How CFOs Can Improve Cybersecurity While Staying on Budget

January 11, 2019 0 News & Blogs

No matter what business you work for, every CFO has to ask his or herself the same question: How can I do the most for my company, without going over budget? When it comes to cybersecurity—a facet of business every C-suite executive needs to prioritize—one way to be both efficient and cost-effective is to partner with a Managed Service Provider (MSP). A cyber attack can devastate any company, and it is important for all CFOs to understand IT providers are an affordable, worthwhile investment that will give your company the best level of protection.

Here are just a few cost-effective ways that a CFO can maintain their company’s cybersecurity efforts:

#1 Understand Cybersecurity Risks

New cyber threats continue to emerge all of the time, and it is essential for company employees to be educated on these threats and the (different) damages they can cause. For example: a ransomware attack can hold your entire business operations hostage, while viruses can cause computers to stop functioning altogether. If you aren’t adept at identifying these differences, fortunately, IT providers are trained to understand the potential threats of each of these attacks and how to counteract them.

#2 Focus on Data Security

The cost of a data breach for a business can be staggering; making it even more critical for companies to download the latest security updates and ensure that their classified information is as protected as it can be. The average cost of a data breach can devastate any organization; they resulted in over $3.6 million in damages in 2017 alone, and are only expected to climb. A CFO can reduce the risk of a data breach by investing in a Managed Security Service Provider (MSSP), as they have all the resources you need to adequately protect your company from any threat.

#3 Do a Cost-Benefit Analysis

A lack of cybersecurity is no longer just a technology risk; it can be a significant financial risk for your company, too. A CFO should always allocate enough resources to protect the business with the latest security updates, malware protection, around-the-clock monitoring and more. Remember: a cyber threat can result in significant downtime, and significant downtime can result in a severe loss of business. Understanding the cost-benefit analysis of a Managed Security Service Provider (MSSP), which will keep your company protected from any attacks, is well worth the cost.

#4 Educate Your Employees

Cybersecurity is always evolving, and it’s important that employees know how to avoid becoming the next victim of an attack. A MSSP can offer frequent training sessions that focus on cybersecurity tips and tricks, and hone in on the best ways to minimize the chance of a data breach. Educating your employees will play a significant role in limiting cybersecurity mishaps and resulting company downtime, making it a worthwhile investment for your business.

#5 Ease Talent Shortage

Finding in-house employees that specialize in cybersecurity isn’t always an easy task, and it can be difficult for a CFO to curate an IT department with the qualifications the business requires. However, you can ease the talent shortage for your business by choosing to partner with a Managed Security Service Provider (MSSP) that understands the many risks of cybersecurity. An IT provider has access to top-quality professionals who protect your company and are available to provide additional IT support, 24 hours a day.

As a leading Managed Security Service Provider (MSSP), one that specializes in cybersecurity, CompassMSP focuses on helping businesses reach their full potential. Building an effective cybersecurity strategy on a limited budget isn’t always an easy task, but investing in IT security can help prevent the costly potential of resulting damages.

Interested in learning more about cybersecurity or how we can help boost your company’s protective strategies? Feel free to contact us at any time to schedule your FREE consultation.

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