The information security community by and large understands that it is in midst of an emerging crisis: organizations do not understand their technology well enough to counteract, let alone prevent against ever-growing security threats and breaches. If an organization expects to thrive it is imperative to protect proprietary information such as customer personal identifiable information (PII), bank account data, employee records, invoices, trade secrets, security clearance, and top secret files. Should this information fall into the hands of malicious entities, it could mean the downfall of your organization. In an age where the frequency and sophistication of attacks is growing at an exponential rate, reactive security measures alone are no longer adequate to protect your information.

Wavestrong can help your organization save time, money, brand name and resources otherwise spent repairing the damage caused by a security breach. Clients trust Wavestrong’s methodology, which puts an emphasis on security as a top priority rather than an afterthought. Wavestrong offers a suite of strategic consulting services under the guidance of some of the industry’s most accomplished consultants. Our professionals boast immeasurable experience providing strategic consulting services to an array of medium-large sized businesses and governmental agencies.

According to the FBI’s annual Computer Crime and Security Survey, “more than 500 businesses reported that data theft resulted in losses exceeding $50million…the total annual loss due to data theft was more than $170 million”. Hence, the expense of data theft prevention is merited, considering the substantial monetary costs alone. The term “cost” refers to intangible loss as well.

In addition to devastating organizations financially, the “cost” of a security breach include, without limitation:

Loss of employee trust
Loss of morale
Public distrust
The impression of weak security measures in place, inciting other cyber terrorists to attack
Loss of key business partnerships
Decline in customer loyalty
Media exposure

Clearly, ameliorative efforts will render an enormous strain on any firm’s financial, mental, personnel, and emotional resources.

Companies have more reason than ever before to increase their information security measures, let alone maintain their existing security budgets. What most organizations fail to realize, however, is that data theft due to a security breach is the sole largest cause of financial loss. Ironically, in an attempt to save critical cash flow, organizations often spend more money implementing security fixes than would have been allocated in a security budget.