The average website is attacked every day. CSP and website security in general, don’t directly impact an organization’s ROI but they contribute to facilitating a maximum return. Ineffective website security often leads to significant negative consequences. Enterprises must protect their data assets, reputation, revenue, and customers by being proactive with security.
There’s no escaping the fact that your website needs strong continuous protection and monitoring in an era of ever-evolving cyber attacks. Nevertheless, enterprise executives often inquire about the ROI of CSP and other website security. This is because cybersecurity represents a significant, but necessary investment. Companies can benefit from the deployment of CSP and other standards-based website security measures in several ways.
NOT Investing in Security Isn’t an Option Anymore
Failure to invest in CSP and other website security measures is no longer an option. The global average cost of a single data breach is $3.92 million according to IBM and the Ponemon Institute’s latest Data Breach Report (2019). That’s also a 1.5 percent increase from the previous year’s study.
Image source: IBM & Ponemon Institute
The same study revealed that the average cost of a data breach in the United States is $8.19 million. Accenture’s latest Annual Cost of Cybercrime study found similar alarming information. The average annual cost of a web-based attack is $2,275,024 million. Additionally, malicious code attacks on websites cost businesses $1,396,603 million on average. These kinds of cyberattacks, in particular, can be well defended against with CSP and other standards-based security.
The following is Accenture’s graphical representation of the annual average cost of cybercrime by attack type.
Image source: Accenture
The Value of Website Security
Cyber attacks are a threat to every organization’s longevity, whether small or large. A website breach causes short and long-term financial harm. Enterprises have to deal with regulatory fines, reparations for damage to consumers, and any harm to reputation. All of which impacts customer trust and subsequently a website operator’s bottom line.
The true value of CSP and other standards-based website security is the ability to prevent cyber attacks. The loss of critical data or any lengthy interruption to enterprise operations inevitably leads to revenue and customer loss. Robust website security as defined by standard-based website security like CSP, SRI, HSTS and others mitigates risks and provides priceless peace of mind.
Furthermore, Standard-Based security policies are particularly adept at preventing website breaches. Attacks like XSS (cross-site scripting), clickjacking, formjacking, Magecart and other malicious attempts via code injection attacks or malvertising can be prevented with the right policy directives.
The following is an overview of available and recommended standards-based security.
Hackers Want Your Most Important Asset
Hackers go after the most important asset of any company, which is its data. Hence, all security investments should be considered by weighing the potential damage to the business and its customers due to data compromise. British Airways recently was assessed a $240M GDPR violation fine. A damaged reputation caused by a website breach can be insurmountable. The long-lasting impact on a business’s reputation and trustworthiness is severe even if the attack is contained quickly.
One successful cyber attack is all it takes to ignite a catastrophic situation. Therefore, ensuring you have mitigating measures implemented like CSP and other standards-based website security is essential. The real question becomes how much are your data, reputation, and revenue worth?
Taking a proactive approach is the only way to secure your company’s assets from loss. More cost is incurred when repairing damages caused by a cyber attack than incurred to prevent one. CSP and other standards-based website security measures are necessary commitments that should be seen as what they are: Part of doing business in the digital age.
Protecting Your Bottom Line
The PwC (PricewaterhouseCoopers) conducted a recent study that found many businesses are ill-prepared to protect themselves, let alone customers from a cyber breach. The study surveyed 3,000 executives from 81 territories. This is alarming because one cyber breach can ruin everything.
Bolstering your resilience to website attacks is the best way to significantly reduce the likelihood that your company will become a victim. Not only that, CSP and other website security measures indirectly improve revenues. This is because consumers trust enterprises that seem to have strong security measures in place. As a result, they tend to make more purchases and willingly provide sensitive information without fear.
All of the aforementioned protects and increases your bottom line.
Never Too Late to Get Serious About Website Security
Having robust website security is critical for any enterprise that wants to thrive. The long-term success of an organization and favorable consumer perception largely depends on how well it safeguards its assets.
Companies with adequate website security should enhance measures with standards-based security policies like CSP, etc. These policies are currently the best way to protect against XSS and other types of cyber attacks deployed by hackers. An Edgescan report found XSS to be the most common website security vulnerability.
CSP and other website security investments may not impact ROI directly but they are modern-day must-haves for ensuring website integrity. We’re in a digital era where the average website has to defend against 50 attacks per day according to SiteLock. Not to mention the harm caused by a data breach always leads to financial suffering. It’s never too late to get serious about cybersecurity.