Outsourcing your cybersecurity to experts is always an option, but nothing is more powerful than a strong internal risk management program to keep your company’s sensitive data safe. In fact, becoming more self-sufficient is one of the smartest steps you can take to improve your information risk management program . . . and cut costs!

Consider these facts:

  • An uneducated employee can make an innocent mistake that gives cyber criminals access to your systems.
  • Preventing a breach is significantly less costly than recovering from one.
  • Investing in cybersecurity and compliance software for your in-house team is less expensive than paying a third-party service provider to carry out essential projects each year.

All of these facts speak to the power of increasing internal information security efforts.

5 Ways To Reduce Cybersecurity Costs

photodune-11647734-cyber-security-s1. Hire The Best Talent

The first step toward achieving super-powered self-sufficiency is having a great security team. But that can be easier said than done in today’s marketplace, which is facing a talent crisis.

“More than 209,000 cybersecurity jobs in the U.S. are unfilled, and postings are up 74 percent over the past five years,” stated a Peninsula Press analysis of the data published by the U.S. Bureau of Labor Statistics (BLS). In fact, the situation may be even more grim, with some estimates say there are up to one million unfilled security jobs.

A recent article on TechTarget’s Search Security provided advice on hiring in today’s competitive security sector. One of the main tips is to define your employee requirements clearly to your human resources department, so they understand the skills you are seeking. This could help widen you search.

In particular, be clear about the skill levels you need. The ISSA International organization recently released the Cyber Security Career Lifecycle (CSCL), which includes definitions of five career levels from pre-security to security leader.

2. Turn Your Workforce Into Cybersecurity Gladiators

Don’t just focus on increasing the knowledge and skills of your information risk management, IT and compliance departments. The maxim “you’re only as strong as your weakest link” has never been truer than it is for cybersecurity today.

After all, a single employee mistake can put your entire company at risk for a cyber attack.

Continuously improving the education and training of your entire workforce around current information risk management threats and best practices is critical.  Conduct an initial assessment of your team’s current capabilities, strengths and weaknesses. Next, determine ways to make improvements, including training measures and thorough policies and procedures that can improve your team’s performance.

Did you know?

As a strong advocate for self-sufficiency within security teams, Clearwater Compliance’s software systems include features such as help centers, interactive wizards and guided assistance. These features not only guide employees through immediate tasks, but also help improve their overall knowledge and understanding around key topics.

3. Prioritize Preventative Measures

Information risk management and compliance programs are often seen as a cost center. A budgetary black hole where investments sink and never positively impact the bottom line. Yet you only have to consider the alternative to realize what a worthwhile expenditure IRM, compliance and cybersecurity programs are.

Info&CommunicationsFlowEvery data breach costs a company an average of $3.8 million, according to a Ponemon Institute study. Further, every lost or stolen record costs $145 to $154. The average costs are worse for healthcare companies: $363 per record.

That’s not including fines, penalties, lost revenue due to reputational damage or the costs of replacing high-level staff who were let go as a result of an incident.

Prevention is far less expensive than dealing with the aftermath of a breach.

Ensure that your workforce training, policies and procedures and risk analysis are up to date and reviewed regularly to reduce your organization’s risk of a data breach.

4. Invest in Effective Software and Tools

Your investment in high-quality software and tools — from centrally managed threat detection firewalls to information risk management software — is a critical step in building a strong internal cybersecurity defense system.

One of the leading advantages of quality software is that it offers a repeatable, sustainable and affordable process to carry out vital information risk management tasks. Equipping your security team with industry leading tools allows them to carry out their jobs as efficiently and effectively as possible — often saving considerable man-hours and increasing productivity.

5. Never Stop Learning

HIPAA webinars

One of the largest challenges facing any information security team is the constantly changing threat landscape. New cybersecurity threats emerge almost daily; software systems evolve and methods around the access to, storage and transfer of sensitive information expand.

Make sure your team keep their skills and knowledge up to date with ongoing training and qualifications.

There are dozens of education programs available in the industry — including Clearwater Compliance’s education options such as:

  • (ISC)²® HCISPP CBK® Training Seminars. This official HCISPP training seminar is the most comprehensive, complete review of healthcare security and privacy concepts and industry best practices. This three-day training seminar uses interactive learning techniques, providing learners with relevant, timely content that will increase knowledge retention and transfer.
  • Information Risk Management BootCamp™. The syllabus of Clearwater’s 1-day BootCamp™ focuses on the most pressing issues facing health care organizations today as defined by the U.S. Department of Health and Human Services (HHS). Get a thorough understanding of key compliance and cybersecurity topics and learn tangible steps to protect patient health information.
  • Webinars. These live discussion panels connect your team members with some of the security industry’s leading authorities. Hear real-life case studies, get practical advice and ask questions on a central theme each week. Best of all, these webinars are offered to cybersecurity and compliance professionals completely free of charge.

Follow these suggestions to raise your organization’s cybersecurity efforts — and help mitigate future cyber breaches from happening in your organization. All at the same time as lowering your annual costs.


Clearwater Compliance

Clearwater Compliance helps healthcare organizations ensure patient safety and improve the quality of care by safeguarding the confidentiality, integrity and availability of protected health information (PHI).

We have assisted more than 400 customers to operationalize and mature their information privacy, security, compliance and information risk management programs. And in the process, we are raising the bar for safeguarding PHI, protecting millions of Americans and driving real value for the organizations we support and the healthcare industry at large.