54% of companies will be increasing their cybersecurity spend this year, but if they don't pay attention to this one money saving tip--they could be allocating funds in the wrong place. Read on to discover the secret to saving money with the right cybersecurity strategy.
Companies are Spending More on Cybersecurity. Here's Where the Smart Ones Are Putting Their Money.
Here's the problem with cybersecurity. When it works, nothing happens. So, it becomes hard to prove its worth. However, recent statistics shed some light on how the right security actually saves a business money.
Here's the issue: the lion's share of a company's security budget is still being spent on things like containment, remediation and recovery when the best place to spend for ROI is prevention.
The Ponemon Institute recently completed an economic value of prevention study that found some very interesting facts.
1. The average value of preventing a cyber attack is between $396,000 and $1.37 million--depending on the size of the business and seriousness of the attack.
2, The average total cost of 1 phishing attack is $832,500!
3. Still, even with these huge monetary risks, most companies only allocate 18% of their cybersecurity budgets to prevention.
If I told you that your business was potentially facing a loss of close to half a million dollars, but that the loss could be prevented by spending a small fraction of that amount to prevent it--wouldn't you take that deal?
Well, that's what I am telling you!
Even though the benefits of investing in prevention are huge--only 24% of companies have made the shift to a prevention-based strategy.
What Does Prevention-Based Cybersecurity Look Like?
The number one cause of a cyber attack is employee error.
So, a good prevention strategy starts with better employee monitoring and education.
You need visibility into what employees are compromised and where their gaps are when it comes to knowing how to prevent the most common types of attacks which are:
1. Phishing (47% of all attacks).
2. DNS-based attacks.
3. Viruses and Bots.
4. DDos attacks.
You Need to Be Monitoring Employee Log-ins & Passwords and Educate Employees About Phishing.
Prevention combines the right monitoring capability with good cyber education tools.
That's why we created PTG Cloud Security.
For a fraction of the cost of what it would take to recover from a breach, we will monitor suspicious login attempts. Scan the dark web to see which company passwords are available to hackers. Provide phishing tests to your employees (that look like the real thing) so we can catch your blind spots before the bad guys do.
Whatever security solution you choose to invest in, here's the simple do and don't.
Do-invest in a solution that focuses on prevention, monitoring, alerts, and education.
Don't-spend on a solution that only promises to contain an attack once it occurs.
Tell us about your security budget and protection needs and will find a plan that's just right for you.