Lucid IT Solutions

Demystifying Cyber Security: The True Cost of Protecting Your Business

Lucid IT Solutions

Cyber threats often hide in plain sight, often eluding detection. They are growing, evolving, and always ready to entrap an unprepared target.

You’re aware that your business can receive help from cyber security solutions, but what exactly is cyber security? Why spend on cyber security solutions, and are they worth the cost?

This article can provide the clarity you need to decide about investing in cyber security.

Overview of Cyber Security Solutions

Cyber security solutions can be confusing. What do they cover? How much should they cost? Let’s start with some basics.

What is Cyber Security?

Cyber security is the practice of protecting your computer hardware, software, and data against cyber threats. Thus, a cyber security solution is any service or tool used for providing such protection.

What are cyber threats, cyber risks, and cyber-attacks?

The Australian Signals Directorate (ASD) defines a cyber threat as “any circumstance or event with the potential to harm systems or information.” Some common types of threats are:

A cyber risk is an area that can be exploited by a “cyber actor” or a “bad actor”. When they actively leverage the cyber risk, it becomes a cyber-attack.

The cost of cyber-attacks and the harm they cause

An attack can damage your business in terms of:

Of course, the harm from cyber-attacks has a price tag.

That is why you need cyber security solutions: so you can avoid a cyber-attack – and the price that goes with it.

What Cyber Security Solutions can protect your business?

Various measures can reduce your risk from cyber threats. The Australian Cyber Security Centre (ACSC) has identified eight cyber threat mitigation measures, collectively known as The Essential Eight:

  1. Application Control prevents unauthorised software (not in your whitelist) from running on your systems.
  2. Patching Applications keeps your apps updated with the latest security patches, fixing vulnerabilities before they can be exploited by anyone.
  3. Configuring Microsoft Office Macro Settings helps protect against malicious macros that can be embedded in Office documents.
  4. User Application Hardening increases protection by disabling unnecessary features and settings and applying security best practices.
  5. Restriction of Administrative Privileges limits the number of people with administrative privileges on your systems.
  6. Patching Operating Systems stabilises and secures your operating systems vs exploitation of vulnerabilities.
  7. Multi-Factor Authentication requires additional layers of log-in security, preventing illegal use of your accounts.
  8. Regular Backups ensures you have a copy of your data in case of a loss, breach, or corrupted, resulting in shorter downtime/disruption.

In general, The Essential Eight makes it more difficult for attackers to gain access to your systems, steal your data, or disrupt your operations. But how do you implement them?

Cyber Security Solution Providers

IT consultants and service providers can help you plan and implement a cyber security strategy consistent with The Essential Eight. They should be able to provide your business with:

Now, every item on any provider’s menu will entail a cost, but nowhere near the price of a cyber incident.

The cost of cyber security services can vary widely, depending on:

How would you know if you are paying the right amount or getting a fair price quotation?

Is your cyber security worth its price?

You can use the risk assessment framework to get a fair answer to the question.

1. Identify and quantify risks

You can have risk probability table like this:

CYBER THREAT% PROBABILITY IT WILL HAPPEN
Data breach17%
Ransomware10%
Phishing32%
DDoS attack8%
Malware20%

2. Determine downtime cost

3. Add up the costs

For example:

How to make Cyber Security Solutions worth it

Aside from “Is it worth it?”, you can also approach the matter from the perspective of “How can we make it worth the price?” Here are some suggestions to get the most from your cyber security spending:

1. Ask the right questions.

Before making any final decision about cyber security solutions, it would be good to answer questions like:

2. Do a thorough audit.

A complete audit is essential so you will be spending on solutions that matter to your business, not on solutions that you don’t need.

3. Invest in a long-term strategy.

Focus on a balance of current protection and continuing prevention. Avoid viewing cyber security as just a way to comply with regulations. Also, there will always be new threats that your business will face, keep an eye on the latest cyber security trends and solutions.

4. Monitor for overspending and misspending.

A huge budget for cyber security solutions does not always mean your business is safer. Make sure you are getting your money’s worth and that there are no overlapping solutions.

5. Leverage cyber security for business growth.

Inform your customers about your cyber protection strategies. Utilise it to attract new business. Be fully committed to building a cyber aware culture in your organisation and communicate your efforts to your target audience. A good cyber reputation can go a long way to help grow your business.

The real value of Cyber Security Solutions

The value of cyber safety is not just in the tangibles but in:

When you receive a quote from a cyber security services provider, remember: You want to shield your business from potentially destructive – and costly – cyber threats lurking in the web.

Ready to make an informed decision on cyber security solutions? Or do you want more details before taking the next step? Either way, Lucid IT’s cyber security specialists will be glad to assist you. Contact us at 1300 258 243 or hello@getlucid.it.

Exit mobile version