The application of security technology to business operations, especially considering present-day cybersecurity risks, can offer businesses the opportunity to use technology to improve business operations, increase efficiency, and reinforce security. Long-term, these improvements will also add up to savings.
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Can You Save Money by Investing in Security?
When things go well, security technology pretty much goes unnoticed. Then something happens, and business owners and executives may find it on their radar. But budgeting and often cutbacks may lead to fewer resources being dedicated to security technology. It’s only after the fact, that most of us wish we had done something sooner, increased the budget, or introduced new processes.
How Much Will It Cost?
Indeed, security systems do not generate revenue, so often the Return-On-Investment isn’t visible. But while not generating revenue, they certainly protect what does generate money for you.
Consider how much you may lose or must spend for damage in the wake of an incident. When considering legal fees, brand damage, downtime, and penalties, it will add up. So, the ROI instead of the alternative of what may be lost is worth considering. The benefits may way outweigh the investment considerably after in-depth analysis.
Your investment expenditures will need to cover:
- Licensing fees for technology and the number of employees involved
- Training for employees whether remote or in-person
- System integration with pre-existing technologies
- Assistance, consultations, coding for technology upgrades and updates
- Hardware
- On-premises or cloud-based technology
What Will I Get for My Investment?
When deciding what your returns will be, consider the following benefits that when examined carefully, all have a dollar sign attached if something were to go wrong:
- Protecting your facilities, property, and premises
- Protecting your employees
- Protecting your revenue streams and brand name
- Reducing if not eliminating incidents
- Reducing credible threats to your business and employees
Other benefits from the introduction of security technology include:
- A reduction in daily operating costs through saving on storage space, consolidating technology licenses, and freeing up manpower for other tasks with security automation.
- The reduction of IT business risks through updated cyber security trends to contrast data breaches or theft
- Compliance with government and industry regulations for data and activities
- New business opportunities due to increased protection and streamlined procedures
Types of Technological Security
Security technology generally falls into one of two categories: physical security and cybersecurity. Ideally, because they are of equal importance, integration of the two types also known as security convergence is what you want to aim for.
Physical security
This type of security is generally located on work premises to protect against unwanted intrusion and will manage security within a specific physical area using access control and video protection. Because physical security is continuously integrating new capabilities, it is highly interconnected with other systems and will improve and speed up incident response.
Cybersecurity
Cybersecurity is used to protect digital assets whether internal or external from threats and breaches of data or networks. Cybersecurity includes applications, cloud, endpoint, internet, and network processes. Make sure that when searching for cybersecurity experts to hire, they should be CISSP certified to validate their competency.
Implementing Security Technology to Save Time and Money
With advancements in technology and specifically in security, various important security procedures can be automated to save you both time and money. Several examples include:
Automate Entries and Exits
Integrate an automatic access system with an automatic security check to save money on manually and individually checking who enters or exits the premises. An automated door access control system is often your first line of defense against unauthorized individuals entering your place of business. This affords both security and peace of mind.
Save on Storage, Use the Cloud
Video security systems can now be cloud-based saving both space and the associated costs of storage.
Reduce Health Risks
If there’s a key takeaway from the pandemic, it’s how touchless access to work locations can reduce the risk of viral transmission. By incorporating touchless entry and exit via smartphone apps or encrypted authorizations, you’ll reduce risk and free up entry and exit manpower for other tasks.
Save on Insurance Costs
By reducing your liabilities, whether physical or cyber in nature, you should be able to negotiate a less expensive business insurance policy and premium saving you money.
Integrate Productivity and Security Tools into One Platform
Open APIs can aid you in managing your software programs to communicate and work together seamlessly, so security, calendars, and visitor entry procedures are on the same platform for increased ease in daily management whether working in-person or remotely.
Safeguard Digital Data
Governments are continuously introducing stricter regulations for data protection. Good security technology should place you on the cutting edge when attempting to protect your customers and comply with increased regulations.
In Conclusion
When reflecting on security technology, start by evaluating how much you stand to save through risk reduction. Then add in industry and government compliance, and how you can reduce your current operational costs including personnel and logistic expenses through security technology. Finally, while evaluating the present status quo of your company, investigate how new security technology might open doors to new business opportunities.