Too many bosses are reluctant to spend money on cybersecurity. Then they get hacked

Many businesses still aren’t willing to spend money on cybersecurity because they view it as an additional cost – and then find they have to spend much more cash recovering from a cyber incident after they get hacked.

Cyberattacks like ransomware, business email compromise (BEC) scams and data breaches are some of the key issues businesses are facing today, but despite the number of high-profile incidents and their expensive fallout, many boardrooms are still reluctant to free up budget to invest in the cybersecurity measures necessary to avoid becoming the next victim.

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The cost of falling victim to a major cyber incident like a ransomware attack can be many times more than the cost of investing in the people and procedures that can stop incidents in the first place – something many organisations only fully realise after it’s too late.

SEE: A winning strategy for cybersecurity (ZDNet special report) 

“Organisations don’t like spending money on preventative stuff. They don’t want to overspend, so a lot of organisations will sort of be penny-wise and pound-foolish kind of places where they wait for the event to happen, and then they have the big expense of cleaning it up,” Chris

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