Dismayed by the cost of a security investment, questioning whether it’s really worth it? Flip the question around, and ask yourself: What would the cost be when NOT paying for security? From shoplifting to gate crashing, school guards to executive protection, drug trafficking to terrorist attacks, what is the price of going without security? Most companies, organizations, and government institutions realize that security is a worthwhile investment that pays off in profits, public image, and even people’s lives.
Take for example the recent announcement by PG&E (one of California’s major electricity and gas providers), about stepping up security to the tune of $86 million in light of the sabotage (read: domestic terrorism) attack on its grid in April, 2013. Whether the additional security costs will be borne via electricity rates or taxes is yet to be known, but it’s a moot point. The cost should be measured by asking: What happens if a blackout ensues from something which could have been prevented by extra security? Who will be blamed? PG&E of course. During power outages, how many lives are disrupted at the very least, and in danger at worst? We don’t want to go there – the cost is unbearable to even ponder.
Given, many companies (or orgs or government bodies) aren’t in the $86 million additional security budget range, yet security is an issue for any size company. Whether garage startup or Fortune 500, each company has to calculate its own security risks in proportion to its activities and budget.
How to figure? Start by brainstorming about possible security risks you have.
The purpose of this brainstorming is to take into account the cost of the most likely scenarios, alongside the worst case scenarios. It’s not fun to think about, but you can’t be more prudent. Throw it all out onto the table, and be shrewdly leery about scoffing at some of the ideas brought forth. Again, the question at hand remains not what is the cost of security – rather, what is the cost of a neglecting security? It’s never too soon to do something about your security investment, thereby preventing losses. After all, your reputation might be relying on your security investment.
Interested in assistance with planning your security investment level? As part of our services, ISSM offers consultations to assess your company’s specific security risks. Call ISSM today and start dealing head on with your security needs.