The Cost of Cybersecurity

As I write this blog, British Airways was slapped today with a $25.9 million fine in the UK for a 2018 cyber-attack affecting over 400 thousand people. It took British Airways over two months to discover the hack.  

What is the cost of a cybersecurity failure? The price is high for both business and their customers. Cybersecurity failures do not just impact big business. A cyber-attack affects business of any size and in any market segment. 

Cybersecurity impacts us all 

Many of us have received the email from our credit card purveyor. Someone breached their database, and credit cards will be re-issued. After waiting for a new card to arrive, you will spend time updating vendors and amending auto-payments. 

Or, perhaps, your experience with cyber-hacking includes your social media accounts. When your social media accounts are hacked, your reputation is on the line. As a business, your brand is on the line.   

In 2020, you may be depending on your website to reach sales goals. Your eCommerce site runs on a database of information. A crashed website is no longer a sales tool.   

Cybersecurity Ventures predicts cybercrime will cost the world more than $6 trillion annually by 2021, up from $3 trillion in 2015. For organizations, the costs associated with cybercrime are vast.—Cyber Crime Magazine  

Today, cybersecurity and cybercrime impact us all. 

Cybersecurity for your organization 

If cybercrime impacts a business of any size, what is the proactive, preventative solution for your organization? Preventing cybercrime is an all-team effort. Keep reading for a list of ways all your employees can participate.   

The cornerstone of cybersecurity is your IT team. Do you have an in-house team, or do you outsource tasks to contractors? Download the latest MainSpring eBook to evaluate your IT  resources. A robust IT solution is the first step to cybersecurity awareness.   

Often, I receive questions about the cost of cybersecurity. My response is that I do not think that you can afford NOT to have a cybersecurity plan. The good news is you can complete security tasks at little cost to your organizations. Each team member is part of a strong firewall.   

5 ways to #BeCyberSmart  

Recently, I wrote a blog, 11 ways to secure corporate data. After reviewing your IT resources, follow each of the 11 action items. You will note that one of the best ways to protect corporate data is with a "human firewall." 

Part of your human firewall is to ensure that each team member understands the importance of cybersecurity. Here are some ways to communicate the importance of cybersecurity. 

1. Introduce the tag #BeCyberSmart to your team and encourage research into cybersecurity best practices. Distribute current protocols found to your team. 

2. Compose and send a cybersecurity team newsletter or email that reviews corporate policy. Send one version to your staff and include information about your corporate policy in a customer newsletter. 

3. Add a cybersecurity banner to your Intranet site as a frequent reminder 

4. Host a cybersecurity awareness virtual meeting for all staff 

5. Conduct ongoing, measurable phishing simulations or find out about the MainSpring ASAP Program 

You can implement the five action items with a minimal cost; the education is modern and the ROI is quick and obvious. 

At-home cybersecurity 

Many of us are still working from home (WFH). We cannot overlook the impact of home cybersecurity on corporate security. As you implement the above five action items, be sure to include security measures from WFH.   

An excellent site for resources and tips includes StaySafeOnline.org 

Cybersecurity awareness 

Remember the three ways to establish business cybersecurity protocols.  

1. Review your IT resources 

2. Deploy your IT team 

3. Educate your employees and remind everyone of the importance of at-home cybersecurity. 

MainSpring is an IT services provider in the Maryland, DC, and Northern Virginia region. How can we help you deploy your cybersecurity plan?