Cyber security professionals have become critical to modern business operations as organizations and companies around the world work to protect themselves from cyber-attacks. Cybersecurity consultants identify problems, evaluate security issues, assess risk, and implement solutions to defend against threats to companies’ networks and computer systems. They deal with many variables when evaluating security systems and craft layers of protection in a fast-changing IT landscape. As technology has expanded and become more sophisticated, so have cyber security threats such as phishing, ransomware, and hacking. The total distributed denial of service (DDoS) attacks, attacks on servers that disrupt user access, for instance, are expected to hit 15.4 million by 2023, nearly double 2018’s 7.9 million, according to a report.

Protecting your digital assets is not a one-off task – it must be managed on a regular basis. Depending on the size and complexity of the company, there may be a number of areas that need to be addressed. It may seem like an additional expense to implement an IT security strategy, but in reality, it can save a company thousands or even millions of pounds in avoided breaches. Here are some ways that a cyber-security consultant can save your company money.

Protect against devastating financial loss

The most obvious way a cyber-security consultant can save you money is from preventing attacks that can result in potentially devastating losses. In October 2015 a UK based communications firm suffered a cyber-attack after weaknesses in their system were published online by a 17-year-old boy. The weaknesses allowed hackers to target the company’s website more than 114,000 times and steal the personal data of nearly 160,000 people. The firm said the fallout from the cyber-attack cost them in the region £42 million. So, here the consultants play a very pivotal role to safeguard against multiple threats

Reduce risk and associated insurance premiums

If the identifiable risks associated with cyber security can be reduced, insurance premiums will also decrease. This simple conclusion alone should be enough to show that hiring a cyber-security consultant is a wise idea. It is also prudent to have an accurate view of the risks, as underinsurance can leave a business in a vulnerable position. For example, it is no use having £50 million in cyber risk insurance only for a breach to cost you £150 million, and it has already been seen that many firms are underinsured against cyber-attacks in both the US and the UK.

Conduct audits and backups

As mentioned above, having an accurate understanding of the cyber security risk your company faces can reduce insurance premiums. Audits can be a source of opportunity and should be viewed as such. Traffic bottlenecks and other performance-related issues may be identified, along with potential security weaknesses. Simple changes can lead to an increase in productivity and profitability. Having frequent backups of company data will help protect against the costly interruption of business services due to malicious corruption or theft.

Hiring a cyber-security consultant or company

Committing to a cyber-security strategy can be a large task and it can be difficult to know where to begin. If the business is not large enough to support a full-time expert, hiring a consultant may be a cost-effective option. They are often far cheaper than full-time staff and offer competitive services due to the demands of the market. It is also worth considering consultants can be hired on a per-project basis from firms. The consultants can be hired for tasks such as an audit or security review. These have the benefit of having clear objectives and no ongoing costs. There are also benefits to hiring cyber security consultants on a regular basis for ongoing tasks. Even if there are established cyber security people on the payroll, it may be beneficial to engage consultants to work on stand-alone projects. Hiring a company with extensive cyber security experience usually happens in tandem with offsite data hosting and storage. Remote monitoring and analysis can be extremely beneficial. Experts in this field are skilled in identifying anomalies, monitoring traffic, and taking action to avert or disrupt a cyber-security breach.