The U.S. has seen the cost of cyber crime quadruple from 2013 to 2015, and it is predicted to multiply itself again to reach 2.1 trillion globally by 2019.1 While it is common to associate cyber attacks with retailers and POS systems, the 2016 Trustwave Global Security Report revealed that corporate and internal networks were the most compromised environment.2
Considering the trends, your company may already have a target on its back. Organizations can no longer afford to run old systems into obsolescence and patch security holes as they are noticed. An un- or under-protected system puts your company at risk for losing more than just a chunk of your profits.
The average cost of a data breach is $6.5 million3 and when employee and customer information is compromised, lawsuits and legal issues can follow your brand for years. Other attacks can result in pricing information, distribution plans, intellectual property, and other proprietary information being publicized. This kind of leak can be severely detrimental, costing your company its unique product offering and competitive edge.
One way manufacturers are minimizing their vulnerability to data security threats is by making investments in technology and software to proactively keep systems up-to-date. But this strategy is not without its challenges. Planning a disciplined refresh cycle can be an overwhelming administrative burden and put a heavy strain on your budget.
Through a customizable leasing solution, we can help you finance technology on a disciplined refresh cycle with predictable monthly payments. Experts recommend a three-year cycle for computers and a four-year cycle for infrastructure equipment in order to keep your systems current with the latest in security protection and business efficiencies. Addressing data security with leasing can also save you money in the long run since paying for use of the equipment is less expensive than purchasing outright.
To explore how leasing with First American can support your strategy to protect against cyber crime, visit: http://famanufacturingfinance.com/CyberSecurity
1 Forbes. (January 2016) "Cost of Cyber Crimes"
2 Trustwave. (2016) “2016 Trustwave Global Security Report”
3 Weiser Mazars. (2016) ”The People Factor in Cyber Breach”