With the growing reliance on technology to drive innovation and efficiency, cybersecurity is no longer a “nice-to-have”—it’s a business-critical requirement. The financial and reputational risks associated with a breach demand that organisations take a proactive approach to integrating cybersecurity into procurement strategies. 

Here are three key insights to consider:

1. The Cost of Breaches is Soaring

According to IBM’s 2023 Cost of a Data Breach Report, the average global cost of a data breach has reached $4.45 million, a 15% increase over the last three years. The healthcare industry faces even higher costs, averaging $10.93 million per breach. These figures underscore why secure vendor selection and continuous security monitoring are crucial.

2. Vendor Over-scoping Introduces Vulnerabilities

Gartner research reveals that 75% of organisations will experience avoidable operational disruptions by 2026 due to complex and overlapping vendor technologies. This highlights the need to assess solutions critically—avoiding over-scoping and choosing secure-by-design solutions that reduce complexity in your IT environment.

3. Secure SLAs Can Mitigate Risks

Many organisations overlook cybersecurity-specific SLAs when negotiating contracts. Yet, studies show that clear expectations for incident response times, breach notifications, and compliance metrics significantly reduce downtime and financial losses when breaches occur.

Calls to Action:

For Technical Audiences:

🔧 Are your technology stacks optimised for both simplicity and security? 

Let MountNex help you evaluate vendor solutions and design a secure, efficient IT environment.

For IT Decision-Makers and Budget Holders:

📈 Are your IT investments safeguarded against cybersecurity threats? 

Contact MountNex to ensure your procurement processes are as secure as they are cost-effective.

Cybersecurity is no longer optional—it’s a strategic investment. By incorporating best practices, robust evaluations, and expert guidance into your procurement strategy, your organisation can achieve growth without compromise.