Maximize Your Year-End Budgets with Cyber Investments

The end of the year is a critical time for businesses.

Budgets are being evaluated, and planning for the upcoming year is in full swing. This period offers a unique opportunity to make strategic investments that not only optimize current spending but also reduce long-term risks and costs. One of the most impactful areas to allocate your year-end budget is in cybersecurity, particularly penetration testing.

The growing threat landscape

Cyber threats continue to evolve at an alarming pace. In 2024, ransomware attacks surged significantly, with healthcare institutions experiencing a 264% increase over the past five years. Meanwhile, the adoption of AI in cybersecurity is reshaping defense mechanisms, emphasizing the need for proactive rather than reactive strategies to counter zero-day threats and malicious software in supply chains.

Source: Cyberint

Why cyber investments make financial sense now

Investing in cybersecurity is no longer just a technical necessity; it’s a strategic financial decision. Here’s why:

1. Cost of breaches

The global average cost of a data breach is $4.35 million, with losses from operational downtime and reputational damage adding up quickly. Penetration testing, a key preventive measure, can identify vulnerabilities before attackers exploit them.

2. Lower insurance premiums

Cyber insurance providers are increasingly requiring robust cybersecurity measures, such as regular penetration testing, to offer favorable rates. This can lead to 15% savings on premiums.

3. Compliance and competitive edge

Many industries like healthcare and fintech are tightening their compliance requirements. DORA, Digital Operational Resilience Act, effective from January next year, applied to 20 types of financial entities and ICT third-party service providers. It mandates comprehensive ICT risk management, regular digital security monitoring, incident reporting, compliance for third-party providers, and operational resilience testing, including penetration tests. Demonstrating a strong cybersecurity posture not only helps in meeting these but also enhances trust with clients.

Source: Statista, Cybercrime Report, Sep 2023

Strategic allocation: Penetration Testing as a priority

Penetration testing provides a detailed evaluation of your organization’s cybersecurity framework, simulating real-world attacks to expose potential weaknesses. Target, an American retail corporation that operates a chain of discount department stores and hypermarkets, suffered a data breach that compromised the personal and financial information of 40M customers in 2013. After conducting a penetration test on its system., the test revealed several vulnerabilities, including an unsecured server and weak passwords. As a result of a breach, Target paid out $18.5 million in settlements. This real-world example demonstrates:

• Identifying risks early: Understand where your defenses are weakest and prioritize fixes.
• Tailored solutions: Receive actionable insights specific to your business’s operational landscape, be it healthcare, fintech, or e-commerce.
• Building long-term resilience: Strengthen your defense mechanisms to stay ahead of the curve as threats evolve.

Making the most of the year-end budget

Given the urgency of cyber threats and the benefits of early action, Sunbytes offers a Free Baseline Threat Assessment, allowing our experts to scan your organization’s security environment and uncover potential risks. This will definitely empower you to make informed decisions to strengthen your defenses.

But that’s not all. Secure your organization for next year by investing €5,000 now to schedule our penetration test service for the first quarter of 2025.

Contact us before 31 December 2024 to secure your free baseline threat assessment spot and purchase our pen testing vouchers.

Invest now to save later

Cybersecurity is an investment in the future of your business. By acting now, you’re not only safeguarding your operations but also optimizing financial efficiency in the face of growing cyber risks. Use your year-end budget wisely to ensure a safer, more resilient tomorrow.