Proactive investments in security can save millions

Most business don’t understand the cost of a security breach until they are facing the realities of a security incident.  Once a security incident has occurred it is too late.  According to a recent study conducted by the Ponemon Institute the average total cost of a single digital security breach is $3.92 million dollars.  Physical security incidents cost US businesses more than $50 billion every year.  While the costs associated with security incidents are significant, they can be avoided or mitigated by proactively investing in your business’s security budget.

A hypothetical situation best illustrates how investing in a security budget can save your organization from the costs associated with a security breach. Imagine a successful local business. This business has never had any kind of security breach and the owners did not prioritize investing in security. Near tax season, the HR manager gets an email from a malicious actor who is pretending to be the company owner. The fake email requests sensitive employee data.  The HR manager responds to the “company owner” with the requested information. This sensitive employee information was actually sent to a malicious third party who can now exploit it. In the US the costs associated with a single data breach like this average $3.92 million USD in 2019.

Now, imagine a similar company who understands the significance of a strong security posture and the need to proactively invest in security. This business chose to make a small investment in their security, including policy updates and training for employees. When a malicious actor tried to send a fake email to this company, the HR manager recognized the phishing attempt. In addition, the HR manager adhered to the new policy and did not share sensitive data with anyone.  The time and monetary investment this company made saved them from legal liability and the expense of dealing with a data breach. There was significant ROI for this small investment in security.

In the budget for the fiscal year 2020, the United States federal government plans on spending around $17.43 billion on cyber security alone. On the other end of the spectrum, many businesses fail to spend any money on security. Finding the appropriate amount to invest in security is a complicated process that many organizations are not equipped to deal with.

Freedom Consulting has security professionals who are equipped to determine the right budget for organizations of all sizes. Our professionals will take into account many variables unique to your organization, like size, location, number of employees, and specific security needs. Most organizations do not need to have million dollar security budgets each year.  All organizations should have an appropriate security budget tailored to address its specific threat landscape and protect the data, people, proprietary information, trade secrets, or whatever else makes your business successful.

Freedom Consulting is here to help.  We have highly trained security professionals prepared to assist your organization create an appropriately sized security budget to address your organization’s specific security needs. For more info or to schedule a consultation please visit this link or email us at info@freedomconsultingservices.org.