The ROI of Cyberstorage: Cost Savings and Business Continuity Benefits
In 2024, it’s estimated that cybercrime will cost organizations in the U.S. more than $452 billion with an estimated 2,200 attacks happening every day. It’s no longer about whether an organization will suffer an attack, it’s when.
Most organizations can count on enduring a significant cyberattack every 2-3 years, and all cyberattacks are after one thing — an organization’s data. Whether it’s obtaining customer information or intellectual property, bad actors are always after data.
Data is a business’s most important asset, which is why having the right cyberstorage solution can mitigate risks and reduce expenses in the long run.
Real-Life Example
In September 2023, bad actors bypassed human security controls at MGM Casinos, by coercing the help desk to offer up passwords. This resulted in numerous systems, including slot machines, hotel key cards, and escalators, being shut down. This incident ended up costing MGM $100 million, and it took weeks for the company to resume normal business operations.
After an attack, there are financial consequences, damages to customer trust, and a huge disruption in productivity. The MGM hack is just one example of the damage an attack can have on an organization.
The Consequences
An attack can severely damage an organization’s reputation, leading to a loss of customer trust and potential future business. In addition, if customer data is accessed or stolen, it could lead to financial and legal liabilities for the company.
The disruption in normal business operations can also lead to lost revenue and decreased employee productivity.
Investing in a comprehensive cyber plan supported by the right technical solutions can help prevent a cyber incident from costing you millions and putting your business at risk.
Cyberstorage as the Solution
How can a cyberstorage approach be a differentiator? There are three crucial components to a comprehensive cyberstorage plan that drive greater resilience and security – Detect, Respond, and Recover.
Detection happens by identifying threats early. At this stage, you can recognize and identify threats before they cause significant damage. This is a marked improvement from resilience solutions purely designed to mitigate technical or environmental failures or corruption.
Next, the response must be swift and effective, following predetermined procedures.
Finally, ensuring that your affected systems are restored and operations return to normal quickly, ensuring minimal disruption and data loss, is crucial. This recovery component is arguably the most important. This is where the right cyberstorage approach will be the defining factor in mitigating business risk.
Safely storing your data is critical. A good cyberstorage solution is resilient, provides automated detection of irregularities, can shut down access immediately, and ensures your data is available when it is needed.
These are just some of the reasons why I believe cyberstorage should be a part of every organization’s normal IT operations strategy. It’s there to safeguard your data when incidents inevitably happen. This isn’t a rip-and-replace approach that has a huge price tag, it’s a thoughtful approach of ensuring your IT systems have the right technology to enable data protection and resilience that the current threat landscape requires. Otherwise, not having a proper plan in place can end up costing your organization.
At Evolving Solutions, we work with our clients to determine the role that cyberstorage plays in their overall cybersecurity strategy and help identify and implement the integrations needed in their environment. We can help you get started down the right path to protect your organization and provide the resilience that you need.
