Can You Afford a Data Breach?

Can Your Organization Afford A Data Breach?

A data breach can cost SMB's more than just money. While the financial hit is potentially unrecoverable, an organization may also face large scale reputational damage, legal trouble, and productivity. SMB's are particularly vulnerable due to often lacking some of the technologies and protocols necessary to fend off cyber-attacks. This means that small businesses need to work twice as hard to ensure the privacy of their clients and employee's data.

Here are some additional data breach loss statistics to put the issue into perspective:

• The average cost of a data breach reached an all-time high in 2024 of $4.88 million, a 10% increase from 2023. SecureFrame
  
• 60% of breaches businesses had to raise their prices to account for the losses incurred in a breach. This puts the burden on the client, which in turn could cost your business reputational damage. Business News Daily
• It took an average of 194 days to identify a data breach globally in 2024, a slight decrease from 2023 (IBM).
• 560,000 new pieces of malware are detected every day. This means that there are hundreds of thousands of ways a cyber criminal can breach your organization. Forbes
• The most common initial attack vector in a data breach is stolen credentials. This underscores the importance of strong passwords! Spy Cloud
• The average total cost of a data breach was $173,074 higher when a remote workforce was a factor in causing the breach (IBM).

What Can You Do?

What can your business do to curb the losses of a potential data breach? For starters you need to plan for when disaster strikes. It's not a matter of if you'll be attack, but when. Implementing crucial security controls such as firewalls, ZTA, vulnerability scanning, and email filtering can help reduce your overall attack surface.

Additionally, security awareness training can educate your employees on the dangers of social engineering and how to spot a phishing scam when it hits their inbox. An MSP like CorpInfoTech can your organization improve your overall security posture by offerings your SMB the enterprise level tools to tackle the most advanced threats.

CorpInfoTech’s managed services can help protect your organization from data breaches—connect with us to discuss how we can strengthen your security and safeguard your business.

CorpInfoTech, a Managed Service Provider (MSP) with over 25 years in the SMB space, is a trusted partner for business pursuing compliance and cybersecurity. We are a CMMC Level 2 (C3PAO) certified MSP and a Cyber AB Registered Provider Organization (RPO). Also, as the first CIS accredited organization, we help organizations implement the CIS controls as it pertains to CMMC and your overall cybersecurity posture. CorpInfoTech is your trusted partner for secure, compliant growth in every changing digital landscape.