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One of the most frequently asked questions we field here at Packetlabs is, "How does cybersecurity improve my bottom line?"

As businesses worldwide transition to calling the digital space home, they potentially expose themselves to cybersecurity threats around every corner. According to Telstra's cybersecurity report on the subject, 59% of organizations are experiencing business-interrupting security breaches at least once a month.

So what should you know about what a lack of cybersecurity can cost you? Let's dive in.

The Costs of Not Investing in Cybersecurity

Even though there is an investment required to ensure your business is protected, many still do not take the potential for cyberattacks seriously as they should. In the past, corporations viewed cyber security as the responsibility of a lone IT professional.

Today, it takes the collaboration of business leaders, governments and experienced IT security professionals to ensure your online environment is safe. For many businesses, the barriers to entry can seem vast, but it is nothing compared to the cost of rebuilding your business or regaining consumer trust if a data breach were to happen.

The Benefits of Cybersecurity Investment

• Protecting your most valuable assets (confidential data and personal information) from theft. Just as you would install an alarm system at a brick-and-mortar location, investing in cyber security is a first-line defence against digital threats

• Maintaining trust in the public eye. Trust is built over time, but can be lost in an instant. By investing in cyber security, you can rest assured that you are acting in your customer’s best interest. Prevention is key

• Avoiding a potential PR crisis. Online vulnerabilities and compromised data are regular guests on the 24-hour news cycle. By investing in cybersecurity, developing security policies, and implementing incident recovery plans you are protecting your business from a potential crisis

• Encouraging your business to be forward-thinking, adaptable, and up-to-date with the best practices in online security. This will include ongoing maintenance and configuration changes as weaknesses and vulnerabilities in your systems are discovered as well as regular security audits, policy revisions and training

What Does an Investment in Cybersecurity Look Like?

• Application security testing is advanced security testing designed to evaluate the effectiveness of web and mobile applications. This type of service is ideal for organizations that develop or maintain corporate web or mobile applications for any business functions such as an e-commerce store. Most frequently, this type of testing is performed on applications that interact with sensitive information (e.g., payment card information, social insurance, health information)

• Penetration testing is essentially a simulated cyberattack. This type of test provides a hacker’s perspective on the security of your network and information systems. Penetration testing is recommended for organizations that manage or outsource IT infrastructure and a critical business function would be impacted if the confidentiality, integrity, or availability is compromised

• Objective-based penetration testing is focused on finding the weakest link in your security architecture to ensure your most sensitive information remains protected. This is best for organizations that handle sensitive information, have intellectual property or trade secrets that need to be protected at all costs

• Security consulting including vulnerability management, cybersecurity assessments, and other deliverables to assess and maintain the security within your organization’s environment. This service is recommended for organizations that have ongoing security requirements that go beyond the capability or availability of on-staff resources

Conclusion

Fighting online threats is not a quick fix. Because of the nature and complexity of cyber threats, prevention requires regular nurturing and is best performed by a skilled professional.

At Packetlabs, we work with your organization to identify hard-to-find vulnerabilities and weaknesses that are often over-looked and help ensure that vulnerabilities are mitigated correctly. Reach out for your free, zero-obligation quote today.