While tech companies prepare for the upcoming recession with big budget cuts and brutal layoff plans, it's important to remember that cybersecurity should be the last place you're trying to save money.
The importance of cybersecurity is significant in the business world today. Unfortunately, the average business doesn't invest nearly enough in preventing breaches and securing data, which can result in lost revenue, ruined reputations, and even the shuttering of your business.
Now, with virtually the entire business world looking to cut costs, business owners should be reminded that cutting costs in your cybersecurity department could have dire effects on the longevity of your business.
Cybersecurity Should Be Recession-Proof
While cybersecurity can feel like an unnecessary cost, resulting in no direct revenue, it remains one of the most important aspects of your business to invest in.
In fact, experts predict that, despite widespread cuts across the tech industry, cybersecurity spending is expected to increase by 10-15% over the next year and a half.
“Cybersecurity is actually getting special treatment in these recessionary times because of the increased threat perception.” – Santha Subramoni, global head of the cybersecurity business unit at Tata Consultancy Services
Increased threat perception is a bit of an understatement is regard to the current state of cybersecurity.
The Importance of Cybersecurity
Sure, experts and business owners are investing in cybersecurity, but how important is it actually? Well, according to a wide range of cybersecurity statistics and studies, you are really going to want to invest in cybersecurity for your business.
Right out of the gate, a data breach can cost the average US business approximately $10 million, which alone should be enough of a reason to shore up your security. Even worse, 83% of businesses view cybersecurity as important, but only 43% consider it to be a “top three” budget priority.
Remote work isn't helping either. With employees working from home, cybersecurity is naturally a bit harder to nail down, creating security gaps that could cause serious problems.
“The digital footprint of our customers has increased exponentially. It’s not just the front production environments that are exposed to the internet. Everything is exposed to the internet because of remote working.” – Santha Subramoni
Fortunately, investing in cybersecurity doesn't have to completely ruin you. While we highly recommend investing in a full-on IT department to handle security, there are some tools that can get you started on the right foot. Password managers and VPNs are a must for businesses with hybrid work models, allowing employees to access company systems without putting them at risk.