Do you have a limited IT security budget? Have you been able to implement all of the IT security controls you need to keep your network secure? It is unlikely that you have addressed all web security vulnerabilities effectively, as the majority of small to medium-sized businesses simply cannot afford to implement highly sophisticated controls to keep their networks properly protected from cyberattacks. Even large businesses with huge revenues and obscene annual profits are not able to prevent all cyberattacks from occurring.
You may want to implement data loss prevention software, social media website management systems, complex multi-layered network security systems, and a wide range of anti-malware and anti-virus solutions, but cybersecurity budgets can only be stretched so far!
The trick is to become an expert in assessing risk. Conduct a through risk assessment, identify all security vulnerabilities, determine which pose the largest risk, and spend your budget accordingly to minimize risk as best as you can. Fortunately, a number of cost-effective solutions can be implemented that will reduce risk to an acceptable level. These can easily be implemented by small to medium-sized businesses. Unfortunately, doing nothing and hoping for the best is not an option. Hackers are not only targeting large corporations. They know that budgetary constraints make small to medium-sized businesses particularly vulnerable to attack.
Calculate the cost of not addressing web security vulnerabilities
Small business owners may be loathed to spend money on security solutions to protect their systems from attack and keep their data secure. Many choose not to bother, only to suffer a cyberattack. It’s only then that they find out the cost of not addressing web security vulnerabilities. That cost can be considerable, and all too often catastrophic. Many companies fold within six months of suffering a cyberattack.
What is the cost of a cyberattack? According to a study conducted by Osterman Research, the cost of not addressing web security vulnerabilities is considerable. Its researchers determined that the failure to take precautions against hackers would likely cost the average company approximately $278,000 over a period of four years.
Compare this to the cost of implementing a web filtering solution to prevent end users from falling for a phishing campaign, or accidentally downloading malware, and the price seems very low indeed. WebTitan will protect a company with 500 users from as little as $4,250. Some companies provide similar solutions that cost $108,000!
Osterman researchers took a provider that charged $27,000 per year for the service as an example. That may seem like a lot of capital to commit to one cybersecurity defense, but it is only $54 per user per year. Compare that to the likely cost of suffering cyberattacks over a 12-month period ($85 per user, per year) and the cost saving would be $14,000 per year. With WebTitan the cost saving would be $103,750 over a four-year period. That is a saving of over $25,000 per year.
The cost of implementing cybersecurity defenses may seem high, but it is important to bear in mind the cost of not implementing a solution to deal with web security vulnerabilities and the impact those costs would have on the business.