Make your Money Work for You: Four Smart Business Cybersecurity Investments for 2023

October 4, 2023

Every year, cyberattackers continue to grow more sophisticated, making it crucial for individuals and organizations to be prepared. From state-sponsored attackers to financially motivated ransomware gangs, these attacks are becoming more sophisticated and destructive as the technology industry continues to innovate.

However, this Cybersecurity Awareness Month, we are taking an ‘Action over Intimidation’ approach to get ahead of cyber threats. Watch the video.

In this blog post, we will offer valuable insights on optimizing your organization’s technology budget within its IT infrastructure. We’ll cover everything from generative AI technology to the reassurance provided by cyber insurance. Our aim is to help you gain a comprehensive understanding of how to make your cybersecurity investment deliver maximum value for your money.

Here are the four areas of cybersecurity strategies where you should be spending your budget if you are a North American business in 2023.

  1. Ransomware: The Sneaky Connection to Your Cybersecurity Wallet
  2. Machine Learning and AI: The Heroes and Villains of Cybersecurity for Credential Theft
  3. Beyond Firewalls: The Unpredictable Human Factor in Cyber Vulnerabilities
  4. Cyber Insurance: Your Secret Weapon in the Battle for Digital Resilience

Ransomware and its correlation to cybersecurity budget

Cybersecurity is an operational, non-revenue generating cost for any business, regardless of its nature of work or the size of the organization. Despite occasional doubts about its value, cyber threats are constant, with ransomware attacks occurring every 14 seconds.

Cutting cybersecurity expenses is tempting during economic instability, but this is precisely what threat actors hope for – a weakened defense to strike for maximum profit.

Our security experts advise against budget cuts. Instead, enhance infrastructure visibility and fortify your cybersecurity strategy with your IT team, whether in-house or external. The more you invest in infrastructure visibility, the better you can protect your organization. Use this guide to assess your IT infrastructure’s visibility.

AI-Powered Tools: The double-edged sword of cybersecurity for credential theft

A recent report from Darktrace shows that there has been a 135% surge in social engineering attacks that leverage AI technology to deceive individuals.

However, in the past decade, leading cybersecurity experts have wholeheartedly embraced machine learning (ML) and AI-powered technologies to safeguard critical IT infrastructure. They’ve done so by implementing tools like the Security Operations Center (SOC) and Security Incident and Event Management (SIEM) strategies.

Therefore, it’s safe to assert that investments in tools backed by ML or AI-powered technology are a reliable strategy to combat the notable increase in credential theft via phishing and social engineering attacks. This is driving advancements in ML and AI-powered defensive measures and is a prudent investment in today’s evolving threat landscape.

Beyond Firewalls: The unpredictable human factor in cyber vulnerabilities

Your security posture depends on the defenses you establish for employees, vendors, clients, and other stakeholders accessing your organization’s critical assets. Educating this front line of your supply chain about cybersecurity is crucial in today’s digital business landscape. These individuals are not just participants in the supply chain; they are critical links in the security chain.

Investing in comprehensive cybersecurity education empowers your workforce and partners to recognize, prevent and respond to cyber threats, reducing the risk of security breaches, data leaks and financial losses. It promotes a culture of shared responsibility, emphasizing their role in safeguarding sensitive information and ensuring business continuity. Share this infographic with your supply chain to reinforce the importance of cybersecurity.

Cyber Insurance: Your secret weapon in the battle for digital resilience

In the unfortunate event that your organization falls victim to a cyberattack, having the appropriate cyber insurance becomes absolutely vital. Think of it as your financial safety net, ready to support you in mitigating the consequences of cyberattacks and data breaches. This coverage encompasses legal expenses, customer notifications, and more, sparing your organization from facing a substantial financial burden all at once. Cyber insurance not only facilitates a quicker recovery, it safeguards your organization’s reputation and financial stability.

Furthermore, cyber insurance plays a proactive role in bolstering your cybersecurity efforts. It encourages comprehensive risk assessment and mitigation. Insurers collaborate closely with organizations to reduce risks and, as a result, lower insurance premiums. This partnership fosters a culture of ongoing security enhancement, especially crucial in an era marked by persistent cyber threats. To sum it up, investing in the right cyber insurance is not just a sound business decision; it’s a strategic imperative for safeguarding your organization’s reputation and long-term viability. Want to learn more about cyber insurance, watch this on-demand session.

In conclusion, we hope that with this guide in hand, you will be able to make informed decisions when it comes to your organization’s security. Learn more about Konica Minolta’s Security Services, and please do not hesitate to contact us for your cybersecurity needs.

Konica Minolta

Konica Minolta aims to partner with clients to Give Shape to Ideas by supporting their digital transformation through its expansive Intelligent Connected Workplace portfolio. Its business technology offerings include IT Services, intelligent information management, video security solutions and managed print services, as well as office technology and industrial and commercial print solutions.