Got A Spare $117K For Your Inevitable Future Cyber Attack?
Can you afford a data breach?
This is the single most expensive thing a business owner can say: “My company is too small to be a target for hackers.” The misconception that cybercriminals can only profit from massive, multibillion-dollar companies causes most small-business owners to skip over implementing a data security program. Why spend money on something they don’t need, right? It’s this mindset that has made small business a favorite target of hackers. National Cyber Security Alliance found that 70 percent of cyberattacks target small businesses. And the results are devastating.
What happens if my company suffers a cyber breach?
If? No, you should be asking, “What happens when my company suffers a cyber breach?” The price tag is around $117,000, according to the cybersecurity experts at Kaspersky Lab. How does the damage get so expensive? First, you have to factor in the cost of notifying your customers that a breach has occurred, which is required by federal law. Then there are the costs of investigations, any industry fines or penalties, card replacements, legal fees, system upgrades, and most importantly, the cost of lost business.
This kind of financial damage can be impossible to recover from, which is why 60 percent of small businesses that suffer from a cyber breach will go under within six months.
Anyone who claims they can prevent 100 percent of all data breaches is selling something — and there’s a good chance that what they’re selling is a scam. Data security experts will openly admit that, while you can and should take precautions to protect your business, you cannot prevent every breach. Instead, your best option is to make sure you’ll be able to identify a breach when it happens, respond quickly, and recover with little to no downtime.
Malicious cyber activity cost the United States economy $57 billion and $109 billion in 2016. That cost has only grown in the last three years, as the number of attacks has increased. Small-business owners who continue to ignore this threat are putting themselves — and their companies — in jeopardy.
Thanks for reading,
Randy Sklar, CEO