There are many different factors that go into determining what the cost is of a potential security incident, however generally speaking it's never cheap. Read below to learn how much an attack may cost you business.
4.45 Million - global average cost of a data breach in 2023 - 15% increase over 3 years per IBM
When it comes to determining the cost of a cyber attack you can't just think about the monetary value. In addition to financial stress a cyber attack can bring a lot of negative press to your business as well. While monetary loss is calculable it is impossible to truly now how much your reputation will be impacted by a breach. You will most definitely lose your customers trust if they believe their data is in danger.
"Organizations with fewer than 500 employees reported that the average impact of a data breach increased by 13.4% from $2.92 million to $3.31 million. Those with 500--1,000 employees saw an increase of 21.4%, from $2.71 million to $3.29 million. In the 1,001--5,000 employee range, the average cost of a data breach increased from $4.06 million to $4.87 million, rising nearly 20%." IBM's latest Cost of a Data Breach report
In addition to cyber attacks, physical attacks such as insider threats or workplace violence can completely destroy a business. Physical threats can result in a 20-40% employee turn over rate as well as an average of $500,000 in court settlements. Protecting your servers as well as your employees is just as important. Physical threats can range anywhere from vandalism all the way to natural disasters which is why it's important for every company to have a business continuity plan.
Cyber threats such as ransomware or malware can be extremely detrimental to your business in many different ways. Only 35% of small business could remain profitable for more than 3 months after loss of essential data due to a breach. What's even worse is that more than half become unprofitable within a month. While the financial loss can be astounding we cannot forget how detrimental these attacks can be to your reputation as well. What client would want to trust you with their data if there is no guarantee it won't be safe. Securing your business from cyber threats can bring peace of mind for not only you, but your customers as well.
Overall we can gather that any security threat can potentially damage your business and your brand beyond repair. When it comes to cyber and physical threats it's important that your business is secured and prepared in case of an incident.
This is where CorpInfoTech can help! Let us handle your security and give you peace of mind for you and your clients!
Know specific cybersecurity issues to fix and measure progressCorpInfoTech (Corporate Information Technologies) provides small to mid-market organizations with expert I.T. services including compliance assessment, cybersecurity penetration tests, and comprehensive business continuity planning services. CorpInfoTech can help organizations, quantify, create, refine, and mitigate the risks presented by business threatening disasters in whatever form they may be disguised.
Written by Michael Honrine