Why Your Business Requires Security

The States and Federal Identity Theft and Privacy Protection Laws now require businesses, agencies and organizations of all sizes to protect all personal information they store, and report to all their customers whenever a breach occurs. The financial ramifications after having a data breach can be very substantial to both present and future business. In some many cases a company never does recover from a breach and is forced to close down. Currently, the average cost on a company is $3.7M per incident.

Cutting Information Security in Hard Times is Dangerous


Although some analysts actually expect security spending to rise this year — at least as a percentage of total IT spending — some CIOs are giving serious thought to the once-unthinkable idea of trimming security budgets as businesses look to cut costs during this global recession. Before you start trimming here are five points to consider.

The risk of cutting security is that a security breach can be disastrous. The Ponemon Institute pegs the average cost of a data breach at $6.7 million.

When implementing a security solution, here are five areas to consider before investing:

1. Savings: In tighter economic times, you want to be sure that you’re getting the best value for your dollar. Look at the upfront costs, back-end modification costs and life-time cost of ownership. Compare this information with how much time /costs IT spends to manage current security solutions
2. Security: Two-factor or greater authentication & data encryption. While some solutions are very secure the cost of ownership versus the value of the data doesn’t match.
3. Simplicity: Amidst economic cutbacks, you need a solution that doesn’t require much of IT’s  valuable time and resources. Plus if solutions are too complex the employees will circumvent security for their own convenience.
4. Stability: Now more than ever, you need to know that the software you’re buying will continue to be supported for the next 5, 10, 20 years – protecting your investment, ensuring that your money is well spent.
5. Future-proof: Make sure the software decision you make today gives you choices in the future. The convergence of physical and logical access is a very hot topic today.

While there are free security software available online, but be careful since this has also been a vehicle to implant viruses, trojan horses, etc.

Click here to read more information on the cost of cutting security and ways to do it.

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