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  • Writer's pictureCollette Booth

How You Can Justify the Cost of IT Security

Updated: Jan 13, 2020

In this blog I am focusing on highlighting the importance in heeding the warnings and being prepared that a Cyber attack could be only seconds away. Advice given by security professionals during meetings, security health checks or vulnerability assessments is often not prioritised and sometimes can even be ignored.

Cyber attacks are as prolific as ever. They can be used in incidences of espionage as part of modern warfare, currently executed by the USA and Iran. However, for ordinary people and global institutions, the largest majority of cyber attacks are carried out solely for financial gain.

Keeping our focus on business and taking a look at this year so far, travel money giant Travelex was the first big name brand of 2020 to hit the headlines with a catastrophic cyber attack. This incident is nowhere near isolated, but it does however further prove that no company, regardless of size and budget, is immune to exposure from a cyber attack. MALWARE IS NOT PREJUDICED! The stark reality is it will only get worse and failing to be prepared might be the difference between losing your reputation or, worse case, even your business. 

I often meet with IT professionals who are frustrated with their senior leadership team's lack of understanding of the consequences of a cyber attack. In order to accomplish the most secure possible scenario you have to obtain buy in from everyone within your organisation, especially those who hold the purse strings.​  I have worked with multi million pound organisations who (against recommendation) roll out one firewall at one site before planning or budgeting for remaining sites - If you have multiple sites with local internet breakout points, this is the equivalent of blocking one hole in a sieve.

Another common misconception is;

"If we are down for a couple of days it won't affect our business".

News Flash .....Cyber criminals do not want to take you down for no reason, they want your data and they want your money. Remember, they are not specifically targeting you, they are after everyone and anyone who has a vulnerability in their security. Without the correct security in place, you are just making it easy for them to make you their next victim.

Prevention is better than cure

In our industry we usually find that available budget can often miraculously appear after a security breach. However, at this stage costs can very quickly start to spiral and cleaning up after an attack can be many times more expensive than the cost of putting in secure solutions in the first instance. Unfortunately, at this point it may be likely the business will be facing a hefty fine from the ICO for failure to adequately protect valuable customer data.  So, how do we address the problems of budgeting, affordability and protection?

Spreading and predicting the cost of Security.

A sensible approach to cyber protection affordability is leasing. Spreading the cost monthly enables you to predict the ongoing cost of cyber security in the long-term and also brings with it additional business benefits. Customers who previously thought that they couldn't squeeze those essentials in their budgets are now able reap the benefits of a robust secure network infrastructure As the threat management landscape is ever changing, one of the greatest benefits of leasing is upgrading to the latest equipment every three years. This ensures your security posture will always have the capacity to cope with more demand for processing power and enhanced security services. If you know that your security budget is X amount per month, then when you come to the end of the term of your current lease, you can estimate that your ongoing cost will remain relatively stable.

Before speaking to my clients, many were unaware that they are able to bundle in high level support into a leasing agreement . After all, it makes more sense for the cyber security experts keep you up to date with firmware upgrades and also taking away a significant proportion of anxiety and worry that comes with day to day security management. 

Benefits of Leasing 

Tax Savings - Repayments that include any interest are 100% tax deductible unlike traditional capital expenditure purchases.

Spread Costs - Why pay upfront for depreciating assets ? Match your costs to return on your investment in your assets.

Low Management, Fixed Payments - with costs fixed for the term and the VAT Spread too, budgeting is easy.

Highly Competitive Rates - Our partner provides access to the largest funding panel in the UK (40+) and the very best rates.

Pain Free - Our expert partner manages the whole process for you and provides ethical, transparent documentation.

Turnkey Solution - Wrap all of your projects costs into one facility, complete funding for your entire expenditure.

To summarise, leasing not gives affordability and predictive costing. It allows you to move forward and protect your business without having to wait for a large capital expenditure budget.

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