It’s well-known in business that you need to balance money spent versus money saved. The most effective, cost-cutting data security solutions have one thing in common — the costs that come with them. Therefore, business leaders looking for a change must make sure their tools will keep them out trouble with money or their reputation, without placing an undue burden on their work in the process. This is where proof of value becomes essential — and where the recent Total Economic Impact (TEI) studies from Forrester Consulting and IBM can be useful for businesses considering a smarter data security investment.
Why Should Businesses Invest in Cybersecurity?
Today, the average global total cost of a data breach amounts to $3.86 million. It’s a staggering figure, to say the least, and an increase over the previous year. Will the 2020s be defined as the decade when costs continue to spiral out of control — or when security leaders finally got a handle on it?
There are plenty of reasons to want to cut down on these costs. Avoiding a breach means avoiding negative press, maintaining a strong brand name, keeping clients happy and preserving trust. It’s good for business! However, pleasing everyone from everyday consumers to coveted Fortune 100 accounts is only part of the equation. In many cases, best practices come down to abiding by the law. Many regulations today focus on preserving data privacy, security and integrity, and regulations are increasing in number each year. Failed compliance with an audit can cost a business over $15 million for a single infracti ..
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