Myth 4: Security is an expense, not a revenue generator
Organisations prioritise investment in services that generate revenue, especially when budgets are tight. This can leave cyber security, viewed as an expense, on the back burner, when it should be considered a revenue generator.
Data breaches continue to rise globally, and cyber security will influence buying decisions. Organisations that store personal, financial and other sensitive data need to ensure that it is secure. So, businesses can influence customers’ perception of security by proactively marketing the high level of security they adhere to, differentiating their company from their competitors.
Data breaches are only one impact from an adverse security incident. Another is downtime. Consumers can’t purchase products or pay for services if a web site, or the infrastructure that supports web transactions, is unavailable. When the global ransomware WannaCry attack crippled the NHS, hit international shipper FedEx and infected computers in 150 countries in 2016, NHS staff in the UK were forced to revert to pen and paper and use their own mobiles after the attack affected key systems, including telephones.
During the same attack, operations of FedEx’s TNT Express unit in Europe were disrupted by the attack and the company’s following published earnings revealed the cost of falling victim to the attack to be an estimated $300 million in lost earnings.
Whether it’s assuming that an organisation is not a target or that security spend is only ever an expense, buying into these common cyber security myths can set a business up for serious disruption, unhappy customers, a tarnished reputation, not to mention the cost of recovery.
Source: IT Portal