You might think that IT companies are one step ahead of the game when it comes to cybersecurity. Yet, as the 2016 Uber data breach shows, even tech companies aren’t immune to hackers and other risks. In fact, an IT company might be an even more attractive target for some hackers.
What does a cybersecurity for IT company strategy look like, and how will it help you reduce risks? This guide has all the information you need.
Risks of Insufficient Cybersecurity
As an IT company, you know the importance of cybersecurity efforts. You probably have clients who look to you for security, or maybe you’ve invested in it yourself.
You might offer your customer vulnerability scanning or vulnerability management. You may even have considered the level of encryption you use on your servers. Training is a key component of your IT strategy for reducing cybersecurity risks.
All this combined is the start of a great cybersecurity program, but it doesn’t mitigate all the risks.
Risks are always evolving, so you need to stay on top of them. Compliance monitoring is also a key component of your cybersecurity policy. Are you handling data in a way that’s congruent with the current laws?
The average data breach costs companies almost $4 million. Some of that cost goes into fixing the breach or paying a ransom. The majority of those costs come from the customer side, though.
Many businesses lose customers after a data breach. Some may even be sued or need to compensate their customers for the exposure. If customers can show you weren’t handling your security in line with the law, then you may be at even greater risk.
Benefits of Cybersecurity for IT Company
An IT company, whether it serves individual consumers or businesses, needs to invest in security. You need to go a step further than any of your clients in securing your operations.
Investing in cybersecurity will save you money in the long run. It can help you:
- Avoid penalties from governing bodies
- Prevent lawsuits from customers
- Help you keep customers
- Limit damage payouts
Paying for cybersecurity measures up-front is usually more affordable than damage control. It may cost you more to bring your team in overtime to patch a breach or to hire an outside company.
If you have cyberliability insurance, your premiums will be lower if you take preventive measures. Your premiums should also stay lower if you take steps to minimize and avoid the damage a breach can do.
Good cybersecurity also protects your business by keeping information safe. This may be sensitive customer data, or it could be your business’s banking information.
It might even be important trade secrets. That could cost you market share if they were published.
Finally, good cybersecurity also helps you build your relationship with customers. It shows you value their privacy and information. It helps them build trust and confidence in working with you.
Good cybersecurity may convince more people to do business with you more often. Your security program gives them peace of mind.
What Should be in Your Cybersecurity Strategy?
Your cybersecurity strategy should be built into every aspect of your IT company. You should always be looking at the security features of any solution you build or offer to your customers.
That means you need to know how to deliver the best in cloud security as well as offering hardware security. What kind of encryption will you use? Devices on the network should have a firewall.
You’ll want to be able to train your own team, as well as provide training for your clients when applicable. Your team will need the help of your clients to provide truly great help with cybersecurity.
Think of phishing attempts as an example. Your team may be able to block some of these messages or give warnings about suspicious senders. You can’t do much if one of your client’s employees responds with sensitive information.
Good communication between yourself and your clients is also key. You’ll want to explain policies around passwords, software updates, and more.
Your team will also need to practice what they preach. Put the policies in place you want your clients to use, so you can lead by example.
Going the Extra Step
As an IT company, you’ll want to be sure you’re providing top-notch cybersecurity with all your services. You may provide cybersecurity as a specific service. It still needs to be considered in cloud storage and other offerings.
You may want to consider hiring an ethical hacker to supplement your own team’s work. The hacker can help you find weaknesses in your systems before anyone else. In turn, your team has a chance to patch them before a breach occurs.
You may also want to invest in cyberliability insurance for your business. This insurance will help to protect your business in the event a breach does occur.
You may also want to set aside part of your budget for investing in new IT cybersecurity technology. AI, new tools, and new training could help you stay on top of your cybersecurity.
Offering regular training is another key component of this strategy. Team members can learn new skills or become aware of new and evolving threats. They can stay up to date with best practices around cybersecurity.
In turn, your business will be more secure than ever before. That’s a benefit you can pass on to your clients as peace of mind.
Protecting Your Business Today and Tomorrow
A cybersecurity strategy for your IT company strategy is a must in this day and age. As an IT company, you need to stay one step ahead of the curve. That way, you’ll be able to offer improved security and peace of mind for all your clients.
Looking for more ideas for how to protect your business so you can keep growing? Check out more of our informative articles and stay on top of the latest trends.