Investment in Security vs. Loss in Cyber-attack?

In 2016, NATO took a landmark decision – not in terms of political insights, but in terms of recognizing the world for what it is today. With increasing proliferation of online data exchanges, social media and online enterprise operations, cyber security has become one of the biggest threats to modern business. Two years ago, NATO took cognizance of this fact and recognized cyberspace as a warfare domain in 2016, illustrating its growing importance in today’s world.

All organizations recognize the need for having a cyber-security policy and deployments in place, but not all have followed through to complete cover. The main reason is cost of deployment. So that brings us to the literally million dollar question – would you rather save money on security, and lose it to cybercrime? What can be the reason for such apathy?

Many leadership executives feel the risk is over hyped. The ide behind this is about the relevance of cyber risk to smaller and mid-size organizations many feel that only big companies with billion dollars to risk, should be ready and prepared to fight cyber risk. Smaller players are usually not targeted so often.

Also, the fact that cybercrime is never the same kind of attack at the same place- makes people complacence. The very dynamic nature of the risks involved- the technologies used, the strategies designed and the information at risk, is all fluid- it could happen any time, anywhere. So maybe not now, and maybe not here- is the feeling behind this complacence.

Of course, expenditure and budget constraints is the biggest reason for not being security ready. Often times the expenditure amount looks too big in comparison to a “possible” attack, and the nature of losses is also vague. The result is lack of interest in security, and even taking it very lightly in terms of risk. Spending on something that undefined seems like too big a cost that will damage bottom-line and cut into profits.

But in real terms, what is the cost of this apathy? Much higher than we anticipate, and it will go much deeper than we estimate! Watch this space…