Updating your security policy may seem like something you’re always intending to get to later. You’ve heard that a breach is costly, and you’ve seen in the news how much it can disrupt business plans. If your team is considering whether managed security might be a good investment to prevent a data breach, here are eight reasons you should make this a priority:
A data breach doesn’t just affect your company; you may find that deals fall through because your business partners no longer trust that you will be able to meet their standards for security.
Your Business Model
If your ability to keep pace with competitors is dependent on data security, such as in finance or health care, it’s really no question whether to invest in a third-party security solution.
Your staff will spend a staggering number of hours trying to reclaim lost data and restore business processes, which may cause you to lose valuable talent. The setbacks keep deepening as you try to get back on your feet.
Your Business Value
This is the risk of not doing what’s right for your business by adequately investing in security tools to protect data, systems, and your reputation. It’s the cost of not reaching your full potential.
It’s not just the cost of downtime or data recovery; it’s the fallout of your clients or customers that no longer see your brand as one that takes a proactive approach to data security.
Your Future Deals
Once your company has experienced a significant, public breach, you may miss out on potential opportunities because you’ve been labeled a risk in the corporate ecosystem.
You may be faced with penalties, fines, and even legal fees if a case can be made that your company did not properly follow regulations.
Your Ability to Resolve a Data Breach
If you experience a breach, the remedy may not be as simple as retrieving your backup and informing your customers. It may be that the malicious actors continue to misuse your data or engage in a series of bait-and-switch games that have you paying ransom for your data, only to receive an encrypted file without the key.
The Case for Managed Security
There’s a lot at stake when you experience a data breach. It’s no wonder that the U.S. Security and Exchange Commission estimates that 60% of small and mid-size businesses will no longer be in operation six months after a significant breach.
Investing in managed security services gives your company a way to address these risks. For a monthly subscription, you get access to security experts with a wide range of knowledge and skills. They are also up-to-date on the latest tools and solutions, removing that pressure from your in-house IT teams. They will also be able to identify vulnerabilities and risks as you add new technology, providing insights into how it impacts your security plane and what tools are available to mitigate the situation.
Essentially, when you partner with the right managed security services provider, you are gaining peace of mind. Of course, there’s no silver bullet against hackers’ efforts to infiltrate your systems and data, but a managed security provider can reduce those risks and then limit the damage if you experience a breach. To learn more about managed security, contact us at eXemplify. We can assist you in identifying specific needs and then choosing a managed services provider that fits your unique situation.