Cetrom Support fixed all of my problems, their engineers are very professional, courteous, friendly and very efficient. If all customer service out there was like this, it would be a better world...- Mid-sized
In health, experts often use the popular adage, “an ounce of prevention is worth a pound of cure.” In other words, it’s easier to work hard to avoid a health problem than to fix one. And like someone going to a doctor only after their health is suffering, too often CPA firms seek out cybersecurity only after a serious breach or problem. By taking preventive action, CPA firms can potentially save millions of dollars in the long term. Understandably, some firms worry about the upfront costs of creating a strong culture of cybersecurity. To help clarify the cost and benefits of stronger cybersecurity, we looked to IBM, one of the world’s leaders in computer products and services. IBM recently released their annual “Cost of a Data Breach Report.” IBM found that 2021 was the most expensive year for data breaches in the 17-year history of their report. We used their stats and our proven experience working with CPA firms to do a cost-benefit analysis of investing in a stronger IT security solution. Read on to learn how you can better protect your CPA firm from disastrous data breaches.
Analyzing costs, even non-monetary ones, are a key part of any effective cost-benefit analysis. It’s important to attempt to put a dollar figure on all costs, even if estimated, for comparison’s sake. When investing in a stronger IT solution, the biggest costs are initial and monthly expenses along with the cost of culture change. All costs of building a stronger IT solution should be compared to the cost of a data breach. IBM found that the average size of a data breach is 25,575 records, each record costs the company $150 on average, and the total cost to a company averages over $3.8 million.
One of the key findings in IBM’s report was that it’s critical to invest in aggressive prevention and recovery strategies. According to IBM’s report, the important benefits of investing in a stronger IT solution are as follows.
Even with premier security and IT experts in charge, there is still a place for cybersecurity insurance. CPA firms should always carry cybersecurity insurance. Look closely at your insurance plan to confirm that your coverage includes the following.
It’s important not to assume that just because you have cybersecurity insurance that you’re completely protected. Validate what’s covered and ask your insurance company about specific situations and how they would be handled. Regardless of the level of your IT security, good cybersecurity insurance helps alleviate major risk. Cybersecurity insurance is ideally not something you want to use, but for firms with weaker IT security systems, they may find themselves putting in an insurance claim sooner than later.
IBM’s “Cost of a Data Breach Report” makes clear that data breaches today are more costly than ever. We encourage all CPA firms to do their own cost-benefit analysis, but we believe investing in a stronger IT solution will be beneficial for any firm seeking to avoid a data breach. At Cetrom, we offer an all-in-one IT hosting solution for CPA firms, and it’s 100% cloud based. Our cloud-based system combined with around-the-clock support and enterprise-level security is exactly what IBM recommends, reducing the chances and impact of a data breach. CPA firms who focus on investing in a strong IT solution, along with a solid insurance plan, can be confident that they’ve taken all the necessary steps to prevent a data breach. If you have questions about how to conduct a cost-benefit analysis for investing in a stronger IT solution, or what the exact costs are, contact Cetrom today.
Cetrom Support fixed all of my problems, their engineers are very professional, courteous, friendly and very efficient. If all customer service out there was like...- Mid-sized