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5 Ways Cyber Security Impacts Your Business

3 min read

Security breaches are no longer just a compromised password on your email account. Cybercrime has the ability to expose customer data, costing businesses up to millions of pounds and damaging reputations in its wake.

Getting investment in cyber security is an essential part of protecting your business against security threats and the implications when they occur. While it’s important to prove your return on investment (ROI), the financial impact isn’t the only factor to consider when looking at how cyber security impacts your business.

There are many positives to investing in cyber security that can save you time, resources and most importantly, your revenue and reputation. We look into some of the key benefits in more detail.

 

  1. Protects Revenue
  2. Protects Reputation
  3. Minimises Downtime and Disruption
  4. Avoids Costs and Penalties
  5. Enables Growth

 

1) Protects Revenue

Securing investment and implementing cyber security solutions may take time and resources, but the positives far outweigh the risks. Cybercrime costs the UK economy an estimated £27 billion every year, showing that a breach could negatively affect your revenue, profits and investments.

Security breaches can bring unexpected costs such as ransom payments, downtime, rebuilding your infrastructure after a breach, insurance premiums and the intangible cost of your reputation.

When deciding what level of security you need to protect your business, you should identify the cost-benefit ratio and possible risks to decide which route is best for you and will offer you the strongest ROI.

 

2) Protects Reputation

Although not as tangible as revenue loss, the damage to your reputation due to a security breach can be just as costly. The cost of a damaged reputation isn’t easy to attribute, but it can undo years of hard work building up brand image, customer retention, satisfaction and other adversities. It isn’t just about the cost of the initial event but also the consequences you may face down the line.

Depending on your industry, cybercrime or a security breach could have major implications for your business, your customers and other stakeholders. Services may have been disrupted, personal data compromised and employee trust may be reduced, all resulting in reputation damage. 

If you’ve ever received an email from a company informing you of their data breach, chances are you’ll remember it and factor it into the decision process when choosing to trust said company again or go with a competitor.

Having a comprehensive security plan in place makes it easier to foresee and mitigate any risks while building trust and rapport with your partners, employees and customers, helping you stand out from the competition.

 

3) Minimises Downtime and Disruption

Cybercrime comes in many different forms, some with more financial impact and some time-related complications. Should you suffer an outage or need to rebuild your infrastructure due to a security breach, this could mean a significant amount of extra work. Depending on your industry, it could even interrupt the products or services you offer.

Downtime also relates to reputation. If your customers face an outage or disruption to your products or services, they may look elsewhere to meet their needs without any worries of a data breach.

You also shouldn’t neglect the impact of a breach on your employees. Trying to find out the cause and solution can put pressure on your workforce and their morale.

Perhaps the biggest implication of downtime is the cost. Time costs money, increased workload costs and, ultimately, losing customers costs money.

 

4) Avoids Costs and Penalties


IBM’s Cost of a Data Breach Report identified that in 2021, average security breach costs reached a staggering $4.24 million.

The costs of a data breach may include:

  • Loss of revenue
  • Ransomware
  • Remediation
  • Penalties
  • Increased insurance premiums
  • Increased workload
  • Loss of customers

As we’ve already identified, these costs aren’t just limited to the ones on the list and can be tangible and intangible. Ensuring these risks are identified and accounted for within your security solutions will enable you to protect your business thoroughly, minimising the likelihood of them occurring while also staying legally compliant.

 

5. Enables Growth

Naturally, most businesses aim for growth, but how does that tie in with cyber security? Without a thorough cyber security process in place, you put your business at risk and aren’t ticking the basic boxes for growth.

COVID-19 brought many challenges. However, it wasn’t without a silver lining. As remote working became more common, businesses could hire employees from a wider geographical area. Remote working comes with security risks, so cloud security is critical for protecting a remote workforce against any security threats.

Automating security systems and working with a security partner ensures you’re secure and frees up time for your employees, allowing them to focus on other essential tasks and the growth of the business. 

At a management level, it’ll also create more time to focus on bigger, long-term goals and projects that allow the business to develop, rather than getting stuck in the day-to-day tasks.

 

Proving That Cyber Security Is Worth the Investment

There’s no doubt cyber security is worth the money and time investment so your business can keep operating as smoothly and successfully as possible. 

A fully comprehensive system ensures you’re protected from the risks, avoid any breach and continue focusing on the goals that help the business develop and grow.

It’s clear the investment in cyber security is worth your time and effort, but it’s about getting everyone on board with the decision to make sure the benefits pay off. Start by translating into numerical terms for the board to see so you can secure the investment and begin your cyber security journey.

 

Download Our Information Security Investment Guide

Looking for how to determine security ROI, maximise that ROI, build a business case and secure buy-in from the board? Download our guide to find out everything you need to know about information security investment.

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Information Security Investment

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