Cybercrime has become a top concern for enterprises and small business around the globe. A number of massive attacks last year left companies picking up the pieces and looking for new ways to ramp up their security. In an age of rising cybercrime, where more companies are being targeted than ever before, no company should think it’s the exception.
The cost of cybercrime and protection
As cybersecurity systems evolve to create a better offense and defense against new methods of attack, the cost of cybersecurity is rising. Greater hands-on management can prevent and mitigate incidences, but it also can drive up costs. But the good news is that this focus on better cybersecurity is paying off. Last year saw some major global losses in the hands of WannaCry and Petya, but the number of attacks actually dropped by 8.2% year over year (YOY).
As cybercrime thrives, more companies are continuing to increase their budgets to secure their infrastructures. In 2017, the YOY cybersecurity spend grew by 8%. Gartner predicts this year will see another 8% increase in global cybersecurity expenditures, for a total of $93 billion. Within a few years, spending is expected to hit $1 trillion in an effort to thwart and mitigate the $6 trillion of cybercrime damages predicted for 2021.
The benefits of securing your infrastructure
Cybersecurity may be expensive, but securing your infrastructure can save a tremendous amount of heartache both financially and in terms of productivity. Ponemon estimates that just one attack could cost a company $5 million. In 2016, the global cost of all cyberattacks was about $1.5 billion, for an average company loss of $3.79 million. In 2017, the average cost rose 11%. The WannaCry virus alone is estimated to have cost $4 billion worldwide.
Beyond the data breach
Ransom payments and data theft aren’t the only issue companies face after a cyberattack. The aftereffects are often far worse—often draining months of time and millions more dollars than the cost of the initial attack.
Barkly revealed that an attack itself often amounts to just 23% of overall costs. The majority of financial losses are due to system downtime, lost productivity, damaged reputation, lawsuits, regulatory actions and damage to infrastructures.
How to maximize your cybersecurity budget and system safety
A Symantec Threat Report revealed that 82% of stolen or lost data could have been secured if companies just followed a simple security plan. With that in mind, here are a few ways you can maximize your IT spend and keep your infrastructure secure every step of the way.
Keep your infrastructure and IT systems up to date
Outdated systems can leave the door wide open for intruders looking to spread their malicious codes and ransomware. Check your systems regularly for updates.
Train staff to see threats
By helping your staff be more aware of what they’re clicking and visiting online, you can help stop an attack before it happens—or catch it sooner if it does. Teach staff what to look for to ensure a proactive approach to cyber safety.
Know where you’re vulnerable
Prevention is key in the cybersecurity game. Patching vulnerable entrances to your infrastructure is crucial. Determine what your biggest vulnerabilities are and secure those first.
Have a continuity plan in place
If an attacker gains access to your systems, it’s vital to have a plan in place to help you keep your business running. Having a plan in advance could save you months of profit loss and reputation damage.
Enlist a cybersecurity expert
Cybersecurity is a tough game, and an antivirus alone isn’t the answer. A cybersecurity expert can evaluate your infrastructure with an attacker’s mentality to spot your vulnerabilities and create a unique plan for your security needs.
Cyberattacks are on the rise, but your cybersecurity costs don’t have to put you out of business. Contact our expert team today to learn more about securing your system comprehensively.