The Value of Cybercrime Prevention Outweighs The Cost

From poor hires to workplace injuries, costly mistakes happen at every organization. However, even just one cybercrime incident can cost your company millions of dollars. According to Harvard Business Review, the average annualized cost of cybercrime for global companies has increased nearly 62% since 2013, from $7.2 million to $11.7 million. However, security breaches don’t discriminate. Unfortunately, many small to mid-sized companies are hacked every day. With research showing the percentage of security breaches going up each year, it’s fair to say that investing in cybercrime prevention has become a necessity.

While it may be tempting to think advanced technology is the only answer to this issue, the reality is that your front-line workers are truly your best defense when it comes to preventing or reducing cybercrime’s potentially cataphoric effects on your organization. This idea is supported by a 2014 IBM report which stated that “over 95 percent of all security incidents investigated recognize ‘human error’ as a contributing factor.” With statistics like this becoming increasingly common, it’s the responsibility of companies to educate and empower employees about this issue. This is not just about having a reliable IT department, but rather making sure your entire team has ample knowledge and tools about how to spot potential cybersecurity attacks through email accounts. By directing your focus and attention on training your people, you can reduce the likelihood of harmful behaviors.

However, with a focus on human behavior being at the forefront of cybercrime prevention, remember that it’s the integration of both technology and training that make for the best outcomes. According to csoonline.com, technologies that are known to save companies millions on average include security intelligence systems, encryption, and advanced perimeter controls and firewalls. Accompanied with sufficient employee training, these types of software have highly significant investment returns.

The cost of cybercrime prevention surely outweighs the cost it can have on your organization. The first step to effective prevention is to employ a highly equipped workforce. Invest in your workforce with Nielsen Associates , a leading staffing provider of permanent and contract human resources, marketing, information technology (IT) and accounting/finance professionals on Long Island and in the tri-state area.