Reducing your cyber security budget could cost you more money

Since the EU referendum, CFOs in the UK’s largest companies have been more cautious about their spending, particularly on investment and staff.

Research by Deloitte found that 73% of CFOs of FTSE 350 and other large UK companies are “less optimistic” about their companies’ financial prospects than they were three months ago.

Cyber security – secure your businesses future

On the face of it, reducing investments and cutting back on recruitment makes financial sense. However, with the immediate threats cyber criminals pose, it’s a bad idea to reduce cyber security budgets.

A cyber security incident that harms an organisation’s ability to deliver its products or services will have a financial impact.

A data breach affecting a company’s staff or customer data will also have a financial impact.

According to the latest Risk:Value report from NTT Com Security, 57% of businesses in the UK expect to be breached and anticipate an incident would cost them an average of £1.2 million.

Can your organisation afford to risk a loss of £1.2 million, especially as the UK heads into economic uncertainty?

Spend smart – ISO 27001 provides a cyber security baseline

Implementing cyber security best practice into your organisation doesn’t have to cost as much as you might expect.

Responsible businesses that want to protect themselves should look to the international standard for cyber security, ISO 27001. An ISO 27001-compliant information security management system (ISMS) provides a risk-based approach to data security that can be applied across the firm and throughout the supply chain.

Help towards ISO 27001 certification

IT Governance has been helping organisations implement ISO 27001 for well over a decade, and is your single source for everything to do with ISO 27001 – from the Standard itself to booksdocumentation toolkitstraining coursesconsultancy and software to help you implement an information security management system.

Starting at just £380, our ISO 27001 Packaged Solutions combine all of these resources in fixed-price packages to suit all needs.

Leaving the EU won’t stop international cyber crime. Secure your business today >>