cyber security in 2016, and that number is expected to rise to more than $100 billion by 2020. That’s a lot of money to be spent on a service, and one that you might not ever notice.
That’s the thing about cyber security. If it works, you might not notice it’s there. Its job is to mitigate and manage risk, so if it prevents attacks, you won’t experience any losses, which is the exact reason you invested in the service. You might not see it, but it’s definitely there.
You also don’t see any gains. If you are an investor or an executive, you might not interact as much with security software, and it might seem like a bunch of money is being thrown towards something trivial or unimportant. You might think it’s too expensive, especially since the antivirus on your PC cost 20 bucks a year. Here are some reasons why companies should seriously consider real investment in cyber security.
ROI: the number that every investor wants to know. What is the Return On Investment? It’s hard to measure the beneficial impact when it isn’t a monetary gain. Something that can be measured, however, is a loss. Prevention of loss is exactly what cyber security does, and that is quantifiable. Imagine if better security had been implemented so that it stopped the recent WannaCry ransomware attacks. That’s a saving of $4 billion. Imagine what you could then invest in with that.
Peace of Mind. It’s a phrase synonymous with security, and for good reason. Studies show that stress decreases productivity. Less productivity leads to less profitability. Taking measures in cyber security can help you, employees, and customers feel better about the actual products and services you provide.
Security is a selling point. In comparing two services, having better security features can really help you stand out amongst other competitors. If your prices are comparable to others, but you offer more features, you are likely to gain more customers based on those features. Some services are required to be paired with certain security measures, such as PCI or HIPAA compliance, and while such features can attract customers, the lack of them can drive them away.
While the cyber security industry grows wildly, so does the cyber crime industry, and before you know it, you could be dealing with a massive cyber attack that could cost you thousands, or even millions of dollars. Though investment in software and services can seem like a waste of money or at least a service that’s too expensive, think again. Maybe the benefits are unseen, or sometimes unnoticed, but cyber security is one of the best investments you can make for your company.