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The Unbudgeted Costs of IT Security

Frances Stahlby Frances Stahl @ Fully Managed™
Posted 2 years ago

The time is now to start investing in IT Security and asset management. Why? Because despite the billions of dollars that are spent on IT security every year, we are still seeing businesses devastated by security breaches and a lack of understanding on the severity of the matter.

The truth is that it's no longer OK (or smart) to react to network attacks – businesses need to be proactive. However, many business owners struggle to justify the costs associated with effective IT and security management– they are accustomed to reacting to their IT when and if a problem arises (which inevitably happens). The trouble with this mentality is that unbudgeted costs DO arise and businesses end up spending the majority of their IT budgets fighting fires rather than standardizing and upgrading their IT environments to prevent more threatening problems from arising in the future.

It's no longer realistic to exercise no control over the leased, purchased and BYO devices housed under your roof. Threats and attacks are simply becoming far too complex and sophisticated for the average Joe to prevent.

Here are some examples of costs that are likely being overlooked:

  • Inaccurate estimation of what protection will cost
  • Unplanned response/downtime when things go wrong
  • Customer loyalty after a breach (particularly true for financial services)
  • Opportunity cost of non-IT people being pulled in to help solve IT related issues
  • In-house investigation into why network was compromised in the first place
  • Lost data due to third party error
  • USB and other storage devices containing confidential information stored improperly

How proactive IT Management can alleviate these costs:

  • Standardized infrastructure
  • Managed security
  • Risk management practices
  • Reliable vendor relationships
  • Fast and effective onboarding of new staff
  • Business continuity and planned remediation tactics in place
  • Disaster recovery planning and execution

If you're interested in learning more about reducing your risk through proactive IT Management, connect with us today! 

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