We get it, it’s 2023 and you’re trying to stretch that IT budget as far as possible, but let us ask you this – what’s worse than spending a few extra pennies on your cybersecurity budget? Being the next victim of a cyberattack, that’s what! Think your business is too small to be targeted? Think again, because according to Accenture’s Cybercrime study, nearly 43% of cyber-attacks are targeted at SMBs. Those hackers are always on the prowl for vulnerable targets, and your business could be next on their list. That’s why it’s essential to invest in cybersecurity, and in this post, we’ll give you the top 10 arguments for increasing your company’s cybersecurity budget. (You’re welcome, IT manager.)
- Protect your business’s reputation: A cyberattack can do more than just damage your business’s finances; it can also tarnish your reputation. A data breach can make your customers lose trust in your business, and it can take years to rebuild that trust. In fact, according to a study by ISACA nearly 1 in 3 consumers stopped doing business with a company known to have compromised cybersecurity.
- Avoid costly legal battles: In the event of a cyberattack, your business could be held liable for any damages incurred by your customers. This could result in costly legal battles that could bankrupt your business. In fact, the average cost of a data breach is $4.35M, according to a study by IBM.
- Keep your customers’ data safe: Your customers trust you with their personal and financial information, and it’s your responsibility to keep that data safe. A data breach can result in the theft of your customers’ data, and it can take years to recover from the damage. Think it only happens to the Amazon’s of the world, think again, in fact, according to a study by Verizon, 58% of data breach victims are small businesses, so that means you.
- Stay ahead of the curve: Cybercriminals are always coming up with new ways to attack businesses knowing that there are so many easy targets out there and no one really wants to spend money on protection. By investing in cybersecurity, you can stay up to date with the latest security trends and protect your business from new and emerging threats.
- Protect your intellectual property: Your business’s intellectual property is one of its most valuable assets, and a cyberattack can result in the theft of that property. By investing in cybersecurity, you can protect your business’s intellectual property and prevent it from falling into the wrong hands, you know, those competitors out there who want to take you out.
- Avoid downtime: A cyberattack can cause significant downtime for your business and while some of your team will be happy watching the series finale of Succession until systems are restored, the result for you is lost revenue and productivity. A benchmark study by CISCO found that 40% of the small businesses that faced a severe cyber-attack experienced at least eight hours of downtime. And this downtime accounts for a major portion of the overall cost of a security breach. By investing in cybersecurity, you can minimise the risk of a cyberattack and avoid costly downtime.
- Protect your supply chain: Your business’s supply chain is essential to its success, and a cyberattack on one of your suppliers could have a significant impact on your business. By investing in cybersecurity, you can protect your supply chain and minimise the risk of a cyberattack. (Check back here real soon, HighGround.io is launching a Supply Chain Manager feature).
- Ensure compliance: Many industries have regulations governing the protection of data, and failing to comply with these regulations can result in significant fines and penalties. By investing in cybersecurity, you can ensure compliance with these regulations and avoid costly fines and penalties.
- Demonstrate your commitment to cybersecurity: Investing in cybersecurity demonstrates your commitment to protecting your customers’ data and your business’s assets. This can help you win the trust of potential customers and differentiate yourself from your competitors. Plus, it has a knock-on effect on your team, not only will your IT manager be able to sleep at night again, but those employees who might be vulnerable to personal attacks like phishing will be better aware of the risks that they pose to the business.
- Personal Liability: If all of the above wasn’t enough, let’s hit you where it hurts. As a CEO or business owner, do you want to be held responsible for a breach and potentially face financial penalties? The mood is swinging, and two legal cases in the US suggest that regulators and prosecutors are becoming more determined to take personal action against directors and senior executives who fail to deal adequately with cybersecurity breaches. Investing in cybersecurity is not just about protecting your business but also protecting yourself and your personal liability.
In conclusion, cybersecurity is not something to be taken lightly. By investing in cybersecurity, you can protect your business’s reputation, avoid costly legal battles, keep your customers’ data safe, stay ahead of the curve, protect your intellectual property and avoid downtime.
Or, how about protecting your company at low cost with a tool like HighGround.io? At HighGround.io, we offer a low-cost solution for businesses to manage their cybersecurity needs.
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