When recession fears start to appear in the headlines, companies and organizations first come up with ways to cut their spending and increase the budget. Often, they will make a mistake and try cutting the budget in the areas they should instead work on improving, such as cybersecurity.
Recession and business security
While there have been several recessions throughout European history, since 1960 Europe as a whole has experienced only four of them according to Rabobank research. While some lasted months such as the first oil crisis, others, such as the Global financial crisis tortured nations for years. Worst of all is that even once the recession is over, economies still have a long recovery process. For some countries such as Ireland and Greece, recovery from recession took a lot longer than a recession itself. Not knowing when it will start, how long it will last, or even which industries will be affected the worst makes it one of the greatest fears any business owner can have. This is why they always focus on the bottom line, trying to prepare their business as best as possible. Unfortunately, that means reducing the budget and cutting what they consider unnecessary expenses. Quite often, they will feel cybersecurity is one of those expenses. The truth is that the situation should be completely opposite as in desperate times, there is more danger of criminal activity, especially fraud.
Your cybersecurity strategy is the only thing that stands between your business and malicious actors. The irony is that the fact that the cybersecurity strategy is so effective is the reason business owners believe they don’t need it and can get away with reducing it. Don’t wait for cybercriminals to prove you the opposite. Dealing with recession and accepting the necessary changes doesn’t mean you have to reduce your cybersecurity strategy. Instead, you should approach it smarter. By making informed choices, you will not only have an effective strategy, but you could even improve it despite the recession.
How can you increase your business security despite the recession?
Companies often get lulled into a false sense of security because they haven’t yet been victims of a cyberattack or other fraudulent activity. They convince themselves it is because they are not big enough to attract the attention of scammers, so they should be fine. Unfortunately, we live in a world where fraud attempts are increasing daily. The question is no longer whether you will become a victim but when. By introducing the following steps, you can improve your business security and mitigate the risk of online dangers even in recession times.
1. Assess your security strategy
You might be losing your money on unnecessary aspects of your business without even realizing it. By reviewing your security strategy, you will be able to identify any possible vulnerabilities and weak points fraudsters can exploit and fix it before that can happen. Not only that, you will be able to use your findings to identify areas you should concentrate on, allowing you to use your funds more efficiently instead of wasting them on unnecessary elements.
2. Accept changes
Keeping up with industry trends is essential in any element of your business, especially cybersecurity, as this area is constantly changing, trying to stay ahead of cybercriminals. It is time to accept those changes instead of relying on the same old methods that left you struggling to keep up. Innovative cybersecurity companies such as SEON utilize machine learning and artificial intelligence to transform and update necessary processes such as onboarding or customer verification to ensure the business and customers’ safety. These technological advancements allow them to create adaptable cybersecurity tools that can reduce operational costs while increasing efficiency.
3. Prioritise your employees
Your employees are your first and your last line of defense. You are putting your business in grave danger by leaving them unprepared for dealing with the new security challenges. You would train them how to deal with any other element of the business you deem necessary, so why is cybersecurity any different? You can strengthen your cybersecurity layer by educating your employees about recognizing, reacting to, and preventing malicious attempts. Just consider how much more cost-efficient it is to educate and train your employees than to deal with the aftermath of a cyberattack.
4. Introduce and implement clear and strict security policies and procedures
This step applies to your employees and customers, as threats can come from anywhere. The security policies and procedures explained by Polyglot Group, define the rules of operation, standards, conditions, and guidelines your employees and customers need to follow. This helps you ensure your business stays protected from potential threats while staying compliant with regulations.
We can’t prevent a recession, but we can change how it affects us. By thinking long-term, planning, and implementing changes before the worst happens, you will be on the right track to survive it and increase your business security in the process.