October is cybersecurity awareness month! While this helps make everyone think about cybersecurity, we should also be thinking about physical security. After all, they’re both about the same thing: protecting against losses at organizations.
Cybersecurity Ventures says cybercrime will cost the world 10.5 trillion annually by 2025. At the same time, the World Security Report said that physical crime cost companies $1 trillion in 2022 – a smaller number than cybersecurity, but substantial nonetheless. And yet, cybersecurity gets a federally mandated month of awareness while physical security is left out.
Taming the “Big 3”
The reality is, for both physical and cyber security, they should be a year-round pursuit and not a month of awareness. Physical security tends to be less exotic than cybersecurity – the attackers are usually local people rather than members of a group from another country with a fancy name and advanced technical skills. But the damage caused by physical security − vandalism, stolen assets, insider threats, etc. − is just as real. And the costs are similar – we call it the “Big 3”: financial, reputational, and operational. Here’s a deeper look at each category:
- Financial – The obvious part of the financial penalty is the loss of the value of the assets stolen and the cost of their replacements. But organizations also need to consider the other costs associated with theft, including making repairs to property or assets, the disruption it may cause to operations, and damage it might do to ongoing reputation.
- Reputation – When a theft happens to an organization, it impacts all their customers and prospects. They are less likely to do business with someone who has been targeted by criminals and victimized by theft. It’s human nature: you’re less likely to work with someone with lax security.
- Operations – When a theft occurs, it might involve items that the victim needs immediately – like tools or vehicles. Even theft of other “non-immediate” items will cause delays in sales and service as the items are replaced, and any repair work can disrupt the workplace. All of these translate into slower service to customers and damage to revenue and reputation.
Now‘s the Time to Take Stock
Both cyber and physical security are major problems for organizations everywhere, and both need investment and consideration. So, as we head into October’s Cybersecurity Awareness month, let’s not forget about physical security. Pro-Vigil has physical security experts who have helped hundreds of companies become more secure through the adoption of remote video monitoring solutions and more.