Every CEO’s initial reaction to the word inflation is to cut – people, budgets, and corners. Oftentimes, the IT budget is one of the first “cuts” under consideration. Cybercriminals are working overtime to find any potential oversights in businesses that are still adjusting to the new normal (higher prices, global shortages, recovering from a pandemic, etc.) making your cybersecurity critical in times like these. Without the proper protection, your business can be left vulnerable to a catastrophic attack.
Determining how to cut costs without sacrificing efficiency, creativity, and stability is a large feat. Most companies can’t achieve it without help from a trusted advisor.
Prices Are Surging
The cost of parts and labor is increasing globally, so businesses are combating this by increasing the price of their services as well. This includes software, applications, devices, etc. And thus, contributing to the never-ending cycle of inflation.
On the other side of that, cybercriminals are real people (crazy, I know) whose cost of living has also gone up. Therefore, their incentive for crime has as well.
Cutting Corners
Inflation causes companies to cut corners. They reevaluate what they think is necessary and oftentimes make decisions that end up hurting their business. The imbalance created by lowering compensation, downsizing, and not keeping technology up to date leads to dissatisfied employees and higher resignation rates. Again, leaving potential gaps in their security.
Technology also supports employees to achieve great work. Nearly half of workers say they’re likely to leave their current job if they are unhappy or frustrated with the workplace tech. Focusing on your employee's mental health and personal well-being relies on IT working.
Tough Decisions
Among the tough decisions that CEOs need to make, some are made for them. With supply chain issues and tighter budgets, businesses are now wrestling with what to buy and when. Some pressing upgrades are being pushed out for at least a year which is troublesome since regular upgrades are needed to strengthen security.
Knowing The Risks
I’m sure you’re tired of hearing about inflation rates and how astronomically high they are right now, but it is something that needs to be talked about, so you are aware of the potential implications and cyber risks.
There are some small but beneficial things you can do to save money without slashing your IT budget. Systemverse helps companies make those tough budgetary decisions and offer unbiased opinions on what upgrades are necessary and how long you can go without them. Reach out to us at [email protected] if you would like to learn more.
