Can You Save Money by Spending on Security?
Tuesday, May 23rd, 2017When everything is running smoothly, cyber security can go unnoticed by executives. It’s only when things go wrong that it tends to enter their peripherals. This often leads to inadequate budgeting or heavy cutbacks. Unfortunately, restricting security funds can result in incidents that cost companies many times more than what they would have spent on security measures.
Because of this, security can be seen as an investment that often has a high ROI, as long as it is applied strategically and intelligently. Although no amount of money and infrastructure can make your systems 100% secure, the right measures can still help to boost a company’s bottom line.
A well thought-out security plan is a balancing act between the costs of implementation and the potential damage of a breach. Sure, your company could invest in complex security measures, but is it justified by the risks you face?
In some situations–such as healthcare–highly advanced security is a necessity. Other businesses may be able to justify a lower level of security, particularly if they operate at a smaller scale and don’t handle sensitive data. Security needs will vary depending on industry and the individual business model, according to both the relevant regulations and the risk profile.
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