If I’m Going to Get Hacked Anyway, Why Bother Spending Money on Cyber Security?
Is it Really Worth it to Spend Money on Cyber Security?
Although the colossal cyber security threats businesses face in the age of automation and artificial intelligence, many continue to overlook the importance of cyber security protection. The excuses given against investing in professional cyber security are numerous.
A common justification our IT experts at AZCOMP Technologies often encounter is, “If I’m going to get hacked anyway, why bother spending on cyber security?” Many businesses don’t want to spend money on cyber security.
But why is this the case, and what are the repercussions for adopting this thinking?
Unwillingness to Spend Money on Cyber Security Protection
“If my business is going to get hacked anyway, why bother spending on cyber security?”
As a business owner, this is one of the most flawed ways of thinking for several reasons.
For one, making business decisions out of the desire to avoid spending money on cybersecurity protection can be costly. But let me explain.
Failing to invest in the right cyber protection measures can be the difference between staying in business or shutting it down after a cyberattack event.
In his hardcover, The Road Less Stupid, Keith Cunningham says that making it in business is about “doing fewer dumb things” and “doing more smart things.” Choosing not to invest and put weight on cybersecurity protection add to the “dumb things” you do, as the author suggests, and the repercussions are anything but pretty.
Hackers will not overlook your business because it is a small player in the industry. You’re at risk if you use the internet in your business, use email, and have customers and a bank account. You’re even more at risk if you’re processing payments, have client lists, use online banking, or have any other accounts you’re logging onto from your computers. Every business has something valuable for attackers.
Digital assets such as credit cards, medical records, social security numbers, customer information, lists of email addresses, lists of passwords, and more are all valuable to the dark web.
Ransomware and Dark Web
Cybercriminals target millions of small businesses yearly because they’re easier targets. You see, the primary thinking of small business owners is that they have nothing of interest to attackers. But there’s always money to steal from your business or information to sell on the dark web. That makes small businesses an easier target in the mind of a cybercriminal because you’re not protected in the same way as larger corporations.
For example, attackers can hold your information at ransom because they know how valuable it is for continuity in your industry. In the ever-competitive business space, a downtime event due to ransomware can cost you new sales and loss of revenue due to the inability to serve your customers.
A ransomware attack generally makes it impossible to run your business. This means you’ve basically lost your ability to generate income which can be crippling.
Ransomware poses a real threat and can be devastating for any business. Imagine a situation where all business emails and work files disappear. Where do you start? The price of recovering from a cyberattack can be so significant that it takes years to get where you were.
Investing in professional cybersecurity protection services can prevent such devastating events for your business. The amount you’d spend on the protection pales in significance to how much you’d pay to recover from an attack. It’s a simple choice, really!
We’ll Just Get an Insurance Policy, Back Up the Data, and Take the Hit
This is another common excuse by business owners that never hold water. It is a flawed plan for several reasons.
Insurance firms are not in the business of paying out claims but making money. Picture this: the profits for most cyber insurance carriers have been from 70% of premiums. What’s paid out is only 30% of the claims.
While those figures have recently changed, it doesn’t get any better. The CEO of Zurich Insurance Group predicts a future of uninsurable cyberattacks. So where does that leave your business that solely depends on insurance in case of an attack?
On the other hand, there are minimum requirements to fulfill when taking a cyber insurance policy, and ignorance doesn’t count among them. A cyber liability policy demands proof of having security measures in place, such as endpoint protection, multi-factor authentication, password management, and tested and proven data backup solutions.
Most carriers will also want to see a WISP or business continuity plan, cyber security awareness training, and phishing training. The list can be longer depending on the coverage you’re contemplating.
While backup plans seem like a failsafe plan, hackers are usually a step ahead. They create ransomware that also takes out your backup by corrupting the data they hold.
Access to backup files means the attackers have a free hand with your critical information. For example, they can release client contacts, employee lists, and all email communications or financial information. Insurance carriers cannot cover that, so your competitors would have a field day!
One of the newer fads in ransomware attacks is for the criminals to threaten their victim with the fact that they will run a negative publicity campaign against you and release all the information they stole from you to the public if you don’t pay the ransom. So, even if you can wipe your entire system and restore your backup to circumvent the ransomware attack (which is still a massive ordeal, by the way), they still inflict significant amounts of pain on you by destroying your character and credibility, and business by releasing everything. It’s better to prevent a ransomware attack than just letting it happen and dealing with the consequences.
Having cybersecurity protections is no guarantee of never getting hacked, but it helps significantly by blocking many attempts. The protection also prevents the extent of the damage and your business from becoming a low-hanging fruit. The protection also enables you to demonstrate good faith in case of any lawsuits or with getting your insurance to pay out on the claim.
Think of cybersecurity as wearing a seatbelt, practicing good driving habits, not texting while driving, and investing in a safe vehicle. While all these measures will not guarantee you’ll never get into an accident, they significantly reduce the risk of death and severe injury. Cybersecurity protection is the security measure that may prevent the loss of your livelihood – the death of your business.
Book a consult or call us to discuss custom cybersecurity protection for your business. Remember, if you’re connected to the internet, are using email, and have a bank account, you’re a cybercrime target. Are you protected?
About AZCOMP Technologies
AZCOMP Technologies of Mesa, AZ, is a leading provider of technology solutions and cybersecurity for businesses of all sizes. AZCOMP’s mission is to help enterprises to improve efficiency, reduce costs, and increase cybersecurity through innovative tech solutions.
AZCOMP Technologies has provided technology solutions and services to businesses since 2000. Our experienced and committed professionals spend most of their time working on clients’ computers and systems.
Contact us today for more information about our cybersecurity solutions in Phoenix.