The cost of loss: Why you need security built into your platform

When we think of nefarious actors attacking our systems, we think of phishing emails or suspicious ads. The reality of it is, however, much larger and often more menacing. From social engineering to malware, the possibility of a data breach is constantly lurking in both personal and organizational spaces.

Back in 2019, the estimated cost of a data breach was anywhere from $1.25 million to $8.19 million, depending on the country and industry. Obviously, protecting your data is a vital step in avoiding unnecessary financial losses as well as maintaining a  reputable business and a good customer relationship.

Some countermeasures can help mitigate this issue, the most obvious one being technology. Companies with security automation technologies deployed have shown to experience around half the cost of a breach compared to those that did not have these same technologies.

Let’s walk through the recommended responses to help boost your cybersecurity program.

Take a second look at your investment

Investing in security might seem a bit tricky because if the system works flawlessly, it won’t increase profits or change the bottom line. Instead, this investment is about protecting your money and your business. Your investment in cybersecurity should consider the probability of a data breach within a year and the cost of appropriate technological solutions to help evade such a breach. The benefits of making the right investment will see the light of day in the long run. Check out more about return on security investment (ROSI) here.