Cybersecurity is a growing sector of the tech industry, and a proper cybersecurity strategy has the ability to save your company money! An ever-growing portion of our lives and work are online, and this needs to be protected. This is where cybersecurity comes in. But how can a cybersecurity strategy save your company money?

Reducing The Likelihood of Data Breaches

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As the internet grows in scope and accessibility, the number of cybercriminals also increases. A massive 63% of cyberattacks are a result of financial motivation. This is because attackers can demand ransom money for actions such as not releasing confidential information. The average cost of a data breach is over $9 million, and this is before possible fees such as regulatory fines or consumer loss!

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This is a significant threat to any business and can lead to devastating financial impact. Therefore, it is critical that an effective cybersecurity strategy is in place in order to reduce the likelihood of data breaches.

Reducing Phishing Attacks

Phishing attacks occur when a cyberattacker tries to entice users to ‘do the wrong thing,’ such as click a dangerous link. Employees are often the most susceptible to these kinds of threats and it can cost the business time, productivity and fines related to data breaches.

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During Q1 and Q2 of 2022, phishing attacks on businesses increased by 48%. It is also expected that this cost the business sector a total of $12.3 million. By employing a cybersecurity analyst and developing a powerful strategy, you can reduce the risk of these attacks on your company.

Maintaining Consumer Reputation and Satisfaction

Consumers are becoming more aware of data protection rights and online privacy. 84% of consumers expect that businesses should be held responsible for protecting their data. However, if personal data is leaked, consumers will be more likely to switch to a competitor, and be less likely to recommend your company to others. By investing in a cybersecurity strategy, customers are more likely to feel confident in allowing you to handle their data.

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These are some of the ways in which a cybersecurity strategy will save your company money. But how do you create a powerful strategy that will be effective? This is where a cybersecurity analyst comes in.

What Does a Cybersecurity Analyst Do?

The everyday tasks of a cybersecurity analyst will change depending on the business in which they work. Analysts in larger companies will work within a team and may specialise in specific areas. In smaller companies, their jobs will often be more generalised.

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However, one of the most important jobs a cybersecurity analyst will do is create an effective cybersecurity strategy that will save your company money.

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Key responsibilities include:

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• Monitoring the network for external/internal threats or weaknesses. These can come in the form of cyber attacks, illegal activity, unauthorised use of the network by authorised users, phishing - and more!
• Conducting threat research in order to test the network. Analysts can do this by way of things like ‘ethical hacking’ to simulate threats, but also by keeping up to date with new developments in network security.
• Developing endpoint management to keep all ends of the network secure. This is especially important in the new age of working from home.
• Programming on an intricate and highly-knowledgeable level.
• Creating reports that concern a variety of issues such as: network updates; tackling security incidents if they occur; determining new threats; guidance reports for other staff; and detailed incident reports.
• Staying up to date with new security technologies and systems.
• Patching up issues and installing new software when needed.

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Cybersecurity analyst is a key position in the tech industry, and demand for them is massively increasing. As a business, it may initially feel difficult to justify investing in a cybersecurity strategy. However, cybersecurity ensures safeguarding of your business processes instead of facing steep costs trying to recover any lost data.

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If you are interested in recruiting a cybersecurity analyst, get in touch with us and we can support you in finding the ideal candidate for your business!  

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