Does it still make sense to invest in IT security in an age where cloud computing becomes more secure and reliable?

Despite the development of increasingly advanced algorithms and encryption technologies in the digital age, data breaches are still one of the most common problems that IT managers face today.

When it comes to data breaches, the first thing that comes to mind for most people is the Equifax incident that happened a few months ago, which many consider as the worst leak of personal info ever last year.

Cybercrime is the second most reported economic crime affecting 32% of organizations around the world. And as businesses continue to grow, you should expect more cyber attacks to happen in the coming years.

Whether your business will be a tough nut to crack or not is up to you. Many IT managers have started prioritizing enhanced data security in their business, which is one of the benefits of cloud computing over traditional systems. But for many businesses, IT security could be a costly investment these days.

That’s why we’ll take a look at a few pointers on how you should invest in setting up a robust IT security for your business.

Know which cybersecurity risk to defend against

Many types of cybersecurity risks have evolved over the years, but the first thing you should do is assess which risks need more of your attention.

More often than not, these risks are internal in your organization such as having a BYOD policy or not educating your employees on the latest threats, so make sure you get these right first before you consider upgrading your security infrastructures.

Track business assets and risk metrics

Ariel Evans, a cybersecurity expert who has experience working with over 30 companies, predicts that cyber security will have three main points of growth: cyber risk, cyber insurance, and IoT security.

In a Forbes interview, she specifically talked about how cyber insurance is evolving, and that calculating your cyber risk is a key factor in increasing your chances of survival should a cyber attack happen to your business.

To get a better picture of how much budget you should allot in your IT security solution, you need to determine how your business assets will be affected in case a breach happens. In some cases, a data breach could have a devastating impact on business assets such as with financial firms, but in other industries, the effect is only minimal.

Aside from getting a top-of-the-line IT security, you may also want to acquire a cyber insurance policy for your business to serve as a buffer to help you recover should a cyber attack hit your business.

Key takeaway

If you doubt the need to invest in a reliable IT security, just keep in mind that it’s better to have something and not need it than to need something and not have it at all.

Sure, investing in a reliable IT security solution is costly, but it’s a lot less than paying for the damages once your data gets breached. Not to mention, the hordes of customers you’ll lose and the eroding trust of your brand that could take years to rebuild again.

About the Author:

James Patterson oversees the business development, and sales and marketing initiatives of Transcosmos Information Systems. He also writes regularly about cybersecurity, and IT and Customer support.