Looking to mitigate unnecessary potential cost during a year of financial unknowns? We have four words for you: Keep. Your. Tech. Updated. In a pandemic year, cost savings to organizations are more important than ever, especially for small and medium-sized businesses. Mitigating unnecessary cost may be the difference between survival and not being around in 2021.
Why is outdated tech linked to higher costs? A new report by Kaspersky linked here, measured the financial impact of IT security on businesses. In a nutshell, the study found a direct correlation between higher costs in the event of a data breach and firms with notably outdated tech.
It’s logical if you think about it. Outdated tech opens up organizations to “holes” in their IT security. Outdated tech means programs lacking the most recent updates that are specifically and regularly designed to identify cybersecurity weaknesses and create updates to combat those weaknesses. Outdated tech also often means an IT security team that is not doing their job effectively.
Here are some significant findings from the study:
- Businesses that do not make regular updates lose 47% more money when experiencing a data breach compared to those that complete regular updates.
- Further, for small and medium-sized firms, the cost impact damage from a data breach can be as much as 54% higher compared to those organizations that deploy regular updates.
- The average cost of recovery from a single security incident is estimated to be $86.5K for small and medium businesses and $861k for enterprises.
- Summary of Findings: The financial cost of a data breach is significantly greater for organizations using outdated digital solutions.
Why Should Your Firm Keep Your Tech Updated?
When the evidence is so convincing, you might ask: then why are firms not regularly updating their tech? Organizations do not stay on top of updating their tech, continuing on with unpatched and obsolete software for many reasons — including, but not limited to: compatibility issues, lack of employee willingness to adopt new solutions, and lastly the fact that some solutions are owned by members of the c-suite.
Despite these potential roadblocks, the report by Kaspersky makes a strong case as to why updating obsolete software is imperative to firms’ cost-savings and data security. While tackling outdated software can be daunting for an organization, the cost-benefit data is clear: your firm will save money and protect itself from unnecessary financial harm in the event of a data breach.
Questions about updating your tech solutions? PK Tech is always here as a resource for your business. Get in touch here.