Can your business afford the real cost of a data breach?

Our Blogs 5th August, 2021

data breach

As any business leader who has endured the painful aftermath of a data breach will tell you, the effects can be absolutely devastating.

In addition to the hefty financial cost, the potential damage to your brand’s reputation can be tough to recover from. Customers lose trust in your ability to protect their private information, and media can prolong the problem by referencing the attack on your business in perpetuity. Rebuilding brand trust and loyalty is a difficult feat in the best of times, and could keep your company locked in damage control for months or even years.

Furthermore, businesses in highly regulated sectors such as financial services also run the risk of non-compliance where a breach was caused by a failure to adequately secure confidential information. This carries the potential for fines and substantial future audits which then drain more resources from the company.

On a personal level, business leaders and board members are often collateral damage after an attack which deals a significant financial blow to a company – not to mention the added cost and stress of requiring legal counsel and the difficulties in securing insurance for the business into the future.

Another factor that can’t be dismissed is the cost of time. Consider having all of your resources focussed on investigating exactly what information was lost and how, and then notifying everyone whom it affects. Where compensation is required, numbers can run into the tens of millions of dollars – potentially leaving the company fighting for survival.  

Weighing the cost of proactive security vs clean up

When weighed against the true cost of a data breach, the cost to implement the best possible security systems in order to avoid an attack is almost negligible.

This doesn’t mean deploying every possible security solution on the market. Rather, you want to select the tools that will provide the most peace of mind and go deep within your systems to find and eliminate your greatest risks.

Often, out-of-the-box solutions are not enough to meet these basic requirements – not when new vulnerabilities and increasingly clever and well-funded threat actors are emerging daily.

This is why security within a managed services arrangement, delivered by highly skilled security experts, generally provides the best possible protection against a data breach.

Ideally, your managed services provider should offer agreements that are completely customisable and consider your business’s unique security posture and operating environment.

Most importantly, managed services arrangements augment your internal team with cybersecurity professionals who have a large depth and breadth of experience to offer. Instead of going it alone, or spending significant funds on retaining the best minds in the business, these professionals are at your disposal as you need them – proactively focussed on helping you stay a step ahead of cyber threats to avoid even the most underhanded attacks.

Fight back against data breaches with VMaaS

62% of breach victims say they weren’t even aware of vulnerabilities in their organisation before a breach.

Countering this requires vulnerability management, where a vulnerability scanner constantly and proactively scans your entire IT environment for weaknesses. This process minimises your company’s vulnerable attack surface, and actively detects vulnerabilities in software configurations well before they can be exploited by threat actors.

More than just a one-off assessment, vulnerability management takes continual action to create a more secure network.

At Harbour IT, we not only provide IT security as part of our managed services agreements – we provide Vulnerability Management as a Service too.

Collectively, this delivers an extremely robust security solution designed to offer a high level of assurance while providing the additional benefit of giving your internal staff more time to focus on innovation and profit-driving activities.

Some of the security services we can provide as part of our tailored managed services agreements include:

  • Vulnerability Management as a Service
  • Disaster Recovery as a Service
  • Back up as a Service
  • Endpoint security
  • Infrastructure and app monitoring

We pride ourselves on forming lasting relationships with businesses across a wide range of sectors and taking the time to understand exactly how we can effectively support you in bullet-proofing your systems against a potential attack.

For a friendly chat with a cybersecurity expert at Harbour IT, please contact us.

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Harbour IT
enquiries@harbourit.com.au
Level 10, 401 Docklands Drive
Melbourne , Victoria , 3008 Australia
1300 785 926
Information Technology (IT), Cloud Computing, Managed IT Services, IT Infrastructure Solutions, Disaster Recovery, Professional IT Services, IT Security, Cloud Computing Security, IT Help Desk, IT Service Support Desk, Communications, Procurement, Systems Integration, Managed Print Services
Harbour IT
enquiries@harbourit.com.au
Level 8, 59 Goulburn Street
Sydney , New South Wales , 2000 Australia
1300 785 926
Information Technology (IT), Cloud Computing, Managed IT Services, IT Infrastructure Solutions, Disaster Recovery, Professional IT Services, IT Security, Cloud Computing Security, IT Help Desk, IT Service Support Desk, Communications, Procurement, Systems Integration, Managed Print Services
Harbour IT
enquiries@harbourit.com.au
Ground Floor, West Tower, 410 Ann Street
Brisbane , Queensland , 4000 Australia
1300 785 926
Information Technology (IT), Cloud Computing, Managed IT Services, IT Infrastructure Solutions, Disaster Recovery, Professional IT Services, IT Security, Cloud Computing Security, IT Help Desk, IT Service Support Desk, Communications, Procurement, Systems Integration, Managed Print Services
Harbour IT
enquiries@harbourit.com.au
Suite 207, Norwest Central, 10 Century Circuit
Baulkham Hills , Queensland , 2153 Australia
1300 785 926
Information Technology (IT), Cloud Computing, Managed IT Services, IT Infrastructure Solutions, Disaster Recovery, Professional IT Services, IT Security, Cloud Computing Security, IT Help Desk, IT Service Support Desk, Communications, Procurement, Systems Integration, Managed Print Services