Why Companies Need to Invest More in Cybersecurity
Why Companies Need to Invest More in Cybersecurity
As technology advances businesses face new threats making the need for robust cybersecurity measures critical. While many companies have adequate IT spending in other areas, cybersecurity often lags behind—leaving businesses vulnerable to evolving threats. Emerging risks, stricter compliance mandates, and evolving insurance requirements are pushing companies to prioritize cybersecurity investments to protect operations, maintain regulatory compliance, and safeguard their bottom line.
Recent data underscores this urgency. According to Kaspersky’s IT Security Economics report, companies plan and/or should increase their cybersecurity budgets by an average of 9% over the next two years to address growing threats and complexities. This increase reflects the importance of strategic IT spending to safeguard data, networks, and reputations.
Here’s why increasing your IT investment is crucial and what key technologies your business should consider adopting.
1. Rising Insurance Premiums for Companies Without Strong IT Measures
Cyber insurance providers are tightening their requirements, making it harder and more expensive for businesses without strong cybersecurity measures to obtain coverage. Companies lacking comprehensive protocols are seen as high-risk, leading to inflated premiums or outright denial of coverage.
According to Forbes, cyber insurance premiums surged by 79% in 2023, with insurers citing poor security practices as a primary factor. “We only underwrite businesses with documented cybersecurity protocols, including managed detection and response (MDR) solutions,” stated an industry expert from a leading insurance firm.
By investing in advanced IT cybersecurity solutions such as advanced threat detection, firewalls, and email protection, businesses can demonstrate to insurers that they are taking proactive steps to mitigate risk—potentially leading to lower premiums.
2. Compliance Regulations Are Becoming More Stringent
Compliance mandates across industries are becoming more demanding, requiring companies to demonstrate robust cybersecurity practices. Whether it’s HIPAA, PCI DSS, or NIST, regulatory bodies now expect businesses to maintain ongoing IT monitoring, secure data practices, and incident response strategies.
A Ponemon Institute study found that 69% of companies without IT compliance measures faced fines averaging $2.1 million per incident. Regulatory bodies are increasingly conducting surprise audits, and failure to comply can result in severe penalties, loss of customer trust, and reputational damage.
Investing in IT services ensures that your business remains compliant and audit-ready.
Cybersecurity Measures Your Business Needs
To safeguard your business against rising threats and meet insurance and compliance requirements, here are the key IT services and technologies your company should consider:
Managed Detection and Response (MDR)
MDR services provide 24/7 monitoring of your network to detect and respond to threats in real time. This proactive approach helps mitigate cyberattacks before they can cause significant damage.
Endpoint Detection and Response (EDR)
EDR solutions monitor and protect individual devices such as laptops and desktops from sophisticated threats. By identifying anomalies and containing breaches, EDR solutions are critical for remote and hybrid work environments.
Next-Generation Firewall (NGFW)
Traditional firewalls are no longer sufficient to protect against modern threats. NGFWs offer advanced capabilities such as deep packet inspection, intrusion prevention, and application awareness.
Zero Trust Architecture
Zero Trust security assumes that no user or device should be trusted by default. By verifying every access request and continuously monitoring user behavior, Zero Trust architecture significantly reduces the attack surface.
Email Defense Solutions
Email remains a primary vector for cyberattacks. Advanced email defense solutions filter out phishing attempts, malware, and other threats before they reach your inbox.
Data Backup and Disaster Recovery
Data loss can be catastrophic for any business. A comprehensive backup and disaster recovery solution ensures that your critical data is safe and can be quickly restored in the event of an attack or hardware failure.
How TCI Can Help
At TCI, we understand the challenges businesses face in today’s complex IT cyber landscape. Our comprehensive IT services are designed to keep your business secure, compliant, and resilient.
Whether it's MDR, EDR, next-generation firewalls, Zero Trust frameworks, or email defense, we provide the expertise and solutions you need to navigate these challenges confidently.
Start 2025 with a Fresh, Secure Approach
Investing in IT Cybersecurity Services today can protect your business from rising insurance costs, compliance violations, and cybersecurity threats tomorrow. Let TCI help your business start 2025 with a fresh, secure approach to technology.
Contact Us today to learn more about how we can support your IT goals.
