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There is no doubt cybersecurity represents a significant financial investment for most enterprises. Protecting networks, identifying and monitoring all endpoints and continually defending against ever-evolving cyber attacks requires highly specialized personnel and/or technology. But failing to invest in cybersecurity is simply not an option anymore. New reports indicate the average cost of a cyber attack currently exceeds $1 million. To better understand why your organization can no longer afford to not invest in cybersecurity, take a look at our cost-benefit analysis.
The Real Costs
With an average cost of $1 million, a cyber attack has the very real potential to cause lasting financial harm to an organization and could even threaten its viability to remain in business. Cyber attacks can result in the theft of critical data, loss of revenue and sales opportunities and can also cause interruptions in operations. It’s important to understand that the losses aren’t all purely financial either; 43% of recently survey enterprises reported reputation loss and negative customer perception following a successful cyber attack.
Validating The Investment
Cybersecurity is about mitigating risk, preventing significant financial losses and avoiding potential damage to operations and reputation. Any security investment should be considered against its contribution to the protection of the enterprise’s most important asset - its data. Consider the following points when thinking about your organization’s cybersecurity investment and how you might calculate a return on this investment:
- Cyber attacks are not always successful, but the results of just one successful cyber attack could be catastrophic for your business. Your efforts to mitigate those attacks need to be successful 100% of the time.
- According to a 2018 study, 71% of U.S. companies surveyed reported suffering at least one data breach over the past few years and 46% reported experiencing a breach within the past 12 months.
- The scope of attacks is constantly changing and expanding. In a recent security report, surveyed enterprises reported an increase in burst attacks, bot attacks, application-layer DoS attacks, HTTPS floods and DNS attacks compared to the previous year.
- Even if a data breach is identified and addressed quickly, the potential loss of brand reputation could have a long-lasting impact that may be felt for years.
- Interruptions in operations, which can result from a breach to a network or a supply chain, can translate to lost revenue and possibly to additional costs incurred to address any resulting safety issues.
Calculating The Return On Investment
To calculate the ROI of your cybersecurity investment, start by totaling potential expenses relating to mitigating the risk of a cyber attack:
- Cybersecurity personnel (salaries or time billed).
- Security solutions and countermeasures (hardware and/or software costs).
- Technical support and/or security consultant fees, as needed for setup and implementation.
- Employee training.
- Cost of insurance protection for data breaches.
Now consider potential costs associated with a data breach or attack:
- Lost revenue due to customer loss.
- Lost revenue due to an interruption in operations.
- Loss of sensitive data, schematics or trade secrets.
- Cost of identity protection services offered in an effort to retain customers.
- Ransomware fees.
- Reduced customer acquisition due to loss of reputation.
Below is a sample ROI calculation for a company that does not have a full-scale cybersecurity division within their IT group. They were looking for an off-the-shelf, flexible but robust security solution that would not require a team of costly specialists or IT consultants to set-up and deploy. Attila's GoSilent was the ideal solution for this company, providing government-grade Top Secret level security and integrating seamlessly with their existing network and their many endpoints. The below ROI calculation is based on a first year license for GoSilent devices and the Silent Edge service to protect the company’s network and 100 employee laptops. Comparing the expense of the security countermeasures to a risk scenario consisting of 12 security incidents within a one-year period at a conservative estimate of $38,000 per incident, we see that the ROI for this GoSilent deployment is nearly 600%. It should be noted as well, that in the subsequent years of the contract the countermeasure cost will be reduced, resulting in an even higher ROI.
|Sample GoSilent Enterprise Deployment|
Potential Loss per Incident
(Number of Incidents per Year) X (Potential Cost of per Incident)
GoSilent and Silent Edge Licenses 80k First Year, 36k Second Year
(ALE / Cost of Countermeasures) X 100%
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The latest wave of recent cybersecurity reports reinforces the importance of establishing internal security protocols and allocating budget for robust security solutions. Enterprises face increased threats from multiple fronts and require solutions that offer speed, agility and seamless deployment. Learn more about GoSilent’s next-generation technology, protecting data at the edge while ensuring a healthy ROI for your cybersecurity investment.