Debts Being Called in: Making the Minimum Payments

Debts are now being called in because the traditional view of IT and cyber security has been looked at as a necessary evil, one or two IT employees keep cost down and production high. Businesses were making minimum payments for things such as security audits, endpoint security and training IT personnel, which is resulting in IT teams struggling to catch up and keep up. This massive security switch is now exposing these companies lack of preparedness, and they’re paying for it in the end.

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Debts Being Called In Transcript

Chad: This is a time where you’ve said where debts have been called in, debts are being called in right now, because in some ways, traditionally, the traditional view of IT, and let’s lump in security, although they’re distinct thoughts, let’s lump security in with IT for just a minute, because the traditional view of a lot of companies, when it comes to information technology has been, well this is just a cost center. It’s kind of a necessary evil. And Mr. or Mrs. IT person keep costs down and keep production high. You get those two goals accomplished and you’re doing a good job. And so, we’ve been making minimum payments like you do on a credit card for a while. And you know how that happens to first and in the end, and what happens? You end up paying a lot more in the long run when you do that. And we’ve been making minimum payments when it comes to our cybersecurity posture to our lack of getting security audits and penetration tests to the investments that we’re making an endpoint security and monitoring solutions. We’ve been making minimum payments on training our personnel on getting soft skills brought up to date, working on having good documentation. We’ve been making minimum payments on mountains of debt. And now we’re finding that we’re struggling a little bit and IT teams are struggling to catch up because we weren’t necessarily prepared. No one was really prepared for this whole situation, but it exposed a greater lack of preparedness in general. And because the conversation has now shifted from just do backups to now, it’s more like, well, how resilient is your company? If you have an incident, how resilient is your business? If something actually does happen, that’s really bad. What if you do get a data breach? What if an endpoint is compromised? What if you do get ransomware? It’s now more difficult to answer those questions because of the things that we’ve been putting off, putting off, putting off, putting off for the sake of, for the quote-on-quote sake of saving money…