With multiple economic indicators pointing to a recession, businesses are looking for places to cut the budget. Cyber Security can be a tempting target. It’s expensive and complex to manage, but it’s invisible when it’s doing its job. No wonder it ends up on the chopping block so easily. But that could be an expensive mistake. Cyber security risks tend to increase during a recession. It’s no place to cut corners when things get rough. If nothing bad has happened lately (thanks to security), businesses tend to think the risk is gone, and the desire to save money takes over, so they’ll cut security services. Here are a few reasons this is a bad idea.
Cybercrime can Increase in a Recession
During recessions, people become more desperate and commit more acts of crime and fraud, putting your network and data at even higher risk. While some businesses recognize the risk of typical property crimes such as theft or vandalism when times are tough, they may not be equally vigilant regarding potential cybersecurity breaches. Your valuable data deserves protection every bit as much.
Don’t Take Security Shortcuts
If a recession leads companies to reduce the number of workers, eliminate shifts or temporarily close a facility, businesses may think they can reduce or eliminate security. But the opposite is true. If hours of operation are reduced or fewer people are on the property, criminals have even greater opportunity for theft and cybercrime.
Be Aware of Employee Security Risks
If layoffs are part of your recession cost-cutting plan, former employees can pose a security risk. The best way to avoid creating a batch of disgruntled employees is to treat them with dignity and respect and do everything you can to provide them with the softest possible landing. That being said, protect your data and network by preparing for layoffs. Cut access immediately. Change passwords, lock down access – whatever it takes.
Add Remote Monitoring
Along with smart cybersecurity practices such as backing up data, using encryption, and keeping your anti-virus protection software up-to-date, consider adding or increasing your use of remote security monitoring services. While it’s true that hacking and other cybercrimes can occur without the criminal setting foot on your property, remotely monitored cameras are a cost-effective option for adding a layer of protection to your security plan.
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